IBISWorld Industry Research Comes to the SBDC
By Ross Miller, Director,
Illinois Small Business Development Center
When creating a business plan, current market research is essential. Understanding where the industry is progressing can be the difference between making a business proposal that is funded or not. The Illinois Small Business Development Center Network now has a subscription to the IBISWorld database of over 700 industry reports. These reports go far beyond standard reports on size of the market and potential growth.
Each report includes the same format and provides a thorough analysis of the industry. It begins with information about the industry: current trends of the total revenue of the industry, past five years of average annual growth, estimated annual growth over the next five years, current profit, wages and businesses currently in that market. The “Industry at a Glance” (shown on this page) provides graphic representation of all the data on one page.
The market share of the largest national competitors and “product and services segmentation” are excellent information pieces that cannot be found in any free service. Competitive analysis and barriers of entry give a better understanding of what it will take to offer a unique selling point to the current market. All 700 industry reports are updated four times a year by the staff of IBISWorld, so the information is the most accurate and current information anywhere.
Our center has offered secondary market research previously, but these reports can be downloaded quickly and delivered when the client needs them in the business planning process. Adding this industry knowledge to a business plan can greatly increase the information that can enhance your business case. Contact the Illinois Small Business Development Center at (309) 677-2992 or email firstname.lastname@example.org to request an industry report and assistance with creating a great business plan that will be a valuable tool for the success of your company.