Business 101: Principles of Small Business

Conducting Market Research for a new company or product idea.

1. What is the idea?

• See what else is out there.  Has the idea been done before?  Did it work? What other products or companies are in the same field as this new idea?
• Conduct a business news search.
  

  Business Source Elite
  - Choose multiple databases to search Corporate Resource Net and Regional Business News.
  
  LexisNexis Business:
  - Select the Business News Option

2. Who are the competitors?

• Research the chief competitors:  

  Business Source Elite
  - Choose Company Profiles to search for a data monitor report.
  
  LexisNexis Business:
  - Do a company search

3.  Find out how the industry as a whole is doing? Figure out what market area the idea is in.

• Find out the NAICS code for the industry area.
    *U. S. Census NAICS Search: http://www.census.gov/epcd/www/naics.html 
  Note: Use the 2002 numbers not the 2007numbers.
• Use the following books to see if the market area has gone up or down over the last five years.
                        U. S. Industry & Trade Outlook - Ref HC101 .U54 
                             * 2000 is the last issue published; will eventually be online
                        2007 Summary - U.S. Industry & Market Outlook - REF HC101 .U56 
• U. S. Economic Census may also provide more information
                       http://www.census.gov/econ/census02/guide/INDSUMM.HTM

4. Pick a demographic area and see what products people already own or what services they already spend money on.               

• Market Share Reporter - Ref HF1 .M31
• Lifestyle Market Analyst - Ref HF5415.33.U6 L54
• The American marketplace : demographics and spending patterns - REF HA214 .A6 2003
• U. S. Census simplified: http://factfinder.census.gov/
            - Enter a city or county in the fact sheet box.
            - Or click population finder.          
• Bureau of Labor Statistics - Consumer Expenditure Survey:                    
            - http://www.bls.gov/cex/home.htm
• Yellow Pages.com - to find out what competitors are in your demographic area.

Please contact Librarian Katie Sanders with questions.