As for the sales forecast for Year 1 through Year 3, these are some important variables I will go to consider for sales:
Economy: The economic condition of the city, the province and the country are variables I need to consider for a sales forecast. If conditions are poor, people will spend less money on consumption. If economic conditions are great, then more people will have extra money to spend.
Competition: I need to consider the level of competition I have around me. If new competitors enter the market, that can affect my sales forecast drastically. The same goes for if my competitors drop out of the market.
Inflation: Inflation is something that effects every country, and effects the economic conditions. So, I need to consider trends of inflation (and inflation forecasts) in order to make a sales forecast.
Political Environment: I need to consider the political environment of the city, the province and the country. The political environment affects the economy and business law. If there is an election within my sales forecast period, I need to consider the potential outcomes of each election.
Seasonal Demands: I need to consider seasonal demands and trends because each season has a different demand for products. Summertime is going to require cold beverages, meanwhile winter will have a demand for hot beverages. Each season will also affect overall sales. People spend more money in the summer. A sales forecast will have to consider all these seasonal demands and changes into the model.
Where to obtain data: Government websites, Market research firms, Political experts, Stock Market data, Google Maps (search for competitors) or Drive around my area (locate competitors visually), City database, Economic analysts
Part 1
As for the sales forecast for Year 1 through Year 3, these are some important variables I will go to consider for sales:
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