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It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.
Trade shows are also a great opportunity to talk to competitors, meet manufacturers, and better understand where things are heading in your industry.
Once you finish researching the relevant industry, you should summarize your findings by answering the following questions: General Industry So, now you’ve concluded that you have a great business idea and it’s in a growing market.
We could use this valuable information to guide our business strategy. Go to a nearby store that sells similar products to yours and interview the store representative.
The store rep has interacted with hundreds of interested customers which can lead to thousands of valuable insights!
This will give you a good sense of how much growth the industry is experiencing, why this growth is happening and what are the largest customer segments.
In our example of Atlas Hiking Co., we should research the outdoor apparel market.
The video below is a good guide on how to use Google Trends and Google Keywords Trade shows Are there nearby trade shows that you can go to?
Again, creating connections with other people in your industry is a sure-fire short-cut to countless hours of reading on the internet.
is a lifestyle hiking company that produces high performance hiking shirts for outdoor lovers. Once you go through the different sections of the business plan and conducted extensive research, you will definitely want to make some tweaks to your business model so no need to make this perfect.
Our proprietary SPF40 fabric is one of the lightest fabrics on the market, providing mountain lovers with maximum comfort, both from a breathability and sun-protection standpoint. There are a number of ways to sell a product on the internet and several different online business models one could employ.