UMKC Innovation Center partners with the university and the community to spark and sustain entrepreneurial efforts within our region and across the country.

KCSourceLink connects KC entrepreneurs to the right resource at the right time.

MOSourceLink connects Missouri entrepreneurs to the right resource at the right time.

Whiteboard2Boardroom connects entrepreneurs and businesses to technologies available for licensing.

Digital Sandbox KC provides early-stage proof-of-concept support for digital products.

Missouri Small Business & Technology Development Center provides technical assistance to startup and existing businesses.

ScaleUP! Kansas City helps businesses with revenues around $200K scale toward their first $1 million.

Missouri Procurement Technical Assistance Centers helps local businesses obtain government contracts.

KCInvestED helps investors learn more about investing in KC startups.

SourceLink® helps communities nationwide build vibrant and vital entrepreneurial ecosystems.
UMKC Innovation Center
UMKC Innovation Center
3-market-analysis-business-plan

Fun with Market Analysis

Yep. We said "fun." And we mean it. Really.

You see, of all the components of a business plan, entrepreneurs seem to struggle the most with market analysis. The task of writing it can resemble a long homework assignment: you can almost hear your 10th grade history teacher barking at you to cite your sources.

And sure, while the level of research required for an in-depth marketing analysis can be intimidating, a well-written one is a sure way to show your investors or partners that you know your industry.

So how can you make the task easier? And maybe even enjoyable?

Utilize online tools

You probably know who your competitors are, but do you know much revenue they earn? Use the Small Business Administration’s “Size Up” feature to find out (www.sba.gov/sizeup).

Tap industry/trade associations.

Industry groups often publish data-rich reports that highlight various aspects of the sectors in which they operate. For instance, if you’d like to start a tourism related business, then you may obtain useful information from a travel industry association. 

Peruse business publications.

For a “big picture” view of a particular industry or market, periodicals such as The Economist or The Wall Street Journal can be excellent source of information. Some content is available online without a subscription as well. For local industry perspectives, the Kansas City Business Journal and Thinking Bigger Business Magazine are highly credible sources. Whether your focus is global or local, a respected news source can get the attention of your audience.

Reach out to state agencies.

In Kansas and Missouri, economic development agencies publish detailed reports on several sectors. Typically, these reports provide quantitative data from a reputable source. In many cases, you can also contact subject matter experts to locate specific information.

Content contributed by Nolan Klouda, AKSourceLink.
AKSourceLink is a proud affiliate of
U.S.SourceLink, America’s largest resource network for entrepreneurs.

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