Business Plan Article

Basically, your market research helps you understand your customer needs so that you can offer a product or service that precisely fits those needs.

You'll need to provide information such as your target market, customer demographics, competition and distribution methods.

Provide information on competitor weaknesses and strengths and show how you intend to improve on what they're doing.

Use organization charts to clearly spell out the roles of key management people and the proposed size of your organization.

Secondary sources will consist of statistics and trends about your market and your customers.

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The websites of Statistics Canada and Innovation, Science and Economic Development Canada are good places to obtain this data.

Your business plan has to be backed by facts and research to hold up to scrutiny.

You should gather this information using both secondary and primary sources.

It helps to write this last; a page or two of highlights is sufficient.

Be sure to clarify whether this is a new business venture, an expansion of an existing business or the purchase of a new business.


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