Business Plan Resources
Maybe the most overwhelming task that faces an entrepreneur is writing the business plan. Where to start? What data to include? While some sections, like finances and management plan, are hyper-specific to each individual venture, some sections require data that can be found at the James J. Hill Center. Let’s look at three major components: industry trends, competitor list, and market analysis.
Industry trends can be found in the Hill’s IBISWorld subscription. Within each industry breakdown, organized by both NAICS code and IBISWorld-specific specialized reports, IBISWorld provides a five-year forecast of the industry in question. The reports include some product or service segmentation, allowing researchers to learn more about the newest developments in their industry as well as projections forward.
Developing a competitor list for a business plan allows a researcher to better understand how crowded the market is and how much competition they’ll be up against once their business opens. Entrepreneurs can use the Hill’s subscription to A-to-Z Databases to make this a quick and simple task. Use this directory service to search for similar business listings by industry code, estimated annual revenue, geographic location, and employee size in order to locate your peer businesses for broader understanding of the local competitive market.
When it comes to building a customer profile or doing a market analysis, many business plan writers falter at step one: where to find relevant survey information? Thankfully, the Hill offers SimplyAnalytics, one of the premier consumer demographics and behavior databases. Look up information on household buying behaviors, types of media consumed, household demographics and concentrations by geography. You can even map this information to the state, city, or zip code level, then export a graphic to include in your business plan!
Make a Hill Introduction Appointment today at jjhill.org to learn more about the Hill’s resources and classes, and let us take some of the confusion out of finding data for your business plan.
Written by Jessica Huffman, Business Outreach Librarian, at the James J. Hill Center. If you have more questions about the reference library at the James J. Hill Center please contact 651-265-5500 or [email protected].