Do you have a business plan for your business or do you have a plan for your business? These are two very different things most business owners say they have a business plan, but in reality they don't. It is very true, if you fail to plan, you plan to fail. Let SpotOn Financial help your tomorrow, today!
A key part of any successful business is the market analysis. The marketing analysis has to demonstrate both your expertise in your particular market and the attractiveness of the market from a financial standpoint.
Many business owners seeking investors or bank financing of any kind, do not spend the necessary time to develop a marketing strategy it is because they are to busy actually building a business.
A marketing analysis is how you scale a business beyond just a single person or family members and friends. It is the foundation of your business and without a proper focus and care, it will can actually be the primary cause of failure. Okay so enough of the doom and gloom. You get it! But you still have no idea how do do a marketing analysis or what to ask to make sure it is done correctly.
A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
The objectives of the market analysis is to show an investor or lender that:
Market research blends consumer behavior and economic trends to confirm and improve your business idea.
It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.
Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business.
Then answer these questions to get a good sense of your market.
Why Consider SpotOn Financial?
We help you keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits. We can do market research using our existing sources, or we can go direct to your customers and get research and build a marketing analysis comparing you to local, regional,and national competitors. SpotOn Financial provided you the data that helps you define your marketing strategy and tactics. We can provide the small business loan or access to working capital to use those funds to build a better strategy and scale your business tomorrow, today!
The marketing analysis offered by SpotOn Financial can be used to update or start a business plan. A complete marketing analysis is one of the most effective ways to get financing for your small business. It shows a lender or investor the potential of the business as well as concise competitive data included barriers to entry for others and why your business is a low risk or a good investment. A business owner should update his or her marketing analysis on a quarterly basis. The analysis should contain identified competitors on a local, regional,and national basis, it should contain clear comparisons and value. Most small business owners do not understand the value of this insight, and often times fail to obtain.
We can provide the marketing analysis to build your business tomorrow, today! A clear marketing analysis can secure a bank loan or investor even when the business is a start-up. Call SpotOn Financial to learn how we can help.