Getting to know your industry is an important step in getting to know your business – and making plans for its success. This involves gathering large amounts of data, as well as talking to members of the industry – the ones who know most about it. Important information to know about your industry includes:
– Is the industry growing?
– Where are the opportunities in the industry?
– Who are the key players in the industry?
– Are there young, successful firms in the industry?
– How is new technology being employed in the industry?
– What are the typical financial results for businesses in this industry?
Do primary and secondary research to learn more about your industry. Also, research your industry using your NAICS code.
For more resources that can be used for research related to your industry, check out the Market Research section of our Essential Web Links page.