Meet Our Peer Research Advisers
Key Questions to Explore
Writing a business plan will require you to gather a lot of data and information. This process of researching and writing can feel overwhelming.
This page suggests some initial steps to start your research, such as:
At the bottom of each page, you'll find tutorials that show how to get information from the business databases we recommend, like IBISWorld.
We also encourage you to schedule a consultation with one of our Peer Research Advisers. They are COB seniors who have already passed COB 300, and they can ensure you are being efficient with your time and taking advantage of the specialized business resources you can't access via Google.
Proving Your Concept
To increase the odds of your instructors approving your proposed idea, you need to prove that there is a market for your product.
One of the key steps to validating your concept is evaluating your market size - units sold per year, competitors in the industry, etc.
- IBISWorld This link opens in a new windowContent type(s): Analyst reports that offer an overview of the type of business you're proposing. Of particular relevance at this stage:
> Provides an overview of what is influencing demand for this product or service
> Indicates whether this industry is expected to grow over the next 5 years.
> Shows where similar businesses are concentrated geographically
Dates covered: Current - Statista This link opens in a new windowContent type(s): Statistics, charts, and dossiers covering brand shares in global markets and societal topics. Of particular relevance at this stage:
> Look at the Consumer Market Outlooks for forecasts of demand for consumer goods.
Dates covered: Varies
- 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 HQ location). Video tutorial from Ahrefs.
Choosing a Business Structure
According to the Small Business Administration, a federal agency focused on assisting business owners and entrepreneurs, "Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability" (SBA, 2024).
To help entrepreneurs choose the best structure as they write their business plan proposals, the SBA outlines the common ones. Learn more about business structures using the e-books in these tabs.
The Small Business Start-Up Kit is an e-book aimed at entrepreneurs who are trying to choose a legal structure for their company, select a location, write an effective business plan, and more. Chapter 1 covers Legal Structures.
The Small Business Start-Up KitISBN: 9781413327243Publication Date: 2020-02-04The e-book shows you how to choose a legal structure, choose a location, write an effective business plan, and more.
The Encyclopedia of Small Business is an e-book that explains the differences between different structures such as C Corporation, Partnership, LLC, S Corporation, Sole Proprietorship, Cooperative, etc.
This link opens the e-book, where you can search for the structures listed.
Encyclopedia of Small Business
Call Number: e-bookPublication Date: 2017One-stop source for valuable information on a wide range of topics of interest to small business owners.
Identifying Your Industry
In your business plan proposal, you'll need to identify your industry. In business research, an industry refers to a group of businesses that produce and/or sell the same, or similar, goods or services (Investopedia, 2024).
The U.S. government uses the North American Industry Classification System (NAICS) to collect data about the economic output of industries.
NAICS codes are critical tool when researching business plans, because they help you find financial benchmarks to forecast your new business' sales, revenue, expenditures, etc.
- Choosing a NAICS code for your business ideaThis video explains how to choose a NAICS code for your business idea.
- Using NAICS Codes for industry researchThis infographic explains how to research an industry using NAICS codes.
Recommended sites to find a NAICS code for your business
Choosing a Location for Your Business
When choosing where to locate, think about the available workforce, economic development incentives, and the demographics and location of your customers.
- IBISWorld This link opens in a new windowContent type(s): Using a NAICS code, find the Geographic Breakdown of which states have larger -- or smaller -- concentrations of this type of business
Dates covered: Current
- 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. Tells 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.
Reviewing Key Accounting Principles
These resources can help students who are struggling with the accounting aspects of their plan.
Tips for Getting the Best Info from Recommended Databases
JMU Libraries has created several tutorials in Google Slides to help students use our specialized business resources.
Click on the name of the database to open the tutorial that shows how to search for data and cite the information you find in APA style.
