How To Do Business Plan Market Research

Business plan research can be a long process, made even longer because so many resources

are available only for a fee and entrepreneurs are generally cash-strapped at the beginning. Go beyond basic online articles and blogs, if possible, to research more deeply into your industry customers, and competitors. These are some places to look to fill out the research, some of which will require some investment.

IBISWorld

IBISWorld releases industry reports providing analysis of the status and financial statistics of industries including industry growth, market size, market share, and industry trends. Their database of over 700 market reports most likely covers an industry that is at least related to yours if not your industry precisely.

Hoovers

Hoovers is a database of company information, especially helpful for its details on potential competitors or, if you will sell to businesses, customers. Estimates of financial data and company size are included here - information which private companies will not generally publish in their annual reports and financial statements.

Zipskinny and Census.gov

Zipskinny and census.gov both can provide demographic information on residents of certain towns or zip codes in the United States. This can shortcut the process of researching your customer base, if you plan to sell primarily to a certain locale.

Industry Consultants

Websites for industry consultants may include white papers (educational reports and guides) to display their prowess for their industry of concentration. Search for consultants who focus on your industry and you may find articles which explain industry best practices, trends affecting the market, and other key issues.

Periodical Indexes

To find articles and news of interest about your industry, customers, or competitors, use library periodical indexes focused on business periodicals, such as ABI/INFORM Global and Dow Jones Interactive. Looking at indexes for specific newspapers and magazines, such as the New York Times, Wall Street Journal, Forbes, and BusinessWeek, may also be helpful.

by: Eric Powers

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