Where To Turn Now?

Where to turn now?

If you are like most small business owners during these trying times you are doing something that does not come naturally. The profile of a true entrepreneur is someone that understands hard work, extra hours, and dedication. NOW, the United States Government is asking you to do something that does not come naturally, stay home don’t work, and shelter in place.

While you are at home with your families it may be a good time to do some research on your industry and make some adjustments to your business that might make the difference between success and failure when this economy reopens.

The below is a list of free resources from the SBA to guide your decisions.

Market research and Competitive analysis. (1)

FocusGoalReference
General business statisticsFind statistics on industries, business conditionsNAICS, USA.gov Statistics, Statistical Abstract of the United StatesU.S. Census Bureau
Consumer statisticsGain info on potential customers, consumer marketsConsumer Credit Data, Consumer Product Safety
DemographicsSegment the population for targeting customersAmerican FactFinder, Bureau of Labor Statistics
Economic indicatorsKnow unemployment rates, loans granted and moreConsumer Price Index, Bureau of Economic Analysis
Employment statisticsDig deeper into employment trends for your marketEmployment and Unemployment Statistics
Income statisticsPay your employees fair rates based on earnings dataEarnings by Occupation and Education, Income Statistics
Money and interest ratesKeep money by mastering exchange and interest ratesDaily Interest Rates, Money Statistics via Federal Reserve
Production and sales statisticsUnderstand demand, costs and consumer spendingConsumer Spending, Gross Domestic Product (GDP)
Trade statisticsTrack indicators of sales and market performanceBalance of Payments, USA Trade Online
Statistics of specific industriesUse a wealth of federal agency data on industriesNAICS, Statistics of U.S. Businesses

https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis#section-header-2

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