Startup Market Analysis is the key to success. How could any entrepreneur go into a market blindly? In our third installment of Launching a Startup Series, we’re focusing on Analyzing your Startup’s Market. If you’re joining us for the first time, welcome. If you care to start at the beginning or skip ahead, you’ll find all those links below.
A. Startup Vision, Mission, Goals & Objectives
B. Development & Structure
C. Market Analysis
D. Product & Service Offering
E. Competitive Environment
F. Strategic Planning
G. Marketing & Sales Planning
H. Organization Structure & Management
I. Operations Planning
J. Risk Analysis & Contingency Planning
K. Financial Plan
Startup Market Analysis – Small Business Market Assessment
Without doing research or analysis on the industry or market into which you plan to enter, you’ll have no idea whether your startup or product is even viable.
We get it, you hated homework in High School. The second you walked out those doors, you swore, you would never do homework again but, that’s a huge mistake. We’re not talking about trigonometry here; we’re talking about making sure you know what you’re getting your startup into.
Without doing market analysis on your startup concept, an entrepreneur will be missing key elements to success. First, you’ll be able to find out if your startup is even viable. In other words, that there’s even a need for your startup or product.
Viability can be broken down to this, if there’s no need, there’s no sales. And, no sales, means no business!
Second, if market analysis proves the viability of your startup, where are the opportunities for you? The fact that people need your startup or product is great but why you and not your competition?
This brings us to number three; how will you stand out from your competition? Which basically stated is, why you, why your startup or service?
Brandings has been around for quite a while and so has our Team; many of whom are entrepreneurs themselves. Keeping that in mind, the Team here has developed these questions to help entrepreneurs consider their marketplace and their place within it. These questions should spur more specific questions by the entrepreneur themselves or their team specific to their own startup and market.
Questions to Help Develop Your Analysis of Your Startup’s Market:
- Describe your industry or market.
- What is the total size of the market?
- What are the opportunities in this industry?
- Are there external forces that threaten this industry?
- Have there been recent changes in this industry?
- Is there growth in this industry?
- What are the barriers to entering this market?
- How can the market be segmented?
As mentioned above, the Brandings Team has been around a while. Keeping that in mind, we’ve developed the products and services that we wish we when we first launched. From brand names and customizable logo to trademark service, we have you covered.
Feel free to call or contact our Team to learn how we can help your startup get off on the right foot.
Before we go, as with all our posts, we’d like to hear what you have to say. If you have any questions to help startups analysis their marketplace, we’d love to hear it. Post your questions below and we’ll share them with everyone.