In researching a market for your startup it’s important to analyze the overall industry.

Analysis will help you forecast sales and growth rates for your startup.

It shows the competition in the industry.

It shows the life cycle of the industry which informs the type of startup to build.

It highlights missing elements that a startup could fill.

It forecasts the potential returns a startup could make.

It shows the current industry trends to use for building and selling a product.

Here are some key steps to analyze your industry:

Collect data from the industry by reviewing industry reports.

Analyze the data for the current players, the regulatory environment, and customer preferences.

Review the current state of technology in the industry.

In particular, notice the next stage of technology development.

Summarize your findings in a report showcasing the challenges and opportunities of the industry.

Once completed, use the report to select a position in the industry and a product to offer.

Design the product and delivery to effectively compete against the competition. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.