2. Research your industry and competition
2. Research your industry and competition
Your business plan is your roadmap to success. But before you can start planning your journey, you need to know where you're going. That means research. In this section, we're going to take a look at why research is important, how to go about it, and what you should be looking for. Why is research important? Research is important because it gives you the information you need to make informed decisions about your business. It allows you to see what's worked for other businesses in your industry, and what hasn't. It also gives you an insight into your competition, and what you need to do to stand out from the crowd. How do you go about researching your industry and competition? There are a number of ways you can go about researching your industry and competition. The internet is a great resource for this, as there are a number of websites and online forums where you can find information and chat to other businesses. You can also attend industry events, or talk to businesses in your local area. What should you be looking for? When you're researching your industry, you should be looking for information on: - The size and scope of the industry - Key players and market leaders - Key Trends - Growth areas - Opportunities - Threats When you're researching your competition, you should be looking for information on: - Who they are - What they do - How they do it - Their strengths and weaknesses - Their USP armed with this information, you'll be well on your way to writing a killer business plan.
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