LIFESTYLE BUSINESS

ACCELERATOR90 Day Program | 3

Building a Lifestyle Business

UPDATE ON HOMEWORK

PRODUCT/SERVICE OVERVIEW

INDUSTRY & COMPETITIVE RESEARCH (SECONDARY)

ACTION ITEMS

AGENDA

Product Name

Main Features

Estimated Cost

Estimated Wholesale

Price

Estimated Retail Price

Target Market

Problem(s) Solutions(s)

CREATING YOUR PRODUCT/ SERVICE OVERVIEW

INDUSTRY ANALYSIS

Define the industry

Industry size, growth, trends, participants, etc

External threats: economy, regulation, barriers to entry, and market factors

Tools: NAICS, SIC, ESRI, First Research, Hoovers, IBIS World, etc.

MARKET ANALYSIS

Addressable market definition and size

Target market definition and size

Why is this the target market? (largest opportunity, lowest hanging fruit, domain expertise, etc)

Tools: US Census, SBA, BLS, Real Estate Agents, Business Decisions

SECONDARY RESEARCH OVERVIEW

COMPETITIVE ANALYSIS

Create a list of companies with similar products & services (direct and indirect)

List the key features, functionality, and strengths of each

Identify their pricing structure and business model

Convey your competitive advantages

Competitive matrix and comparison table

Tools: Competitor websites, review sites, TrafficEstimator.com.

INDUSTRY DEFINITION

A classification that refers to a group of companies that are related in terms of their primary business activities. In modern economies, there are dozens of different industry classifications, which are typically grouped into larger categories called sectors.

Individual companies are generally classified into industries based on their largest sources of revenue. For example, an automobile manufacturer might have a small financing division that contributes 10% to overall revenues, but the company will still be universally classified as an auto maker for attribution purposes.

WHAT IS AN ‘INDUSTRY’?

TRADE ASSOCIATIONS

DISTRIBUTORS

MANUFACTURERS

SUPPLIERSThe Industry

INDUSTRY VIDEO

LIST OF SECTORS

Basic Materials

Conglomerates

Consumer Goods

Financial

Healthcare

Industrial Goods

Services

Technology

Utilities

Code Industry Title Biz Count

11 Agriculture, Forestry, Fishing and Hunting 414,582

21 Mining 28,520

22 Utilities 28,207

23 Construction 1,270,691

31-33 Manufacturing 577,432

42 Wholesale Trade 673,738

44-45 Retail Trade 1,619,124

48-49 Transportation and Warehousing 432,467

51 Information 290,960

52 Finance and Insurance 643,483

53 Real Estate Rental and Leasing 683,800

54 Professional, Scientific, and Technical Services 2,058,179

55 Management of Companies and Enterprises 44,616

56 Administrative and Support and Waste Management and Remediation Services

2,499,821

61 Educational Services 325,937

62 Health Care and Social Assistance 1,311,395

71 Arts, Entertainment, and Recreation 266,428

72 Accommodation and Food Services 749,578

81 Other Services (except Public Administration) 1,618,545

92 Public Administration 215,203

NAICS CODES:

NORTH AMERICAN INDUSTRY

CLASSIFICATIONS

TOOLS TO LEARN

DEFINITION OF INDUSTRY

North American Industry Classification System

Yahoo Sector List

Services - Advertising Agencies - Company List

Trade Association

A trade association, also known as an industry trade group, business associationor sector association, is an organization founded and funded by businesses that operate in a specific industry.

Esample: https://www.boardretailers.org/

A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry.

TRADEASSOCIATION

EXAMPLE

https://www.boardretailers.org/

INDUSTRY BUSINESS MODEL CANVAS

IN CLASS

Fill Out Industry Business

Canvas Model

INTRO TO COMPETITIVE

ANALYSIS

DIRECT COMPETITORS

INDIRECT COMPETITORS

Direct competition is a situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market.

Indirect competition is the conflict between vendors whose products or services are not the same but that could satisfy the same consumer need. The term contrasts with direct competition, in which businesses are selling products or services that are essentially the same.

COMPETITIVE MATRIX | SAMPLE 1

COMPETITIVE MATRIX | SAMPLE 2

IN CLASS

Fill Out Competitive Business

Canvas Model

HOMEWORK

Write Product & Service

Description

Read & Fill out Completing

your Research Ebook

1 2

These 4 sections are due 6/14/16 before class to accountability partner.

Complete Act of Service for someone in

class

3