You should conduct market research before opening a business, as you must:
- Identify trends that may potentially affect your chosen business’ chance of success.
- Identify your competitors, as well as their strengths and weaknesses.
- Build a sales forecast.
Know this information lets you make good decisions about your business. Include it in your business plan, especially if you’re writing a plan for potential partners or investors or to get funding from a bank or credit union. These readers will want to know that you:
- Have a plan to reduce the risks involved with being in business
- Know who your main competitors are and which strategies will work best against them
- Understand business finance
Module Objective: To understand your external environment and its possibilities. Go through the following modules and use what you learn to help you write the Market Research section of your Business Plan.
Your Outcome: A clear picture of the risks in your business. Learn more…
Your Outcome: Knowledge of your competitors’ strengths and weaknesses. Learn more…
Your Outcome: A realistic sales forecast to guide you in your first year. Learn more…