Start Your Own Business by Inc The Staff of Entrepreneur Media Page A
Authors: Inc The Staff of Entrepreneur Media
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business of e-commerce? ComScore ( comscore.com ) is a market research company that will evaluate your e-commerce site. They offer a variety of options, from web-based marketing strategies to custom research. Even if you’re not ready for professional advice, exploring the site will give you an idea of the questions you should be asking in your own research.
Read your trade associations’ publications, as well as those aimed at your target customers, to get an idea of current and future trends and buying patterns. And keep an eye out for more: New magazines and newsletters are launched every year. If you’re not following all of them, you could be missing out on valuable information about new products and your competitors.
Government Guidance
Government agencies are an invaluable source of market research, most of it free. Almost every county government publishes population density and distribution figures in widely available census tracts. These publications will show you the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Some counties publish reports on population trends that show the population ten years ago, five years ago and today. Watch out for a static, declining or small population; ideally, you want to locate where there is an expanding population that wants your products and services.
The U.S. Census Bureau ( census.gov ) turns out reams of inexpensive or free business information, most of which is available on the internet:
• The Census Bureau’s State and Metropolitan Area Data Book offers statistics for metropolitan areas, central cities and counties.
• The Census Product Update is a monthly listing of recently released and upcoming products from the U.S. Census Bureau. Sign up for a free e-mail subscription at census.gov .
• County Business Patterns is an excellent Census product that reports the number of a given type of business in a county by ZIP code and metropolitan and micropolitan statistical area.
• For breakdowns by geographical area, look to the Economic Census , which is published every five years.
Most of these products should be available online or at your local library. If not, contact your nearest Census office for a list of publications and ordering information, or write to the U.S. Census Bureau, 4600 Silver Hill Rd., Washington, DC 20233, (301) 763-INFO or (800) 923-8282. Many Census Bureau reports are also available on CD or DVD, or are free on the internet.
Sample Market Research Competition Questionnaire
When you visit the competing bars in your area, you want to use the information you gather to develop a competitive strategy for your own establishment. Improve on their strengths and capitalize on their weaknesses. Fill out this questionnaire for each of the bars you visit to help you assess your competition and your customers.
The U.S. Government has an official web portal that is another good source of information. For instance, at the USA.gov website ( usa.gov ), you’ll find a section for businesses that is a one-stop link to all the information and service that the federal government provides for the business community. Tax questions? Wondering about how best to deal with all the regulations and red tape? Chances are you’ll find your answers at business.gov by clicking the “Finance and Taxes” link.
“You must be the
change you wish in this
world.”
—MAHATMA GHANDI
Or you might try the Commerce Department’s Economic Indicators web page ( economicindicators.gov ). Curious if the world is ready to spend money on your exercise equipment for goldfish? Then the Economic Indicators site is for you. Literally every day, they’re releasing key economic indicators from the Bureau of Economic Analysis and the U.S. Census Bureau.
If you’re planning to get into exporting, contact the Department of Commerce’s International Trade Administration (ITA). The ITA publishes
Read your trade associations’ publications, as well as those aimed at your target customers, to get an idea of current and future trends and buying patterns. And keep an eye out for more: New magazines and newsletters are launched every year. If you’re not following all of them, you could be missing out on valuable information about new products and your competitors.
Government Guidance
Government agencies are an invaluable source of market research, most of it free. Almost every county government publishes population density and distribution figures in widely available census tracts. These publications will show you the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Some counties publish reports on population trends that show the population ten years ago, five years ago and today. Watch out for a static, declining or small population; ideally, you want to locate where there is an expanding population that wants your products and services.
The U.S. Census Bureau ( census.gov ) turns out reams of inexpensive or free business information, most of which is available on the internet:
• The Census Bureau’s State and Metropolitan Area Data Book offers statistics for metropolitan areas, central cities and counties.
• The Census Product Update is a monthly listing of recently released and upcoming products from the U.S. Census Bureau. Sign up for a free e-mail subscription at census.gov .
• County Business Patterns is an excellent Census product that reports the number of a given type of business in a county by ZIP code and metropolitan and micropolitan statistical area.
• For breakdowns by geographical area, look to the Economic Census , which is published every five years.
Most of these products should be available online or at your local library. If not, contact your nearest Census office for a list of publications and ordering information, or write to the U.S. Census Bureau, 4600 Silver Hill Rd., Washington, DC 20233, (301) 763-INFO or (800) 923-8282. Many Census Bureau reports are also available on CD or DVD, or are free on the internet.
Sample Market Research Competition Questionnaire
When you visit the competing bars in your area, you want to use the information you gather to develop a competitive strategy for your own establishment. Improve on their strengths and capitalize on their weaknesses. Fill out this questionnaire for each of the bars you visit to help you assess your competition and your customers.
The U.S. Government has an official web portal that is another good source of information. For instance, at the USA.gov website ( usa.gov ), you’ll find a section for businesses that is a one-stop link to all the information and service that the federal government provides for the business community. Tax questions? Wondering about how best to deal with all the regulations and red tape? Chances are you’ll find your answers at business.gov by clicking the “Finance and Taxes” link.
“You must be the
change you wish in this
world.”
—MAHATMA GHANDI
Or you might try the Commerce Department’s Economic Indicators web page ( economicindicators.gov ). Curious if the world is ready to spend money on your exercise equipment for goldfish? Then the Economic Indicators site is for you. Literally every day, they’re releasing key economic indicators from the Bureau of Economic Analysis and the U.S. Census Bureau.
If you’re planning to get into exporting, contact the Department of Commerce’s International Trade Administration (ITA). The ITA publishes
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