There are a number of ways to determine if a market has the potential to be profitable.  Market size, growth and trends are all important indicators and help to determine if a market is over or under served.  Hard data from financial and government sources provide crucial information.  Secondary sources, such as newspapers, magazines and industry journals, provide excellent investigative and anecdotal information on many local markets.

These days, an profound knowledge of Internet resources is required to conduct any productive market research.  Business Plans Hawaii has been conducting hard research as well as online research for over 20 years.

Business Plans

 

Business Plans typically contain an executive summary, an industry overview, a local market overview, an analysis of the competition, management credentials, and three years projected financial results.  The contents of the plan is highly dependent on the industry and the quality of data available.

Business Plans are frequently glowing documents written to borrow money.  However, it is a good idea for every company to write a plan occasionally.  A good business plan provides the latest industry growth figures, as well as trends and competition analysis.  This is basic information which every business owner should occasionally update for their industry.

 

Marketing Plans

 

Companies write marketing plans to determine everything they will work on to market their company for the next year.  This may include advertising, attending trade shows, joining associations, and creating marketing materials.  A good marketing plan takes into consideration national and local industry trends and adapts them to create a series of steps to reach realistic goals.  Using these goals and market information, committed companies develop marketing strategies that they believe will  best promote their service or product in the marketplace. 

 

Market Research / Marketing Consulting

 

These days, every business needs to stay on top of how the market for their product or service is evolving.  Reading extensively about trends, technology applications, new business models and other public domain research on a market provides a snapshot of what your company is doing differently, and what has worked for other companies.  Information such as market size, market share, and market growth rate are essential.

 

Feasibility Studies

 

Feasibility Studies are conducted to investigate the potential profitability of a new business idea.  Feasibility Studies contain much the same data as a Business Plan, but are usually more critical than Business Plans and may conclude that the potential for the proposed product or service is not worthwhile.  The market may not be appropriate for a number of reasons, including heavy competition, low returns, high entry costs, or other market barriers.

 

Economic Impact Analyses

 

Economic Impact Analyses are used to measure the monetary impact of a program or investment in a community.  Economic Impact analyses are frequently requested in projects with local impact, such as government infrastructure projects, or community initiatives, such as tourist promotion programs. \

 

Government Contracting

Government contracting is extremely complex with different procedures for federal, state and county contracts.  We have experience doing GSA Applications, contract/bid submittals, and general government contracting assistance.  We are also familiar with high-technology resources, such as applications for Small Business Innovative Research (SBIR), Phase I and II, funding experience.

 

Grant Applications

 

Most grant applications are very similar to a business plan: they justify the use of resources.  Business Plans Hawaii has experience doing applications for non-profit and government grants of all sorts, including Administration for Native Americans (ANA), Office of Hawaiian Affairs (OHA) and the U.S. Departments of Commerce and Agriculture.

 

Break-Even / Cost-Benefit Analyses

 

Break-Even Analyses measure the level of sales (or income) required for a business to break-even.  This information is often a surprise to new business owners, who under- or over- estimate the amount of time or product they must sell to reach their financial objectives. Cost-Benefit Analyses measure the projected benefit of a specific cost.  These are useful in justifying an investment with a measurable outcome.  This analysis is frequently required by lenders wishing to analyze the benefit of an investment, such as an addition to an existing business.

 

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