By Dan Boudreau

This activity is intended to help you become immersed in your industry and your business by subscribing to and reading one or more trade publications and by researching and joining one or more trade associations. One of the benefits of developing your own business plan is that you become more knowledgeable about your business and your industry. Trade journals are magazines written specifically for a type of business or industry and they can be a wealth of information. Trade associations are groups of businesses that get together for professional development, networking and training opportunities. What do you want from trade publications or associations? Here are a few suggestions:

* To learn who the leaders are and what they are doing and saying

* To identify networking, educational, marketing and/or advertising opportunities

* To learn about the industry or industries affecting your business

* To keep current on industry issues and events

* To learn about trends or new developments in your industry

* To discover possible leads or ideas for customers

* To keep tabs on your competitors

* To make contact with suppliers or customers

Task List

The main point of wading into your industry is to set out to become the expert on your targeted business and industry.

1. In a library or on the Internet, search and locate and read at least one trade publication relevant to your business. If you have access to back issues, scan them as well. Assess the publication for its usefulness and relevance to your situation. If it seems appropriate, subscribe to it. If it isn’t useful, search for a different publication until you find at least one or two that meet your needs.

2. Research and select at least one suitable trade association and join it. If you can’t afford to join, perhaps you can become an associate member. If you can’t become an associate member, determine whether they have an e-zine you can subscribe to.

3. Be curious and get out there and mingle. Identify changes and issues that currently challenge business operators in the industry. Note any current or future trends that affect your industry.

4. Reflect on how this affects your business idea or your business plan.

This article is from the Business Planner’s RoadMap™ in Chapter 5 of Business Plan or BUST!

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