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A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.
By Mike Lambert, WSBDC Network Market Research Center manager
“My banker says I need to research my market and competition. How do I do that?” Ben, Basin
Running a business without knowledge about your industry, competition, trends and customers is like trying to drive on a Wyoming back road at night with your lights off. You may stay on the road, but you are likely to crash into something large like a deer or elk.
In Wyoming, unlike most states, a free resource that can provide answers to these questions is available. This service, the WSBDC Market Research Center (MRC), is available to anyone in Wyoming who has or wants to start a business. The MRC can help answer the questions vital in today’s world that can make the difference in whether you succeed. Information is available at www.WyEn.biz.
But, are you an independent type who would rather take a “Do It Yourself” approach than look for help? Have you ever tried to find hard data about your business or industry on the Internet, and given up because either you found nothing or found too much to filter through? Do you think that finding market research will take too much time, or is it just too hard?
Don’t give up. There’s a way to move forward.
The WSBDC network will present a webinar, titled “DIY Market Research,” Thursday, May 5, from 2-3 p.m. WSBDC Market Research Center staff will show you what free and reliable resources are available, and how to use some of the most common sources to gain information about your business, community, industry and your future.
You can register at www.WyEn.biz.
During the webinar, the presenters will show how to access data from sites such as the U.S. Census and Bureau of Labor Statistics. A free demonstration for resources that you can use to learn about market trends and industries also will be offered.
Participants will receive a copy of a new guide to the resources following the webinar. People who cannot make the live webinar can still register and view the webinar (and receive the guide) at their convenience via a recording.
Don’t drive your business with your headlights off. Learn how to light the road ahead with market research.
A blog version of this article and an opportunity to post comments is available at http://www.wyen.biz/blog1/.
The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email email@example.com, or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.