December 1, 2002
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Chicagoland Business Opportunities
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With the new year approaching, where should you look for opportunities in the Chicago marketplace? Take a look at some these informational resources that can help you find breakthrough markets.
Where can you find statistics, market research, government regulations, or an expert opinion? What does the Web have to offer in terms of information for entrepreneurs? Who do you talk to for key insights into local and sector developments?
Even as national economic uncertainty looms, hungry entrepreneurs and established businesses alike are anxiously eyeing market trends for products and services. No one can predict, with 100% certainty, what will be the next big hit with businesses and consumers, but we’ve put together some resources to help you research new opportunities.
The following sources of information primarily assist companies that target local customers.
Research & Trends
Do you have a business idea that you want to research? Our experience has been that it takes a tireless effort and an idea of where to look. If you seriously want to hone into local markets don’t expect market trends to start popping-up out of nowhere.
Web research
Researching a business these days usually begins on the Internet. Before you go bush-wacking through the Internet jungle, learn from our experience and consider this. Most publicly available data resources are nationwide or statewide statistics.
Finding sources by city level was nearly impossible but we were able to find some at county level. County demographics are available and some sites offer links to city and independent programs that help new businesses get on their feet.
You will have better luck finding industry information. IT and financial research is possibly the easiest to find and are even available in specific subjects of their respective fields but, because of the nature of these two industries, there is rarely local data available. So, for example, someone who considering a company that offers wireless Internet service may find national data but will have difficulty finding local supply and demand statistics. This person will have better luck commissioning a study (usually very expensive) or trying one of the other avenues below.
Industry professional advice
Research information will help you build the framework behind your business plan but key insights will come from people. Finding an industry professional who is qualified and willing to offer his or her advice is a treasure.
One of the easiest places to look for an informed professional is at universities. Professors are specialists, current with today’s innovations and issues, and networked in their respective industry. They also tend to have more progressive thinking than the average professional in the field who may be more concerned about immediate profits.
Expect professors, particularly those from the more renowned universities, to be busy and not always accessible. Make your effort to contact them but don’t take it personally if they don’t return your call and, most of all, don’t harass them. Assistant professors and instructors are also sources who can help and may be more easily reached.
Active professionals who are in the trenches will probably offer a less theoretical viewpoint and will gauge their advice from first-hand experience with the market. They can give testimonials as to what they see as a business void in the local markets and may even direct you to your first customer.
Associations & Events
There are both public and private associations in the area that can contribute to your research. Some are locally grown groups while others are local chapters of national organizations.
The benefit of associations is much less the access to material research as it is the chance you will have to meet associates in the community who can inform you of the market.
Chamber of commerce
Most people are familiar with the chamber of commerce. When it comes to feeling out the local economy, your chamber staff is the best bet. They won’t necessarily understand your product or industry but they will be able to help you gauge the economic nature and sentiment of the community. Their main responsibility is to encourage business growth in the community and represent their membership to city, state and national government.
Although the chambers want to increase their membership and bring new businesses into their cities, you may be able obtain information such as what new businesses have recently entered the area and what businesses have folded or relocated.
Small business associations
Entrepreneur and small business associations may have the most tangible resources for new companies. Again, they may not have information regarding your industry and they may not even have local business knowledge but what they do have is an understanding as to what it takes to launch a new business.
Industry associations
While the organizations already mentioned are most valuable because of their staff and resources, when it comes to industry investigation, trade associations are most valuable because of their members. You can meet industry colleagues at roundtables, seminars, trade shows and other events.
Some of those you meet will be potential partners who themselves can point out the thriving and starving companies.
Others you will meet will be your future competition. Not everyone is cautious when speaking about his or her professional affairs and if you are lucky enough to get competitors to open up, you may learn a little about the market you plan on entering.
Industry associations are also the most likely to have statistics on your specific field.
Grunt Work
Finding information and contacts on which you can evaluate a business opportunity is a large part of researching new opportunities. However some of the work you may have to do will involve a less sophisticated approach.
Check out the local yellow pages - how many businesses do you see that resemble yours? Where are they located? Do they have a Web site or other readily available information?
Particularly if your company will be a storefront shop, you may have to put on your walking shoes and see for yourself. There’s something very valuable about seeing firsthand how a business operates.
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