Writing a business plan? One of the first things you’ll need to do is figure out which industry your product or service is part of, and next do industry and market research to learn as much as you can about that industry. The SIBL Business Library is one of the best places to do research to write a business plan, making use of the range of industry and market research databases available at the library. Using  these databases you can identify the size of the market for your industry, learn about key industry players, look at trends, products, and growth rates and other issues.

Please note: most of the resources mentioned in this blog are only available onsite at SIBL, not at other NYPL locations, so you need to be at SIBL for the links to work. Other business libraries may have some of these databases if you are not located near SIBL.

Consider First Research, Ibisworld, and Plunkett’s Research the top resources for your industry and market research.
First Research gives market size and trends and includes excellent “Call Preparation Questions”. Try using a few of the questions as conversation starters to engage with people in your industry. Ibisworld reports on hundreds of industries and Plunkett’s lets you Build a Report  you can download or email to yourself in just a few clicks.

There are many more resources to consult at SIBL, so try not to limit your research to just a few sources. You can also find in-depth industry profiles in Business Monitor Online,  S&P NetAdvantage, and Mergent Online. Business Monitor is a global resource with quarterly industry reports which include pharmaceuticals and medical devices.  Mintel offers market research reports on industry sectors and detailed data on customers, including consumer demographic and lifestyle groups.

If you are starting an online company or plan to do online retail sales or advertising on social media the top resource to try out is E-Marketer.  If your business may include importing  or exporting to a developing country take some time to explore  EMIS or Emerging Markets, a database of business information for developing countries, news, companies, and industry and market research reports at a local, regional or global level.

Trade Associations are another good source of industry data and statistics. At the library, or at home, check in the Encyclopedia of Associations.  Access to this directory is through the database Gale Directory Library which includes several other business directories. When using this database of combined titles it’s best to try the “Advanced Search” option to first select the specific directory you need for your search.

Trade Journals are another way to learn about an industry. To find many trade journals try searching NYPL’s e-journals search box and just enter a keyword which best describes your industry. Many trade journals are accessible free on the web and through NYPL’s databases. Industry trade shows are listed in Tradeshows Worldwide, another directory which can be accessed through the Gale Directory Library.

At SIBL you can also access several directories to find companies which may be your competition. Use Reference USA, to find companies by almost any criteria, and then download lists with company details to a USB flash drive. Reference USA is easy to search by keyword.  You can also find potential suppliers, and if your business will be "B-to-B," companies  you could target as customers. Using Reference USA you can also generate charts and maps to display data about your competition by revenue or number of employees and add download these visuals into your business plan.

It goes without saying that searching the Internet for information about companies or an industry will turn up useful information about your competitors. Look closely at the websites of your competitors and deduce as much as you can about the companies from their websites, online presence and online advertising, including their use of social media.  

But don’t stop at Google or the Internet. NYPL provides many article databases which give you free access to industry and business publications, and several of these can be accessed at home with your library card.The Small Business Resource Center is a great resource to find hundreds of sample business plans.  Several other recommended databases for business/market research at home are Business Insights Essentials, Business Source Premier, Business Collection, and many newspaper databases such as Regional Business News  which includes many local and business publications.