Small Business Statistics and Industry Research

Research is the key to business success. If you are starting or expanding a business you need facts about your industry, customers and the profitability of businesses like yours. You'll want to know everything you can about your market from how big it is to key financial data such as how many employees you'll need, what the sales volume per employee will be, and what the survival rate is for your industry. If you're already running a business, such figures can help you benchmark your business against your competitors. Where can you get such important business statistics? Here are several free and fee-based sources.

Free Information from the Federal Government
The Census Bureau publishes population counts and economic indicators. Here you'll find county, state and federal economic profiles and summary reports on everything from aging in America and the number of women over 50 giving birth, to the amount of municipal waste recovered or recycled per person in 1993. Their web site is http://www.census.gov.

The Department of Labor publishes employment statistics, reports of workplace trends, occupational descriptions, and information about complying with workplace regulations. There you'll find everything from OSHA regulations, a study of 401K plan expenses, and wage, hour and workplace standards to a plain-English handbook explaining the federal labor laws that effect your business. The web site for the Department of Labor is located at http://www.dol.gov.
Fee-based Government Research

Economic data and trade data is available for a fee from Stat-USA at http://www.stat-usa.gov. The site has a lot of information, but it can only be accessed by purchasing a subscription to the site.

Easy and Affordable
Although the government sites have massive amounts of data available, finding the research you need can take many hours of hunting and some research skills. If you don't have the time or the research skills to hunt through government data, consider purchasing research from companies that compile the statistics you need for you. One of the best of those companies is Bizminer, a research company that has compiled vitality profiles of 19,000 businesses. The profiles provide you with the latest industry financial facts and trends at very affordable prices. They are an excellent planning tool for business start-ups, existing small business owners, business start-up consultants, CPAs, and others who advise or work with small businesses and start-ups.

Submitted by Judy Parsetti
Cincinnati, OH