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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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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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A Story in the Ceilings

Between the magisterial Romanesque pillars, blue Japanese cloisonné vases guarding the back door, and, of course, the hundreds of thousands historic books, it’s easy to overlook a small detail of the James J. Hill Center Reading Room: the ceilings among the stacks. But these ceilings—specifically, their colors—tell a grand story.
When James Hill passed away without a will in 1916, his family took over the final throes of constructing the James J. Hill Reference Library. His wife, Mary Hill, began to actively manage financial affairs, which including contributing to the Hill Library’s endowment to make the library financially independent.
It is believed that Mary Hill left her touch on the decor as well. We know that Louis Hill, one of the Hills’ sons, wrote to his mother and sisters on a number of issues including furnishings and wall texture and color. Tragically, Mary, like her husband, did not live to see the magnificent library complete; she died only a month before it opened its doors on December 20, 1921.
Next time you are in the Reading Room, look up at the ceilings immediately above the third and fifth stacks of books (i.e. right under the second and third floors). You’ll notice the former is a pale yellow and the latter is a pale pink—the very two colors rumored to be Mary Hill’s favorites.
Learn more about Mary Hill in her diaries, accessible online through the Minnesota Historical Society.
Learn more of the story behind the Hill Center, these images, and the epic building in our Cabinets of Curiosity Tour every third Thursday at 10:30AM. In this one hour experience you will go back in time, up and down catwalks, through vaults and peek in hidden nooks and crannies. Our December tour is coming up so get your tickets early! 

Written by Ann Mayhew, Reference & Support Specialist, at the James J. Hill Center. 
If you have more questions about the reference library our our historic collection at the James J. Hill Center please contact 651-265-5500 or hillreferencelibrary@jjhill.org.
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Shop Talk: NAICS and SICs

If you’ve taken a stab at industry or market research, chances are you’ve come across NAICS and SICs. When used to your advantage, these code systems are handy ways to search across multiple database and search platforms to achieve targeted results. They were created as a way to classify industry areas with the purpose of collecting, analyzing and publishing data relating to the economy.

SIC (Standard Industrial Classification) codes have been around since 1937, and appear as a 4 digit number that represent an industry. NAICS (North American Industry Classification System) is a newer system, established in 1997, and will show up as a 6 digit number that will help you find extremely targeted information. NAICS codes were developed to replace SICs, but you can search via both systems in most business databases.

Most business databases will allow searches via NAICS and SICs, which is helpful because each database uses its own distinctive terminology and classifies information in a different way. Using your unique industry code will help you cut through the information faster, and saving time is in everyone’s interest.

While we love using NAICS and SICs to search quickly, they are not for every situation – like searches that span across multiple industries. For this situation, the researcher will want to use other factors like company location, size or annual revenue to help narrow down their search.

For the DIY business researcher, the simplest way to find your NAICS code is through a web search for your industry name (or description) and “NAICS,” which will generate your code. For a detailed, browsing list, try the US Census Bureau for the official list. Librarians are also available to help navigate through the search process at the Hill, which is a great reason to visit us for an appointment!

 


Written by Lindsey Dyer, Director of Library Services, James J. Hill Center. If you have more questions about the reference library our our historic collection at the James J. Hill Center please contact 651-265-5500 or hillreferencelibrary@jjhill.org.

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There Are No Stupid Questions!

Many sticky notes with questions like who, what, when, where, how and why, and a question mark, all posted on an office noteboard to represent confusion in communincation

You can imagine the vast array of questions a resource library gets asked in one day.  In my brief time sitting at the JJ Hill Centers front desk on a Wednesday afternoon I was asked, “Can I look up every address I ever lived at?” and “Do you have a book that would show me where to find all the award emblems that can be given to student in school?” Our reference librarians can almost always find an answer and if not, they can point you in the right direction.  We are a business reference library and we cover every business imaginable, which leaves us with a vast database of facts and details that people quickly discover can connect them to more information than they may have thought.

But, is there ever a question that is too off the chart to answer?  In short, no. In December 2014 the Gothamist reported on a discovery found at the New York City Library.  A reference librarian was cleaning house and found a large box of old reference questions from the 1940s and 50s.  Questions varied from “What is a life span of an eyelash?” to “What percentage of bathtubs in the world are in the US?” to “Where can I rent a beagle for hunting?” Amazingly enough the system back then was the same as today and a reference librarian called them back with an answer.  There were of course question where answers could not be found, but the fact that people asked gives a wonderful nod to the trusted resource a reference library held then and still does today.

Here at the Hill we believe there are no stupid questions.  So, if you can’t find it when you search online and you want to dig deeper, contact us.  As the esteemed and highly respected Carl Sagan once said “There are naive questions, tedious questions, ill-phrased questions, questions put after inadequate self-criticism. But every questions is a cry to understand the world.” Come learn with us!

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The Hill Team

The Hill known for connecting business, entrepreneurs, and community welcomes Danika LeMay, Lily Shaw and Maggie Smith to round off the team that will drive the mission and build the brand.

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The James J. Hill Center is pleased to announce the addition of three new members of the Hill team that will support Executive Director Tamara Prato.  The existing staff has been joined by (pictured left to right) Danika LaMay, Director of Reference Services; Lily Shaw, Director of Marketing; and Maggie Smith, Community Engagement Specialist.

“With the support of this incredible team I will have the ability to execute my vision to provide the community with unique entrepreneurial programming, cultural experiences and access to a dynamic Reference Library, which in turn will support the growth and economic development of the region” states Tamara Prato.

Danika LaMay most recently worked as Course Reserve Coordinator at the University of Minnesota-Twin Cities Libraries, where she helped instructors make course materials easily accessible to their students and had the opportunity to collaborate on innovative cross-unit and cross-campus projects. Danika is excited to bring her dedication to the user experience and make a positive difference.

Lily Shaw joins the team from Twin Cities Diversity in Practice where she oversaw the communications and programming of high quality diversity and inclusion initiatives for leading Twin Cities Legal Employers.  Lily is excited to collaborate with her team and promote invaluable and unique opportunities for the community.

Maggie Smith spent the past 3 years working as the marketing and communications manager for the local health non-profit Epilepsy Foundation of Minnesota.  As the community engagement specialist for the James J. Hill Center, she is excited to work with the community to spread the word and advance the mission of the organization.

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About the James J. Hill Center – Opened in 1921, the James J. Hill Center supports the legacy of one of America’s greatest entrepreneurs. Today, the Hill is focused on supporting business, entrepreneurship, and community with the goal to build sustainable and lasting relationships that enable economic prosperity by providing services, programming, and cultural events. Learn more at jjhill.org or find us on Facebook, Twitter and LinkedIn.

 

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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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