Industry Analysis Helps Your Business
You will need to know more about your industry and who your target market is.
You'll need to know a bit about what you want to sell and whom you think will buy it. Search out within the industry you are planning to sell in, who are your direct and indirect competitors. This will help you determine if your products and services need to be further differentiated or if the pricing needs to be changed or if you really should be entering into this market at all, given its competitiveness.
Best Place to Start:
Research your companies and industry news on the internet
Identify people within that industry you can speak to.
Identify some blogs and books you can read that relate to your products/services and that specific industry.
You might also find a course that will help you improve your knowledge or skills.
There are also agencies you can pay to do this research for you, however, they can be expensive so you will need to work out how much capital you have to put into paying someone to do this for you.
You Could Also Try:
Advertising agencies who would have data on industries and competition - this may cost you money.
You could purchase a mailing list based on some demographics. You would need to make some assumptions about what that demographic is. This could also be a good indicator as to the size of that target market.
You could call some suppliers in that industry, who would be more than happy to give some information about that market, as you potentially would become one of their customers.
If you need help in working out what and how to research in more detail, you can work with your local Bayside BEC advisor who can give you a research plan.
Most local authorities have rules about the use of property and land within their area. Sometimes whole areas are designated for particular purposes, such as ‘residential’ or ‘industrial’. To avoid future problems, it is essential to find out, before you start, whether or not you would be allowed to run a business from your home. The answer may depend on the kind of business you want to run. Also, different local authorities have different rules.
The local authority will probably ask you a number of questions about the business you are proposing to run. They may send an inspector to your home to assess such things as the availability of parking space and the effect of noise on other residents. Since a certain amount of time will be required before a decision is made, be available to submit your application as early as possible.
As an example, in New South Wales, home-based businesses can only be operated on either ‘home occupation’ or ‘cottage industry’ residential zonings. Where motor vehicle traffic is increased due to business activities or additional air, noise or visual pollution is caused, development approval will be refused. If the business employs others or requires motor vehicle repair or used vehicle licences, a shop and factory licence, second-hand dealer’s licence, pressure vessel licence or meat or food licences, permission will generally be refused by the local authority.
Your home business will also be subject to all of the legislative and regulatory requirements that impact all other businesses.