Write a Business

Plan Challenge.

2. Market Opportunity

The next step of writing your Business Plan for 2022 is to find the product-market fit and best way to sell your product or service.

If you did the assignments last week, you should know the strength and weaknesses of your product now, as well as the pain it is solving for the target audience. Go back to the previous postand do the assignments if you missed it. It will take not more than 30 mins.

1. Industry analysis (macro level).

Is the industry market rising or falling? You can easily find such metrics online. Those thousand million digits may mean not much to you if you are not trying to raise funds with a venture capital.

What you will need to pay attention to is the industry growth data. Are the graphs growing? Good, you choose a promising market. Is it falling or barely developing? This may indicate that there are little opportunities for you and it could be better to look for a different opportunity. Here is a link to many market size and market share resources.

2. Micro market analysis.

Here we will try to figure out your TAM (total addressable market). Why? Although the global numbers may be great, your own opportunity depends on your situation. If you only work on Upwork - go and check how many job posts there are for your particular product. If you live in a small town and sell something offline - you will be limited by the town population, so think if you in fact can ready enough clients for you product. After you calculate the number - look at it and see if the opportunity is big enough to get you to the Point B you described 2 weeks ago.

If you want to find out more about TAM, follow this link.
Take into consideration that your resources are also limited - will you be able to serve all those people from your TAM to reach the desired revenue?

3. Competitor analysis.

Do you like spreadsheets? It's the best way to do a competitive research. First - determine the most important criteria important for your business. Then fill it in with data about your competitors. Look at what the market leaders do and why the clients choose them. Your goal is not to copy, but to find a gap among your competitors that you can fill and how your product can be more superior or unique for your clients.

4. Promotion.

So, you now have a product & price (post #1), place (step 2 - your town or Upwork). You are lacking Promotion step from the Marketing mix (more on it here ).

Promotion includes advertising, public relations, or direct sales, for example. Depending on your budget and other resources, try to come up with at 3-5 channels you can test in 2022 for customer acquisition. We've added an image with different channels to chose from below. Write a draft plan on what you will do for each channel next year. Then test them to see which channel brings most qualified customers at the cheapest price for your particular business.

More Articles

The Future of Freelance: 3 Main Trends

We will talk about 3 main future trends in freelance!

International Safer Internet Day: Tips for Freelancers

In this article we will tell about the most important measures for the safety of a freelancer on the Internet and provide practical recommendations.

Soft Skills in Freelance: How to Stand Out from the Competitors

In this article we tell about how to stand out among competitors and build a successful freelancing career!

TOP 8 AI Tools for Freelancers In 2024

Find out about top AI tools that will help to make your work easier, more efficient and to save your time!

Everything about freelance for beginners and how to start on Upwork

In this post, we collected answers to all the questions about freelancing for beginners with a list of useful articles on Upwork at the end!

How To Optimize Your Upwork Profile: Key Steps and Useful Tips

Read today's post about optimizing your Upwork profile. It will be useful for both beginners and experienced freelancers

The Difference Between Remote & Distributed Teams: Pros and Cons

Remote and distributed teams may appear synonymous. But it’s important to understand the difference if you want to choose the right for you!

Upwork Uplook 2023: New Features and Launches This Year

Did you already see Upwork Uplook 2023? Read are the most interesting updates from the last year in our post!

Autumn 2023 Recap: Etcetera Highlights!

Another season flew by, and Etcetera's team gathered traditionally to discuss our results and plans! Read more in the post!

8 Rules How To Write Cover Letter on Upwork

Are you sending out proposal after proposal with very low response rate? Check if you are following these easy tips in Cover Letter on Upwork

7 Challenges in Managing Remote Teams And How To Solve Them

Managing remote teams is complex. Here are the 7 main challenges you may encounter and pro tips from Etcetera PM Elen 11 years of experience.

Health Insurance for Digital Nomads [Comparison of 8 Providers]

We’ve compared health insurance for digital nomads, so you can evaluate costs, features, benefits and choose the right coverage for you!