Starting or expanding a small business is no easy feat. From navigating industry trends and market competition to finding funding and creating a business plan, entrepreneurs face a myriad of challenges. Free access to tools like IBISWorld can help. As a leading provider of industry research, IBISWorld offers a wealth of information that can help entrepreneurs make informed decisions and succeed in their ventures. As a client with the Shenandoah Valley Small Business Development Center, you have access to this cutting-edge tool and the assistance of a trained and experienced business advisor to help you access the right reports and data.

Here are six reasons to explore IBISWorld today:

  1. BREADTH OF DATA. One of the key benefits of using IBISWorld when starting or expanding a small business is the sheer scope of information available. IBISWorld provides reports on over 1,300 industries, including detailed information on market size, growth trends, major players, and key success factors. This information can help entrepreneurs identify opportunities in their target markets, understand industry trends, and develop strategies to differentiate themselves from competitors.
  2. DEPTH OF DATA. Another feature of IBISWorld reports is the level of detail provided. IBISWorld reports are written by experienced analysts who have a deep understanding of the industries they cover. Reports typically include information on industry structure, revenue and profitability trends, supply chain relationships, and regulatory environments, among other topics. This level of detail can help entrepreneurs identify potential risks and opportunities, as well as develop strategies to mitigate risks and capitalize on opportunities.
  3. COMPARATIVE ANALYSIS. IBISWorld also provides valuable information on the competitive landscape in each industry. Reports typically include information on the largest players in each industry, as well as market share data and key performance metrics. This information can help entrepreneurs identify potential competitors and understand their strengths and weaknesses. Additionally, IBISWorld provides information on emerging players in each industry, which can help entrepreneurs identify new threats and opportunities.
  4. MACROECONOMIC DATA. In addition to industry-specific information, IBISWorld also provides macroeconomic data that can be useful to small business owners. This includes information on GDP trends, interest rates, consumer spending, and other key economic indicators. This information can help entrepreneurs understand the broader economic environment in which they operate and make informed decisions about their business strategies.
  5. CURRENT TRENDS. IBISWorld also provides a number of tools and resources that can help entrepreneurs stay up to date on industry trends and developments. These include newsletters, webinars, and industry outlook reports, among others. By staying informed about industry trends and developments, entrepreneurs can identify new opportunities and adjust their strategies accordingly.
  6. ACCESS TO EXPERTS. Finally, IBISWorld provides access to a team of experienced analysts who can provide additional support and guidance. Whether entrepreneurs need help understanding a specific industry trend or want advice on developing a business plan, IBISWorld’s team of analysts can provide valuable insights and expertise.

Taking advantage of the tools IBISWorld offers can be invaluable to entrepreneurs starting or expanding a small business. From detailed industry reports to macroeconomic data and expert guidance, IBISWorld provides the information and support entrepreneurs need to succeed in their ventures. Ready to get started? Contact us today!