How to better understand your small business’ industry

food-services-industryExploring an industry 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 get about your industry includes:

  • Is the industry growing?
  • Where are the opportunities in the industry?
  • How is new technology being used in the industry?
  • Are there young, successful businesses in the industry?
  • Who are the key players in the industry?
  • What are the typical financial results for businesses in this industry?

Do research, both primary and secondary, to learn more about your industry. Make sure you can answer the questions above before you start or expand your business.

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