Industry or Market Analysis
- To start Industry or Market analysis, you may want to get a list of companies doing the same business, with the help of NAICS (North American Industrial Classification System) number. NAICS codes are assigned by the Commerce Department for collection, analysis, & dissemination of data regarding businesses. You can search for an NAICS code here: http://www.census.gov/eos/www/naics. Some businesses have more than one NAICS code, but they usually designate one or two NAICS codes as primary. Some businesses and business publications still use the precursor SIC codes (Standard Industrial Classification). You can search for an SIC code here: http://www.osha.gov/pls/imis/sicsearch.html
- With NAICS or SIC, you can get companies of the same NAICS or SIC from these databases: Mergent Online, LexisNexis, and Million Dollar Database.
- Next, BizMiner is the database for finding industry financial data. It produces industry statistical reports, offering industry financial analysis benchmarks for more than 5,000 lines of business and industry market trends on thousands more. It can be used to assess the viability of entrepreneurial ideas and innovations. Market analysis reports are available at the national and local levels down to the zip code.
- Local demographic information can be found from Census Bureau and local county Web sites.
- Find articles from journals, magazines, and newspapers on the industry or business. These databases are good for finding articles: ABI/INFORM, Business Source Elite, and LexisNexis. Peoria Journal Star Web site is good for finding local news on local small businesses.
- Mintel offers consumer products market research data.