Here is a Step-By-Step Breakdown of how to conduct industry research:

STEP 1:  Identify the Industry and provide a brief overview. You may need to explore the industry from a variety of geographical considerations: locally, regionally, provincially, nationally, globally, etc. Provide statistics and historical data about the nature of the industry and growth potential for the business, based on economic factors and conditions.

STEP 2:  Summarize the nature of the industry. Include specific information and statistics about growth patterns, fluctuations related to the economy, and income projections made about the industry. Be sure to document recent developments, news, and innovations.

STEP 3: Provide a forecast for the industry. Compile economic data and industry predictions at different time intervals (5, 10, 20 years). Note: the type and size of the industry will determine how much information you will be able to find about a particular industry. For example, it is much more difficult to locate published information about specialized niche industries.

STEP 4: Identify government regulations that affect the industry. Include any recent laws pertaining to the industry, and any licenses or authorization. This section may include information about fees and costs involved.

STEP 5: Complete a Competitive Analysis of the industry. Here, you can list the leading companies in the industry, and compile an overview of data of their direct and indirect competition.

STEP 6: List potential limitations and risks. Write about factors that might negatively impact the business and what you foresee in the short-term and long-term future.

STEP 7: Talk to people! Go to tradeshows, do cold calls, talk to people in relevant associations and go to business events.