Identify Your Industry, Customers, and Competitors

You should do as much research about the market (customers), industry, and competition as you can! The questions in this section get you to really understand the marketplace you are entering. Understanding the industry, customers, and competition will prepare you to be competitive in your industry and better cater to your customers. The amount of information available will vary by industry. The more you know, the better you can compete. Use resources like, the yellow pages, news articles, trade publications, census information, and the internet to help you gain a better understanding of your industry, customers, and competitors. The information you gather is critical for backing up your business plan.