One of the primary purposes of preparing a business plan is to research to see the scalability of your business.
You need to know the facts about your business ideas, whether it’s for a start-up or expansion, and so does the investors if you intend on seeking for funds.
To learn about these facts, you will need to conduct extensive market research, which should include the industry, target market, and competitive analysis.
The industry research
Before venturing into a business, you need to understand the industry. The largeness of the sector, the expected revenue from the industry, the technical and cultural trends, and other demographics related to the industry.
If you hope on getting funds from your investors, you will need to understand the dynamics of your market. They want to know how large it is because they only feel comfortable investing in a large and rapidly growing market.
Most investors would want to know the total available market (TAM), served available market (SAM), the and the share of market (SAM) in your industry.
If an investor has not interviewed you, you might not be familiar with these terms and would therefore not be able to answer the questions related to them
But our experienced team of experts knows about these terms and more. We are ready to carry out in-depth research to ensure that we get information about the industry you plan on breaking into and the market trends, to see if it’s worth it.
We conduct the market researches through data from prominent market research firms such as IDC, Dataquest, Gartner, and other reliable firms who publish their research findings.
We also make use of other market size data reports such as investment bank research reports as well as New York Times, Wall Street Journal or Inc who get data from reliable sources and include in their articles.
Then there is also the public companies who share quarter or annual report about their business and different ways the market forces affect it. We can get the complete information from the websites of these companies.
We have so many methods of getting information about the industry you plan on entering and everything you need to know about it. Trust us to give you only reliable and accurate facts that will help in preparing your business plan.
Target market analysis
You will need a research analysis about your target market, which involves their demographics, their main problems which you hope to proffer solutions, their buying behavior, and so on.
Knowing your target market helps you produce products that are necessities and not a luxury to them. You are also able to improve your products to meet their stand as well as understand how to reach them to market or sell.
The aim of carrying out a competitor analysis is to identify the key players in your industry and those who are your direct competitors.
You’ll need to fund out the details of how they run their business, including the marketing of their products or services, their marketing strategies, and the size of the market within their control.
Conducting a proper competitive analysis helps you identify and understand your competitors marketing strategies and come up with ideas to beat them at their game. We know this and pull our resources together to get the accurate information we need about your competitors.
We have different resources we’ve subscribed to that will help us conduct our research. They are all for carrying out industry, company, market, and other essential analyses that will help in drafting the perfect business plan.
Some of our resources include IBISWorld, Dow Jones/Factiva, Plunkett, Hoovers, Profound, Lexis-Nexis.
Another medium we source our information are from the competitors’ websites, which contains numerous market information that can be helpful to your business.
Other services we offer include:
We can help you create a list of prospects that you can market your products and services while running the target market analysis. It becomes easier to reach your target market when you already have a medium to contact them directly.
Grant and funding research
If you are considering getting funds for your business, we can help you research on various government grants and contracts available for private enterprises.
Conducting market research on a tight budget
It is crucial to have reliable data on your industry market size, target market, and growth data because most questions from investors revolve around them.
Most investors want to see the references of real studies of industry market size and growth data from recognized market research experts either from online or offline in your business plan.
Your plans stand a chance of rejection if they do not contain market facts.
Getting an industry expert data is no doubt expensive if you choose to go through the route of subscribing for paid online market reports like Gartner group and others.
However, considering that some entrepreneurs are on a tight budget and still on the lookout for funding money that could turn their business ideas to reality, we have suggestions of sources where they can get their reports. You can decide to check out these resources or contact us to help you if you lack time.
Here are some trusted sources you can use:
Google search engine
You can use Google to search for reports, census data, or relevant statistics on any product or services. Look through them to identify growth and opportunity facts that you can use in your business plan.
Economic development offices
If you search well, you will find out some of these offices around your locality. Ask the staff there if they can direct you to where you will get the market research you need.
University library or bookstores
Another place you can get market research from reliable sources is in university libraries around your locality. Visit as many libraries you can find around to lay hold on the reports for free.
You can also get current market information from your local bookstore while using the opportunity to purchase books about the industry you plan on entering.
Contact us for your research today!
A well-researched market report helps in financial forecasting, which leads to the success of most businesses. Contact us now to help you conduct an in-depth market and competitive research for business growth.