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INNOVATION
& DESIGN Home Page Architecture Brand Equity Auto Design Game Room SMALLBIZ Smart Answers Success Stories Today's Tip FINANCE Investing: Europe Annual Reports Bloomberg BW50 SCOREBOARDS Hot Growth Companies: 2008 Mutual Funds Info Tech 100 B-SCHOOLS Undergrad Programs Rankings & Profiles | | JANUARY 14, 2002 SMART ANSWERS By Karen E. Klein Research Resources For Beginners Developing a business plan? There's lots of information you'll need, and most of it is available on the Net
A: One of the first stumbling blocks many would-be entrepreneurs encounter while writing business plans is this lack of research resources. In order to flesh out your business plan and decide whether you even have a viable market for your company, you need specific market information. But where do you go to find it? Start by defining the reason you're going into business: What problem will you solve with your business? Who needs that problem solved? Next, research your avenues of distribution, which is going to be key to your success. Will your product or service be distributed locally, nationally, or globally? How will you deliver it? FIRST, TRACK THE CODE. Once you've got those basic definitions down, begin your research by finding out what NCAIS (North American Industry Classification System) code your company will fall under. You can look up the appropriate NCAIS code at the LogLink Web site and use the code to get information on your industry at sites like Hoover's Online and The Thomas Register. Each site gives access to useful statistics and comparisons with public and private companies -- for free. Hoover's offers more detailed information for a subscription fee. Cindy Nemeth-Johannes, a professional business researcher with Fort Collins (Colo.)-based Venture Consult, says she uses Yahoo!'s finance guide for succinct overviews of public companies and links to company and SEC Web sites. Yahoo also offers an industry guide. The next logical stop is your local chamber of commerce, which can be located through the U.S. Chamber of Commerce's online directory. Your local newspaper should have articles about local companies and their management in its archives, which you may be able to find online or by making a trip to their offices. Also, Yahoo lists newspaper Web sites. CHECK INTO COMPETITORS. Nemeth-Johannes says you can mine rich data from your competitors' Web sites. Check background articles and lists of executives and members of the board, then search their names for more information about probable links in money, industry, and partnerships. Often, most interesting of all will be the career pages and job listings on your competitors' sites, which can tell you a lot about their strategy and tactics. "They often include information on their strategic partnerships and customers as well," she says. You could also search the Internet for people whose resumes list your competitors, she says. "I don't suggest pumping them for proprietary info, but I do suggest scanning the resume for accomplishments, especially from business development and marketing types, that will give you a look at your competitor's strategy and execution." Don't forget to check with the government, starting with FirstGov and the U.S. Small Business Administration. "The federal government has an incredible amount of information available online, including industry information that would cost big bucks to duplicate," Nemeth-Johannes says. "And don't forget that the government may also be a potential customer, though it can take a while -- or a good hire -- to learn their system." There are also sites to purchase the annual U.S. industry and trade outlook and to compare industry trends over time. REMEMBER YOUR CUSTOMERS. One of the best places to learn about your industry is through private associations, industry organizations, and trade shows. The Information Industry Technology Council should provide some associations that cover your market and help you find the top trade shows in your company's niche. You can also subscribe to the trade publications for the computer and Internet industry. Nemeth-Johannes suggests searching for white papers and information published by established business research firms that specialize in your area. "It's much cheaper to buy a report, even though they can be pricey, than to commission original research," she says. A couple of companies you might check out are InfoTechTrends.com, ComputerReview.com, and MarketResearch.com. Don't forget your absolute best source of information: Your customers and prospective customers. Talk to them and, more importantly, listen to what they want, what problems they have with other companies in your niche, and what they would like to see happen at your business. Best of luck!  Have a question about running your business? Ask our small-business experts. Send us an e-mail at smartanswers@businessweek.com, or write to Smart Answers, BW Online, 46th Floor, 1221 Avenue of the Americas, New York, NY 10020. Please include your real name and phone number in case we need more information; only your initials and city will be printed. Because of the volume of mail, we won't be able to respond to all questions personally. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | JANUARY |
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