What is an industry analysis?
An industry analysis essentially describes your competitors. An industry is a group of business that make or sell similar products and services. Some key components of an industry analysis are:
- Key players: Key companies or businesses in your industry. Which are the biggest ones? What are their major products and services? What are their business models?
- Growth: Is your industry expanding or shrinking? In your business plan, consider including past sales data as well as predictions for the future.
- Trends: What's trending in your industry? For example, the restaurant sector has trended towards more take-out and curbside pick-up. Another example is the book industry and the rise of e-readers and smartphones..
- Competition: Who are your major competitors? Are they using strategies similar to yours? What sets you apart from them?
Source: Industry Research Versus Market Research from Bplans.
May require an HCC log-in.