One of the most important elements of any successful business plan is the Industry Analysis section (read more about business plans here). This is where you will demonstrate to the loan officer at the bank or an interested investor that you understand the trends and projections in the wider industry landscape, and how your business will fit into it. Is your industry growing? What are overall trends that you can incorporate to boost your business’ success?
Banks and investors will want to know about your goals and overall mission, but a marketing strategy and demonstrated passion for the work is not going to be enough to convince them. You will need to be able to provide hard data that supports the idea that your business is poised to achieve. You’re going to need numbers. Banks and investors love numbers! You can find these numbers in an Industry Report. If you’ve tried looking them up on the web, you’ve realized by now that these reports can cost thousands of dollars each. This can be a barrier to creating a business plan that will land you that loan.
Luckily, the library offers access to Industry Reports at no cost through our First Research database. It offers industry information that includes those statistics, projections, analyses, and trends that are essential to building your Industry Analysis. This resource is updated monthly, so you know your information will be timely and thorough.
You can get started here. Click on the bold “First Research” heading. You’ll be…