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How to Write the Market Research Section for a Business Plan

Updated: Jan 7, 2022

“The best vision is insight.” – Malcolm Forbes 

In developing a business plan, it’s vital that you thoroughly research your customers, your market, and your competition, as well as your strategic position relative to all three.

Investors and others will be exceedingly interested to see that you understand your industry and the forces that drive it, that you can prove there’s a strong demand for your product or service, and that your unique selling proposition will effectively distinguish you from your competition.

This analysis will likely uncover new information you were previously unaware of, and you should take the time to reflect on exciting insights. Therefore, this could require you to rethink elements of your strategy. It may also merely confirm what you already know. In either case, you’ll