- Welcome back! It’s time to start our next component –
- . This is the third and final component for the first section of the Business Plan,
Your Business Idea
- . In this component we’ll put your business idea within the context of a larger whole – the industry you will be operating within. We will be answering the questions:
By answering these questions, you will be able to think through the strengths and weaknesses of the industry you will be operating within. This may influence the products or services you decide to offer, who your target market is or even the long term viability of your business.
- What industry factors influence my business?
- What’s the current status of my industry?
- Who is my current competition?
- What’s the outlook for my industry?
- What’s my pricing model?
Not only will this information help you refine your plan, it will also demonstrate your industry knowledge and expertise to viewers of the plan (such as financial or business partners)–increasing their comfort levels and confidence in your ability.
- We’ll take one question at a time over the next five activities. There is a downloadable worksheet below for you to use if you wish. Let’s get started.
Your Industry Worksheet
- The worksheet will help you organise your notes for this Component. The .pdf version can be printed out and written on, or else the .docx can be downloaded and edited. There is space to answer all the questions and exercises in the upcoming section. Alternatively, if you don’t have the facilities to print, you can just use a notebook.