Did you search industry description business plan looking to learn what sort of research should go into this all-important section of the plan? The industry analysis, traditionally, is a data-driven section of the business plan's market analysis that helps contextualize your business in terms of the larger landscape. A good way to determine the industry you're operating in, if you're unsure, is to ask the simple question, “who am I competing against?†Look up your primary 2-3 competitors online using Manta or Dun & Bradstreet and look at how they have been classified. As corporate reporting companies generally sort businesses by their primary trade, this can be a good indication of the sort of sector you will officially be classified under. From here, you should be able to show the following in your plan:
• How is the industry defined?
• What is its title and code?
• How many companies are there in this industry nationally and/or in your state?
• What about your immediate metro area (if applicable to your business model)?
• Show average revenues for a business like this in your area or subcategory.
You can also delve a little deeper by asking yourself questions about how stable the industry is and whether it's already saturated with competitors. What trends are afoot? How has the industry performed in the past year as opposed to its five-year historical average? What do the experts anticipate for the coming 3-5 years? Some advanced databases like IBISWorld can shed some light here, as can newspaper articles and other resources online. Need more assistance than the web offers? Call us today. MasterPlans has the team of professional researchers you need, already on staff, to get all the latest and greatest data on your industry. The call and consultation are free: (877) 453-2011.
