Searching for a market description business plan, or just curious about what information needs to go into the market analysis section of a business plan? You're in the right place. The market analysis is easily the most challenging section of the business plan narrative. Much like the financial model, it requires specialist skills and access to research tools or databases that can provide the underlying figures you need to make the argument that your business opportunity is a sound one. But what goes into the market description in a business plan? There are generally 4-5 major sections, with sub-sections depending on your industry, your funding needs, and the niche you'll occupy:
(1) Market Analysis Summary
• This section should provide a complete overview of the market and describe why you will succeed in your territory.
(2) Target Market
• Define precisely who you service or sell to, and put numbers behind the opportunity—use tools like the Census, Dun & Bradstreet, or IBISWorld to gather helpful research.
(3) Market Needs
• Why does the target market need what you sell? This is critical, especially for bank lending plans.
(4) Industry Analysis
• Provide a national, state-by-state, and/or local industry analysis using data from a business tax receipt aggregator like Dun & Bradstreet or Manta.
(5) Competitive Landscape
• Profile your first-tier and your indirect competitors with information on their strengths and weaknesses to support your market opportunity.
There are other topics that you might want to cover, including your target market segment strategy and any relevant industry trends. Whether you address these secondary subjects depends on your desired funding source and your industry/concept. If you need assistance developing your market analysis, or your entire business plan, contact MasterPlans at 877-453-2011. A consultant can describe to you what we offer and how we can help you define and describe your unique market. We've helped more than 8,000 clients so far and would gladly add your venture to our roster of successes.