Tracking Small-Business Trends Checklist

To track emerging trends that can affect small business in general and your business in particular, you need to stay informed. To do so, do the following:

• Read a major metropolitan newspaper, as well as one or two papers serving your local community. This way, you can stay abreast of current events on both a local and a global scale.
• Join associations that serve your industry. These are an excellent source of current news geared specifically to businesses like yours. To find an appropriate association, consult the Encyclopedia of Associations , published by Gale Research. You can find this book in larger libraries.
• Keep track of the kinds of nonfiction books that sell well. Although these books may not always apply directly to your business, they may indicate trends that you can follow closely.
• Contact government agencies or consult government publications for specific questions. The Departments of Commerce and Labor and the Census Bureau, for instance, may have data indicating various trends. You might also consult big libraries, particularly those in large public universities, for information gathered by the government. Such libraries often have sections devoted to government publications.
• Contact manufacturers, wholesalers, and distributors serving your industry. They can furnish information not only on the products they provide, but also on market research they may have done.
• If you have access to an online information service or to electronic bulletin boards, you might be able to find a source of the latest information on your industry.
• Subscribe to relevant trade periodicals and newsletters. Many trade associations publish periodicals that report on your industry. These publications are usually filled with valuable management tips, industry trends, buying guides, etc.
• Attend industry conventions and inventor trade shows. These venues offer an exciting array of information regarding specific industries as well as new product ideas.

Read local and national journals and magazines that deal with the business of small business in general. Publications like The Wall Street Journal and Entrepreneur Magazine are valuable sources of trends that are developing on a national scale as well as detailed information on specific business opportunities. Just as important are local business journals that cover key developments in your own community so you can track new ideas and trends that appeal to that geographic market.