Describe Your Industry
This Element of your business plan is a snapshot of the Industry or industries in which your business will compete.
View the Example: Description of the Industry
Action
The narrative from this step will be part of the Business Concept section of your final business plan. In your working copy of your business plan, created from the Shell™, enter the following information under the heading Business Concept under section 2.3 The Industry.
To complete this Element you must first do your secondary market research and then develop your list of key information in Step 18. By now you will also have completed some or all of your primary market research and added useful local information to your library of information about your business. Using all the information gathered, write a description of your Industry or industries, including the following points:
- Tell which Industry or industries your business is in.
- Describe the quantity and value of goods sold.
- Describe the Industry outlook and growth potential.
- List the past, present, and future Industry trends.
- Explain any key points about your Industry that help support your business case.
- Chart or describe relevant population shifts and consumer trends.
- Describe the main challenges faced by the Industry.
- Describe any barriers or incentives to entry by new businesses.
- Describe any new developments in the Industry.
- Describe the size of the total market and your local market area.
- Describe the opportunity or gap your business will serve.