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Unformatted text preview: -ups, and can be valuable resources. Check with your other resource
providers about state agencies. You can also look in your telephone directory for government agencies
under the State category. Summary
We are in a brave new world of too much information, not too little. It will be hard for you to sort
through all the information you’ll ﬁnd on your business or your industry, hard to summarize, hard to
decide what is most important. As you do, keep in mind that the business plan is supposed to guide
decisions. It is not a school report or even a graduate thesis. If it doesn’t have a business purpose
— which might be describing the industry for a bank or investor, or for your own team, for example,
but certainly not just to prove you can — then you shouldn’t include it. CHAPTER 10: KNOW YOUR MARKET What’s the ﬁrst thing, the most essential element, you need in business? No, not a plan: you need customers. Market Research
In Chapter 3: Initial Assessment, you took a good ﬁrst look at whether or not your business has (or will
have) enough customers to keep it healthy. For the next step, you need to go further into a market
analysis. It doesn’t have to be academic, necessarily, and it doesn’t have to be a huge project that stalls
your planning process. What you want, ultimately, is to know your customers.
Some of the best market research is simple, practical, and even obvious. You don’t get it from reference
sections in libraries, or even from the Internet. You get it from real people, particularly customers or
potential customers. Here are some practical examples. Simple and Practical Market Research
Look at existing, similar businesses. This is a very good ﬁrst step. If you are planning a retail shoe
store, for example, spend some time looking at existing retail shoe stores. Park across the street and
count the customers that go into the store. Note how long they stay inside, and how many come out
with boxes that look like purchased shoes. You can probably even count how many pairs of shoes each...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.
- Winter '09