As you develop your business plan, you will need to learn more about the industry in which you want to open your business. An industry refers to a group of establishments (businesses) that produce similar products and services.
Knowing your industry helps you identify industry trends and understand your competition. Begin your investigation with broad resources such as industry overviews and forecasts, then refine your analysis with articles, market research, association data and current statistics.
Keep in mind the fact that equal amounts of information are not available for all industries. It can vary widely by industry depending on the size, age, and rate of technological change within an industry.
Use the following steps to find information about the industry you selected:
