The market analysis section of your plan provides the evidence that there is a niche in the market that your company can exploit.
If you're in the wrong industry at the wrong time, making your business grow is going to be difficult. For example, you might need local information which you can get from your local chamber of commerce.
List potential stumbling blocks. References U. Last year?
So, you must not leave out any aspect of research undone. Competitive analysis serves a vital role in strategic planning, so writing a great business plan becomes easier if you do your research before you begin to write your business plan.
Industry Analysis Resources and Tools There are a number of free industry analysis resources and tools available to entrepreneurs preparing to write a business plan. However, the future of the sector is also affected by the major changes or regulations related to that industry.
Will the company compete on a local, national, regional or international basis? They can be excellent sources of information to aid your research.