Market Analysis 3: Resources to Help You Conduct Your Market Analysis

This continues our series about the market analysis section of your business plan
The first step of your market analysis involves defining your competitive business advantage. We will list the resources available to help you conduct your market analysis before examining the second step. Fortunately, your taxes already pay for many of the resources you may use. Others cost very little. Of course, you can also pay for consultants and other help.
Primary and Secondary Sources
Before we talk about resources that can help you, I’d like to discuss primary and secondary sources of information.

• Primary sources provide first hand information. For example, a primary source occurs when you choose to interview clients personally or conduct focus groups.
• Secondary sources gather their information from primary sources and share it with you. Using information gathered by the census bureau or from an economic development council constitutes secondary sources. They gathered the information from primary sources, hence they become secondary sources.

Online Resources

• SBA.gov provides
• Consumer statistics
• Economic indicators
• Employment statistics
• Income and earnings
• KnowThis.com blogs and collection of web links
• Market Research provides reports on markets by industry for a small fee
• US Census Bureau reclassifies information about the population to help businesses
• A new and updated Fact Finder database
• The Statistical Abstract also gives access to market data
• The International Programs provides information on international markets
• Business.USA.gov, another government web site, offers statistics and reports

Additional Resources

• Local and national Chambers of Commerce profile community populations, socioeconomic status, traffic patterns, maps of busy locations, and more information
• City and state economic development representatives maintain information on import, export, sales, business growth, and demographics
• Professional and trade associations (local chapters) and national web sites monitor sales, production, client profiles and other useful information
• College and university libraries, sociology, business, and other departments; including business students willing to gather information from both primary and secondary sources for experience or even better a small fee.
• Reference desks at public libraries provide sources of economic and demographic information

Join me on Tuesday when we discuss how to analyze competitors past, present, & future