Market and Marketing Data

April 13, 2006

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Whether you are expanding an existing business or starting a new one, there is likely to be substantial information available regarding the market you wish to reach.

You might also want to review the material relating to market research to get some idea of all the diverse ways in which you might gather relevant data. As a small business owner, you may not have the time and money to conduct a lot of research or to pay someone to do it for you. Nevertheless, you can obtain much useful information from sources such as local chambers of commerce, industry trade associations, and even those already in business. The recent round of reengineering that has swept across the country demonstrates that businesses are frequently quite willing to share the "secrets" of their new-found success.

Don't forget to consider vendors and lenders when assembling information about the market. Lenders can sometimes be quite frank about the local business climate. The existence and number of vendors (if relevant) who are interested in trying to get your business can also be a useful indicator.