Peer Research Adviser
Business Librarian
Evaluating a business idea
- What problem does your business idea solve?Tips from "So You Want to Start a Business: The 7 Step Guide to Create, Start & Grow Your Own Business" by Ingrid Thompson & Valerie Khoo
Consumer trends from the experts
The top market research firms often publish reports that predict what consumers will want. Your team could use these predictions to think about how to put a new spin on an existing product or to meet an emerging need.
- Mintel's Consumer Trends 2030Market research experts Mintel previews what consumers want and why
- Euromonitor's International 2024 Consumer TrendsWhite paper discusses what consumers want, to help companies stay ahead of disruption, predict shopping motivations, and fulfill unmet needs.
- Mintel Trends 2022: Climate ComplexityThis report discusses how consumers are looking for help and guidance to shrink their carbon footprint.
- TrendWatching: 2023 Trend CheckExplore emerging consumer and design trends. Look under "Free" to find Innovation of the Day and Monthly reports.
Examples of new products launched since 2020
Companies highlight new products regularly in trade journals like Progressive Grocer, Furniture Today, or Automotive News. You can browse these articles in JMU databases like Business Source Complete and Factiva.
- Business Source CompleteThis link opens a custom search, where the results are articles that show product ideas being brought to market over the last two years.
- Factiva This link opens in a new window
This link opens in a new window
Search strategy for finding articles about new products:
1. Click on Search, then on the arrow next to Subject.
2. In the box that appears, Type New into the box that appears and choose New Products/Services from the list.
3. Click on the arrow next to Industry. Choose Consumer Goods
4. Click on the arrow next to Language. Choose English
5. Change the drop-down menu next to Date to "In the last year."
6. Click blue Search button to view results.
Prove your concept
You need to prove that there is a market for your idea. One of the key steps to validating your concept is evaluating your market size - units sold per year, competitors in the industry, etc. These resources can help you validate your concept.
Recommended resources
- IBISWorld This link opens in a new windowThis database has industry reports that show whether your industry is forecast to grow over the next 5 years.
- Statista This link opens in a new windowThis database has information about units sold and brand shares. Look at the Consumer Market Outlooks for forecasts of demand for consumer goods.
- Google TrendsReview search engine traffic to see how popular terms related to your product or service are being looked up (and where, which might suggest a location for your company). Quick video tutorial from Ahrefs.
Help
Need tips for using a database properly? JMU Libraries has created slidedecks to show you how the steps for using and citing JMU's key business databases, like IBISWorld & Statista.
Find competitors
Google is a great place to start.Try using Google's "related" search operator, i.e., related:rei.com, which gives you a list of websites that are competitors to outdoor apparel company REI.
Remember that competitors can be direct or indirect. Direct competitors sell the same product as your firm. Indirect competitors may sell a different product, but are targeting the same customer. HubSpot explains these terms.
JMU Libraries database Data Axle Reference Solutions returns a list of competitors operating in a geographic area (U.S. only: City, State, Zip code). It's most effective if you search by industry using a NAICS code.
Help
Recommended resources
Identify your NAICS code
An industry is a group of businesses that produce and/or sell the same, or similar, goods or services (Ruediger & Olsen, 2013).
The U.S. government uses the North American Industry Classification System (NAICS) to collect data about economic activity in different industries.
NAICS codes are critical for finding financial benchmarks to forecast your new business' sales, revenue, expenditures, etc.
Help
Recommended resources
Choose a city/state/country to locate
When choosing where to locate, think about the available workforce, economic development incentives, and the demographics and location of your customers.
Help
Recommended resources (location selection)
- Kauffman Indicators of Entrepreneurship: State Report on Early-Stage Entrepreneurship in the U.S.This organization captures data abut early-stage entrepreneurship activity across all states and Washington, D.C. It can tell you in which states startups are most likely to survive.
Pro tip: Click on State Profiles in the top menu to switch from Virginia to another state - Best Small Cities for Business – 2024Try searching for similar stories from Forbes, CNBC, Entrepreneur or Business Insider.
Pro tip: Click Tools under the Google search box to change from Any Time to articles published in Past Year. - State Business Tax Climate Index 2024 (Tax Foundation)Annual comparison of business tax rates from a tax policy think-tank.
Recommended resources (search for commercial real estate listings)
- LoopNetUse advanced search to narrow by property type.
- CityFeet.comAn online commercial real estate network.