The next step you will take in developing your Business Plan is to complete

The next step you will take in developing your Business Plan is to complete
the Business and Industry Profile (step 5) and the Business Strategy (step 6). Industry Profile and Overview:
Industry Analysis-Facts about your industry: What is the total size of your market?
Key Success Factors
What percent share of the market will you have? (This is
important only if you think you will be a major factor in the market.)
Current demand in target market.
Trends in target market—growth trends, trends in consumer
preferences, and trends in product development.
Growth potential and opportunity for a business of your size.
What barriers to entry do you face in entering this market with
your new company? Some typical barriers are: High capital costs And of course, how will you overcome the barriers? Change in technology High production costs
High marketing costs
Consumer acceptance and brand recognition
Training and skills
Unique technology and patents
Unions
Shipping costs
Tariff barriers and quotas How could the following affect your company? Change in government regulations
Change in the economy
Change in your industry Business Strategy: Your desired image and position in the market
Company goals and objectives o
o Operational
Financial
SWOT Analysis o
o Strengths
Weaknesses o
o o
o
o Opportunities
Threats
Competitive Strategy
Cost Leadership
Differentiation
Focus