When trying to build a business plan, it is critical to conduct market research. Why? There are many reasons. Here are but a few:
- To make sure your business idea is profitable. If there are too many of the same type of business it can be hard to break into the target market.
- If there are a few competitors, it is important to find out how well they are doing and who their clients are.
- If you have a business already up and running, it is important to find out if there will be room to grow the business.
- Conducting market research helps you to see what your strengths, weakness, opportunities, and threats are.
If you are trying to find funding for business expansion or creation, lending institutions will want to see that you have done your research in a business plan. This research can be time consuming and tedious. And there are many rabbit holes in the internet you can fall into that waste your valuable time.
Reach out and see what I can do to help manage your business plan writing.