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e. Gathering Secondary Data

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Identify and contact the most appropriate sources for the information you need. There are many sources of market information. They can begin with a telephone book and end with national computer data banks. Following is a partial list:

(a) The library: This should be your first stop when gathering any business information. Librarians are invaluable resources. Look through business and trade publications for trends and sales information. Often you can find market studies on file that can directly fit your needs. You can also locate census information and trade reports.

(b) The Yellow Pages: Your local telephone book can be a major resource. Study the classifications that list your competitors under the headings Gifts, Gift Baskets, Promotional Items, and Gift Packaging. How many competitors are there and do they use display advertising?

(c) Chamber of Commerce: This is an excellent source for all business information. If they cannot help you, they will direct you to someone who can.

(d) College or university business departments: Many of these departments offer extensive research help to the new business-person. Occasionally they will take on the complete market research function for a company and use it as a teaching tool for advanced students.

(e) Government (particularly departments for small business development): In Canada, these departments are the responsibility of each province. The department that handles small business development can provide information on start-up help as well as federal programs that may be helpful. The Business Development Bank of Canada (BDC) conducts seminars on business topics which are very informative to anyone new to business. It also has books and pamphlets. There is a charge for most of these publications. If you do not have a BDC office near you, write to the nearest regional office.

In the United States, the Small Business Administration (SBA) offers publications covering topics such as budgeting, market research, legal structures, marketing, and financing. Call your local office and ask a counselor what is available.

(f) CompuServe Information Service: If you need demographics, this online computer service has it all. If you do not use a computer with a modem, you can use a computer search firm, but keep in mind that these services are not cheap.

Start & Run a Gift Basket Business

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