Business Research

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Before embarking on a new business venture it is a good idea to learn as much as you can about the trends and developments in that industry, the strengths and weaknesses of potential competitors, as well as the market for the goods and services you plan on offering.

The goal is to learn as much as you can about your prospects prior to investing time and money in a potentially unsuccessful venture.

The N.C. Small Business Technology and Development Center has developed several industry specific profiles for restaurants, retail and travel and tourism related businesses. They also offer a guide to conducting a generic industry analysis.

Community, University, and Community College Libraries are a great place to start any research project. Librarians are professionals researchers trained to assist community member find the information they are looking for.

Area Chambers of Commerce are business associations with the mission of promoting local enterprises. Most chambers sponsor networking events which are great opportunities to learn more about the local business environment.

Local Economic Development Commissions (EDCs) are government entities who promote local economic growth. An EDC is an excellent source of information regarding demographic trends and basic business infrastructure.

Other resources that might find useful include trade and professional organizations whose purpose is promote a specific industry. These organizations may provide information such as market statistics, offer a list of members, host conferences and conventions, and publish trade journals.

To locate a trade association in your industry visit the American Society of Association Executives searchable directory.