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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 hillreferencelibrary@jjhill.org.

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Open Access

Wondering why you should check out the James J. Hill Center’s business resources? Can’t everything be found online nowadays? Not quite. While there are plenty of openly available data resources, often you end up spending your time in place of your money to access and understand them.

Say you’re looking for industrial information? Surely that’s accessible outside a subscription database like IBISWorld? You’re right! Much of the data in IBISWorld reports are gathered from open access resources. These sources can include federal or state government websites, annual reports for publicly traded companies, and general economic indicators published at the national level. For example, the U. S. Census counts more than just people. It also records the number of businesses in certain sectors and industries, which it updates every five years. The Bureau of Labor Statistics releases new information on industry-level employment including information on average employment and projected growth on a regular basis. The Bureau of Economic Analysis has industry and sector data on employment, wages, operations costs, and more at the state level. With all this available data, why bother with subscriptions?

The truth is that these resources are formatted for accuracy, not ease of access for a user. Learning to navigate and decipher government websites, let alone the charts and spreadsheets themselves can be a time-consuming and frustrating endeavor. In the James J. Hill Center’s Business Research Boot Camp, we address what’s publicly accessible and worth digging for and what are more easily found in a subscription database. Typically, while a subscription may cost money, you’re spending that instead of time. There’s no one right way to get data. Just know which of your resources you’re willing to spend!

Curious to learn more about openly accessible resources and how they interact with subscription databases? Check out the Hill’s newest class offering, Business Research Boot Camp. While sold-out for the September session, we’ll be back in November for another round, so please keep an eye on the Hill Center Calendar!

 


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 hillreferencelibrary@jjhill.org.

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Get Your Food Truck Cooking

With the long, hot days of summer upon us, plenty of budding entrepreneurs begin to dream of working out of the office, out on the open road. How can someone balance a roving heart and a small business? Open a food truck! Downtown at the Hill, we have plenty of food trucks surrounding Rice Park, but finding the right research to get one started can be a challenge. Save your energy for preparing delicious food and head to the Hill for all your research needs.

You can find a full industry report on food trucks in our IBISWorld database. Get a sense of food truck trends, national regulations, and a five year forecast. Curious whether you should specialize in Mexican cuisine or Peruvian fare? Look at product and service segmentation within the industry for a sense of market concentration at the U.S. level. IBISWorld can also discuss consumer expectations so you know if your customers will expect organic produce or biodegradable plates. By understanding the industry at the national level, you’ll be able to anticipate and prepare for new trends, understand the field’s influencing factors, and fulfill regulatory requirements, letting you concentrate on your recipes.

Interested in reading profiles on successful food truck? Use Business Source Premier to find local newspaper and magazine articles on other trucks. Keyword searching in Business Source Premier will instantly search thousands of trade journals, magazines, and product reviews in addition to publications like Forbes and Fortune. Looking up “Food Trucks” and “Minnesota” will yield articles on award-winning food trucks, truck design, unconventional menu trends, and beyond. This is a fantastic resource to investigate the latest news in the industry while getting in-depth interview from food truck owners on the secrets to their success.

Curious about these resources? Want to know what else the Hill has to offer? Schedule an appointment at jjhill.org to speak with us about everything the Hill can do to support your dreams.

 


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 hillreferencelibrary@jjhill.org.

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Underutilized Research Gems

If your first thought when hearing the phrase “government information,” is a stack of boring, bureaucratic reports, you’re not alone. There’s more to government information, however, than you may realize. Several government agencies regularly produce valuable business intelligence and the James J. Hill Center can direct you to some underutilized gems.

If you’re exploring a new industry, the U.S. Census Bureau should be your first stop. The Census does far more than count people; it counts businesses as well! The Economic Census run every five years and collects data at the sector and industrial level along with information about business expenses and industrial growth. The 2017 Census is scheduled for release soon, so keep an eye on that space for the latest information.

Interested in gleaning public company data from the web? Check out the SEC’s EDGAR search tool. Located on the U.S. Securities and Exchange Commission website, this tool allows users to pull certain mandated reports for public companies. These include annual reports (10-K), quarterly reports (10-Q), and special announcements (8-K) along with a variety of other documents. If you’re interested in getting the nitty-gritty information on publicly traded companies, using EDGAR can trim down your time spent searching company websites for glossy annual reports.

Want to learn more about government information and how it pertains to your business? Check out the Hill’s Research Boot Camp series. This accelerated class combines government and subscription database information for a 360-look at how business information is gathered and more importantly, how you can use it to succeed.

 


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 hillreferencelibrary@jjhill.org.

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A Consumer’s Guide to Women’s Equity

Check back each month for the Original Thinker Series as we explore local innovation in entrepreneurship, the arts, and our community one pioneering mind at a time.

It is hard not to be optimistic after a conversation with Kateri Ruiz, founder of MAIA.community. Kateri is committed to emboldening women’s equity and has vowed that she “will not cease until all data sets can prove it.” Her approach to gender equity work: speak passionately and carry a big directory.

MAIA is a free access directory of women-owned businesses across the nation. It is built for the conscious consumer who wants to spend their money in alignment with their values—especially when it comes to gender equity. Companies with at least 50% or greater female representation in the highest levels of leadership are listed for free with the option to purchase a premium listing for greater visibility.

The idea for MAIA began when Kateri and her husband started paying attention to the products and services they were bringing into their home. They put them through a litmus test: were these products and services ideated by, created by, or done in a holistic image of a woman? After failing month after month to match their spending with the 5:1 female to male ratio of their household, Kateri realized there was a larger problem to solve. “Why is this so hard,” says Kateri. “Women owned firms are everywhere.”

Kateri began earnestly gathering every list of women-owned businesses she could get her hands on. (Shameless plug: She did some of her research at the James J. Hill Center.) What she realized in the process was that these lists are plentiful but scattered. They are often owned by groups or associations and accessible only to paying members. Additionally, most are designed for business-to-business use and not for the consumer.

Someone needed to gather all these lists into one place and make them searchable and user-friendly to the everyday person trying to live a socially conscious life. Thus MAIA was born. “We wanted to make it easier for consumers to have that level of information,” says Kateri. “So that consumers could spend their money in a way that meant something to them.”

Women make up nearly half of the workforce in the United States (46.9%). Yet, only 5% of S&P 500 companies have a female CEO and only 21.2% of board seats in these same companies are filled by women. “The disparity between who is doing the work and who is leading the companies we find to be a systemic barrier,” says Kateri.

After spending a career in workforce solutions, Kateri is taking the reverse approach with MAIA to influence systemic change. “If we are being told that we cannot figure out how to solve gender pay parity for another 50 years… then perhaps we should move outside of that status quo and drive a more female-centric economy—potentially on its own,” says Kateri. This is what makes Kateri an original thinker. She is harnessing the free information philosophy of the Internet to allow us to support the businesses—and the women leading them—that we’d like to see more of in the world.

“We believe that when women are involved equally at the highest levels of leadership where we ideate, where we create, where we are making the decisions… that can yield a more holistic product and solution,” says Kateri.

To join the MAIA Community visit their website maia.community or reach out to the team at info@maia.community.

 


Written by Christopher Christenson, Program & Event Coordinator, at the James J. Hill Center. Have an idea of a person or organization to feature in this series? Send your recommendations to 
christopher@jjhill.org.

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“Building” Data

Opening a store-front location adds an additional research layer onto an already complex process. In addition to industry and competitor investigation, you now must consider foot traffic, signage, and accessibility issues as part of your research! Thankfully, the James J. Hill Center’s resources offer ways to connect you to the information you need to finalize your business’ location.

The Hill offers SimplyAnalytics on a walk-in basis for demographics and consumer behavior research. You can look up survey data on a variety of topics including buying behavior and consumer attitudes, and blend it with information on population, ethnicity, household income, and others pulled from the U.S. Census Bureau. SimplyAnalytics, formerly SimplyMap, offers multiple ways to view this data. You can compare two (or more!) specific locations down to the block level using the Comparison chart tool or rank counties, cities, zip codes, and beyond using the Ratings view. A stand-out feature of SimplyAnalytics allows users to map other, similar businesses as sorted by NAICS code onto a map of a desired location. You can literally chart your competitors in a designated location, creating exportable maps for future presentations!

While the Hill is your first stop when it comes to business research, when it comes to location-specific information, however, there’s no substitute for going straight to the source. The City of St. Paul can seem overwhelming for an entrepreneur at any stage of business development. Fortunately the Saint Paul Public Library’s Nicholson Workforce and Innovation Center is here to help. Located at the George Latimer Central Library downtown St. Paul, the Innovation Center works with St. Paul businesses to connect them to city resources on zoning, state-specific human resource requirements, and other support organizations to get your storefront up and running. If you need any help navigating the Twin Cities business research ecosystem, head over to the Hill for guidance and support during your referral process!

Additional questions? Book a complimentary 20 minute introductory appointment at the Hill by heading to jjhill.org and choosing a time that fits your schedule.

 


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 hillreferencelibrary@jjhill.org.

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Librarian vs. Research Consultant: Is there a difference?

If you’re familiar with the fast-paced world of start-ups, the last word that may spring to mind is “librarian.” After all, what do dusty, silent spaces have to do with the high-intensity, data-focused mindset of your business. You thrive on intel and need constant updates on the latest and greatest news within your field. But what if I told you that there’s a new disruptive force in the information game? Able to pivot with each new technological advancement, analyze new industries and companies daily, and mine the Web for the best business intelligence to be found? Amazing, right? Now what if I told you all that could be yours at the library?

The James J. Hill Center combines widely available online resources with industry-standard subscription databases to provide high-level intelligence for start-ups. Ready to starting pitching venture capitalists and unsure where to start? Curious what your competitors’ funding rounds look like compared to yours. Your first stop may be Crunchbase.com, like any good Internet sleuth. What happens, though, when you want to go more in-depth with a private company’s financial history? What about searching for funders geographically? Enter PrivCo.

PrivCo offers a behind-the-scenes look at private companies valued at $10 million and above, funding rounds for equity and venture capital investors, and a detailed history of mergers and acquisitions for profiled firms. Stop in to take advantage of this fantastic resources anytime the Hill is open, Monday to Thursday, 8AM to 4PM.

Disrupt your research routine. Visit out the library. Check out the Hill.

 


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 hillreferencelibrary@jjhill.org.

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Take Your Interview Prep to the Next Level

It’s finally happened! You’ve landed the big interview for your dream position. You’ve got the passion and drive to succeed once you’re hired, but how do you stand out from the crowd of other applicants? Supplement that charming smile with some hot facts to impress your interviewer by visiting the James J. Hill Center.

Start by checking out an industry profile using IBISworld. IBISworld reports include sections on supply chain, competitive landscape, and a five year forecast for revenue, growth, and trends at the national level. Link your position within the company to one or all of these topics and explain how you’re ready to be a solution to a company’s present and future challenges.

Once you’ve perfected the macro-level view, head to A-to-Z Databases to get a sense of the company’s competition. You can pull a list of companies within a specific industry at the state, metro, or even zip code level. This helps you generate questions for the company, namely how are they different from the rest of the field? A-to-Z Databases partners with Indeed.com so you can also scope out other job postings, just in case.

Finally, check through Business Source Premier from EBSCO for recent news stories on your company. Nothing says “I did my homework” than casually referencing an upcoming merger or saying congratulations for a recent award.

Keen to find out how these resources can take your interview to the next level? Visit jjhill.org to see our collection of databases and research guides to get started.

 


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 hillreferencelibrary@jjhill.org.

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Medical & Life Science Industry Research at the Hill

If you’re thinking of getting into the fast-growing industries of medicine or life science, trying to get verified information can be a real challenge. HIPAA, or the Health Insurance Portability and Accountability Act of 1996, protects your health information from being distributed, but can make getting demographic profiles for your business almost impossible. Thankfully, the James J Hill Center has specialized resources to aid your search!

Researching a particular medical procedure? Use the American Hospital Directory. Available here on-site at the Hill, this high-powered directory will not only let you pull up a list of hospitals and clinics by geography, specialty, and procedures provided, but will also let you investigate the finances of each organization listed. You can learn whether or not your future clinic can corner the market in your state on the latest, cutting edge medical offerings.

Keen to start a non-profit that supports biological conservation? Maybe you dream of leading a crew of volunteers to the next big ecological discovery. Use the Hill’s subscription to the Foundation Directory to find grants to fund your expedition. You can search both public and private grantmakers by topic. Did you know that there’s almost $11 billion dollars in grants available to support wildlife biodiversity work? Come in and check out with grant is right to fund your life’s work in the life sciences.

Interested in learning more about the resources at the Hill? Thrilled by the prospect of in-depth data analysis? Schedule a 20 minute appointment with our staff to learn about our database classes, memberships, and research support services.

 


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 hillreferencelibrary@jjhill.org.

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5 Smart Research Tips 

Do you have the next great business idea? Is your small business ready to move into the mainstream? If so, you probably know that business intelligence is key to making an informed decision about the next stage of your career. That means you’ll need to navigate the exciting world of business reference sources! 

Getting started with your research can feel overwhelming. With so many websites, topics, and techniques to choose from, it can seem like doing research is more trouble than it’s worth. With a little guidance, however, you too can find the key facts to jump-start your business.  

Here are 5 smart research tips from the James J. Hill Center: 

1) Start with Broad Topics 

It’s very tempting to search for the exact fact you want, but looking up “2010 household spending trends” might be counterproductive. By searching so specifically, you might miss a great article on that topic that doesn’t have your key words included. Instead, start with wide-ranging topics like “household income” and “domestic spending trends” to maximize your research results.  

2) Limit your Date Range 

When searching online or in the databases at the James J. Hill Center, pay attention to the date range on your results. You don’t want to build a pitch deck around an article on real estate trends only to find out it’s from 2002. Give yourself a range of two to five previous years to find the most recent information. 

3) Use Synonyms 

Is your search for “trade shows” coming up short? Remember, there’s many different ways to describe what you’re looking for, so brainstorm some alternate search terms. You may hit the jackpot when searching for “convention expositions” instead.  

4) Combine Resource Types 

Plenty of people are satisfied with a couple online searches, but true entrepreneurs go beyond Google. While some helpful information, such as the Economic Census or labor statistics, are freely available online, subscription databases can elevate your research process. The James J. Hill Center subscribes to a series of databases, such as IBISworld and Business Source Premier, that contain valuable information not available anywhere else. Stop in to use our resources on-site!  

5) Ask for Assistance  

Remember, research is a long, slow process, but it’s not something you need to handle alone. Make an appointment with a business librarian at the James J. Hill Center and let us connect you to the business information you need.  

 


Written by Jessica Huffman, Business Outreach Librarian, at the James J. Hill Center. To meet with Jessica about your research needs, make a free appointment hereIf you have more questions about the reference library at the James J. Hill Center please contact 651-265-5500 or hillreferencelibrary@jjhill.org.

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IMPORTANT NOTICE:

Patrons with accessibility needs please access our ground floor elevator entrance via Kellogg Ave at the back of the building. Please ring the doorbell on the right hand side of door and a Hill staff member will assist you. If you have questions or concerns please call 651.265.5500. We look forward to having you visit.

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