How to Analyze the Market for Your Business Plan

Video Transcript

"Hello. My name is Fj Cava and I have an MBA from San Francisco State University in entrepreneurship. I am also the owner of the San Francisco Webspot in Bayview Hunter's Point here in San Francisco. I'm going to talk to you today about how to analyze the market for your business plan. One of the best ways to start is to ask friends and family to see if they would purchase the product or service that you are looking to sell. Also, you need to check into local government websites. They have a lot of demographic information and marketing information that you can pull to build your plan. Also take surveys, get into the field, talk to people. Ask people questions to see if your product or service will fly. Finally, try to sell your stuff. See if people are willing to buy your product or service. If they are, then you have a pretty good idea that you know what your market is. Now, there are two different categories, there's the demographic category, which consists of people's backgrounds, how much money they make, where they live, what their age and gender are and then there's the psychographic, which is essentially what people think about, what they enjoy, what they want to do, what they want to believe in. And that's another category you need to research and find out. And your product or service needs to match not only the demographic of the people that you're trying to sell to, but also the psychographic. Thanks."