Industry & Market Research - ENTR 300: Entrepreneurship - Starting Your Own Business

Industry Data

Economic Indicator
Current economic indicators from the U.S. Census Bureau. Contains information you can glance at, such as increase or decrease over the last year. Plus data that you can dive deep into with charts, spreadsheet, and other tools.
Industry Economic Accounts
Sources from the Bureau of Economic Analysis. Information includes BEA Industry Facts (with graphs of industry patterns), GDP, Capital Flows, and more. (CSV and Excel tables of data also available.)
Stastical Abstracts
The Statistical Abstract of the United States published since 1878 is a summary of statistics on the social, political, and economic organization of the United States. Sources of data include the Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, and many other federal agencies and private organizations.
1870 - 2011 available online. Current editions available in print in the Reference Room.

NAICS Codes

What is NAICS?

"The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy." https://www.census.gov/eos/www/naics/

Projections

Employment Projections
From the U.S. Bureau of Labor Statistics. Includes charts such as "Fastest Growing Occupation" and information by industry and occupation.
Employment Projections 2018-2028 News Release
News release summarizing EMPLOYMENT PROJECTIONS—2018-2028. Includes charts of:
- Ten fastest growing occupations, projected 2018-28
- Annual growth rate of the population, labor force, and employment, by decade, 1998 to projected 2028
- Percent distribution of the labor force by age group, 1998 to projected 2028
- Labor force participation rate, by sex, 1978 to projected 2028
- Percent change and numeric growth by industry sector, projected 2018-28
Projections Central - State Occupational Projections
Compiled by "The "Projections Managing Partnership (PMP) operates an integrated, nationwide program of state and local projections. The PMP helps projections customers make informed decisions based on the most reliable and relevant occupational and industry outlook information. Funding for the PMP is provided by the U.S. Department of Labor, Employment & Training Administration, with technical support from the Bureau of Labor Statistics and other entities across the country."

Library Databases

Use Market Research to Find Customers

From the Small Business Association https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis

Market research blends consumer behavior and economic trends to confirm and improve your business idea.

It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.

Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business.

Then answer these questions to get a good sense of your market.

Demand: Is there a desire for your product or service?
Market size: How many people would be interested in your offering?
Economic indicators: What is the income range and employment rate?
Location: Where do your customers live and where can your business reach?
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives?

You’ll also want to keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits.

You can do market research using existing sources, or you can do the research yourself and go direct to consumers.

Existing sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. Check online or start with our list of market research resources.

Asking consumers yourself can give you a nuanced understanding of your specific target audience. But, direct research can be time consuming and expensive. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business.

Here are a few methods you can use to do direct research:

Surveys
Questionnaires
Focus groups
In-depth interviews

Professional Associations

Some professional associations (see Professional Association tab above for some ideas) offer free industry statistics and information. For example

American Bookseller Association
ABA Industry Stastics