Industry/Market Research for Business Plan

eniveneniven Posts: 1subscriber
edited June 2011 in Business Planning
Hi,I`m currently writing a business plan for a new business related to handbags/purses, etc.However, I`m a bit stumped on the sections which will be entitled:-Market Research-Size of Industry-Key Product Segments-Key Market Segments-Key Industry Trends-Industry OutlookCan anyone point me in the direction of applicable industry statistics/websites/other information???Thanks, I appreciate any help. eniven2006-11-16 13:6:23

Comments

  • eniveneniven Posts: 1subscriber
    I thank you very much for your response!
    Unfortunately I have a decent idea of what info needs to go in those sections... I just don`t know where to find that info... Appologies if I was not more clear.
    Also, one thing I neglected to mention is that my business will be an ecomerce online retail business.
    I have been using an online business plan website to construct my business plan... Let me be more specific about the information that the program is requesting:

    Where would I find info on how many handbags/purses are sold worldwide each year? What about in the USA each year? What about online? Also, what are the $$$ figures associated with those sales?
    Where can I find out how fast the handbag/purse industry is growing? Particularly online sales of handbags/purses.
    What is the number of online retailers in my area?
    The program also wants info on key business trends in my industry. I know what that means, but quite frankly, I don`t know what the "key trends" are exactly... Thing is, I`m not sure it the key trends even matter since my business would be somewhat unique compared to some of the others in my area.
    Also, I have identified a few related online competitors, but have no idea what their market position is etc or how successful they`ve been in this industry...
    Thanks again, and any other suggestions would be greatly appreciated.
  • AronAron Posts: 3subscriber
    Eniven,Your new favorite word is "comparable." The best way to find out information about the industry is to look at comparables. Find a competitor who has recently gone public. Read and use their market analysis numbers. They must disclose pretty much everything in order to have an IPO. Most of what you need will be there. Best part - it`s free.Good luck.
  • ethosethos Posts: 1subscriber

    Where would I find info on how many handbags/purses are sold worldwide each year? What about in the USA each year? What about online? Also, what are the $$$ figures associated with those sales?
    Where can I find out how fast the handbag/purse industry is growing? Particularly online sales of handbags/purses.
    I`d suggest you do some research at your library.  Do you have access to databases through your library such as InfoTrac or anything like that?

    What is the number of online retailers in my area?
    By "area" do you mean geographic area?  Seems fairly irrelevant since you are primarily online.  If by area you mean niche, such as "handbags in the $30-$50 range" or "funky handbags for college age girls" or "conservative handbags for professional women" or whatever, than that is totally relevant.

    The program also wants info on key business trends in my industry. I know what that means, but quite frankly, I don`t know what the "key trends" are exactly... Thing is, I`m not sure it the key trends even matter since my business would be somewhat unique compared to some of the others in my area.
    I would take key trends to mean...where is the industry headed?  Is leather being phased out as a material for purses in favor of vinyl, or plastic, or license plates?  How many purses per year do customers purchase?  Why do women buy a new purse?  To match a new outfit?  Because they`re bored with the last one?  Just because it strikes their fancy?
    Also, I have identified a few related online competitors, but have no idea what their market position is etc or how successful they`ve been in this industry...
    Again, some research at your library will help with this.  There are tons of articles, heck, entire publications about the industry.  Read up on them, it will help you immensely.
    Let me know if I can help you further.  I`m starting my own market research firm and this is what I do.  Happy to help!  If you don`t have time to do it yourself I`ll do it for you!  I actually have some of this research already, I did a project in grad school for a small purse retailer (brick and mortar, not online) and found some industry info for that.  It`s a bit out of date, but if you like I can shoot you some references to track down.  Let me know.
    Kellyethos2007-1-28 13:10:59
  • infinique1infinique1 Posts: 0subscriber Member
    It's important to find out the suppliers in your industry. Only then would you be able to work out the pricing structure. It will be a cut throat industry unless you are able to distinguish yourself from your competitors. You would probably need very strong USPs to do that.
  • SharonYenSharonYen Posts: 0subscriber
    Hey,
    Writing a business plan is not an easy task. You must face some problems in researching or in writing. Same is the problem I also faced, but thanks to www.bizplancorner.com I am able to get professionally written business plan that helps me a lot in attracting potential investors and lenders. This business plan service providers are easy to access, have professionals who can help you in writing business plan from researching to the final content.
  • srawlingssrawlings Posts: 1subscriber
    Hi there,

    I think some of the style social networks would be a great choice for you to find out what people like, what they're buying, etc.
    I would create profiles on StyleHive, StyleFeeder, PopSugar and Kaboodle. I think if you check out accessories content there you'll find what you're looking for.
    Good luck!
  • smith360smith360 Posts: 1subscriber
    When writing a business plan, the Industry section is best organized
    as two parts: an overview of the industry and a summary of your
    business' position within the industry.
  • DanePymbleDanePymble Posts: 0subscriber
    Hi Eniven
    Palo Alto has some great software to help you with you Business Plan, that Market Research is a key part of. I suggest you check out their Business Plan Pro software.
    Also, in Rosalind Gardiner's Super Affiliate Handbook, she talks about this exact topic. These are the sites she recommends:
    *Comscore Media
    [url=http://www.*Forrester]*Forrester[/url] Research
    *Jupiter Research
    *Online Publishers Association
    *PRWeb.com
    *Clickz Network
    *eBay Marketplace Research
    *Amazon.com
    *Google Trends
    Check these sites out and see if they give you the information you need.
    Best of luck!
    Dane Pymble
  • NINENappyProdNINENappyProd Posts: 0subscriber


    Hi Eniven
    Palo Alto has some great software to help you with you Business Plan, that Market Research is a key part of. I suggest you check out their Business Plan Pro software.
    Also, in Rosalind Gardiner's Super Affiliate Handbook, she talks about this exact topic. These are the sites she recommends:
    *Comscore Media
    [url=http://www.*Forrester]*Forrester[/url] Research
    *Jupiter Research
    *Online Publishers Association
    *PRWeb.com
    *Clickz Network
    *eBay Marketplace Research
    *Amazon.com
    *Google Trends
    Check these sites out and see if they give you the information you need.
    Best of luck!
    Dane Pymble
    www.smallbusinesswizardry.com - Conjuring the tools & resources you need to start and grow your small business!
    Dane those seem like some great avenues to gather industry market info. Maybe you could clarify where in these sites to locate that assistance. These sites have a whole lot of info and ensuring that what they offer is going to be beneficial to the user, some clarity is needed, I think.
  • rebenarebena Posts: 0subscriber
    I like your business plan and its strategies to maintain good advisory controls on business dealings.
Sign In or Register to comment.