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Identifying your industry will help you discover what is happening that will directly affect your business.

For instance, review the items below and keep watch for news on any of them.

 

 

Activity

Use the following page of links to search for your industry name, code* and description. Make notes on what you find to further educate yourself about your industry, trends, concerns and potential.

Broadly speaking, we ask you to be resourceful and creative in finding a variety of angles to make a case for the viability of your business idea.  There is no specific formula for making a strong case, and some compelling ways to do this include:

  • stats
  • trends
  • quotes

Discussion

Once you find your industry, post the following information about it in the online forum.

Industry Trends 

Understanding trends within your industry helps you identify opportunities for starting and expanding your business. These trends may be based on demography or technology.  Keep in mind that purchasing trends will affect how you plan for cash flow and marketing campaigns, so you need to learn what to expect from your industry.

And remember: Industries are interconnected. Consider which industries play an important role in your industry and how they might affect trends.

Distribution Channels

A major challenge for a new business is selecting the right distribution channel—that is, how you get your product/service to your target market. You’ll choose from a wide variety of distribution channels as you begin to put together your marketing plan. Before you get to that point, however, you should learn about the ways businesses in your industry have traditionally reached their markets.

Consider these questions about distribution:

Business Plan

– Industry Overview

In this section, you are asked to make a case for the need for your business by providing proof in the form of statistics, projected trends, and quotes (cite your sources). The objective is to provide evidence that your business will be viable. Summarize key industry trends and outlook, including past and current trends.

 

Consider the following aspects as starting points: