 Hey there, Chad Bond, you're here for High University Libraries. If you're looking to open a company in a particular location, you'll want to benchmark your potential company or maybe your current company against other companies in that particular industry. We're going to look at a database called BizMiner that allows you to compare and benchmark your company's financial earnings or potential financial earnings against other companies' financials in that region on an industry average scale. It's a good way to kind of determine, you know, how much money you might make for your for your potential business plan and that sort of thing. We're also going to look at things like startup rate and vitality of the industry and cessation rates, things like companies who fail in that particular market. So a good way to kind of determine, you know, what your what your outcome might be for opening a business in that particular location. We're going to use a database called BizMiner to determine that data. So here you go. So for this example, we're going to go to BizMiner. We're going to pretend I want to open up a shoe shop or a shoe store somewhere, maybe in like Boulder, Colorado or someplace like that. You know, Boulder might be a cool place to live, so I'm going to open my shoe shop there. So I want to figure out, I've got a few things before I commit to moving my shop there. We're going to go under industry search. You're welcome to go in here and type in shoes, but actually find out, find this industry search feature right here just to browse by industry code. It's a little bit easier way to look at that. So if we're going to sell shoes, well, that's going to fall underneath retail trade. And then shoes are part of clothing. So we're going to go to clothing and clothing accessory stores. You may have seen apparel in other places. They're calling it clothing here. And here we have shoe, shoe stores. And if we want a particular kind of shoe store, we could do orthopedic shoes, boot stores, that sort of thing. Now we'll caution you. You notice we have 30,000, two and four and twenty nine establishments here. As we get more granular in the types of shoes we're selling, we're getting fewer establishments and therefore our data may not be as good as if we had more establishments to look at there. So I'm going to click on the larger shoe store industry there to click show industry reports. This is going to give us a few options here. One, we can get industry financial profiles, which will allow us to benchmark our potential earnings or current earnings against other companies in that industry by location. So we're going to look at that. We're also going to look at the competitive market analyzer and the local industry market report as well to kind of get a feel of the local market. So the first thing we'll look at, we're going to look at a five year report and let's just do. Let's do Colorado here and let's just do the Boulder, Longmont, Colorado area. And it's going to ask us to calculate based upon local financial report options. So it's going to ask us to select a sales class here. OK, so I want to choose the nine firms here in that area and do access now because I'm I'm pretty sure I'm going to make, you know, probably less than half a million dollars for my shoe shop in Boulder. I'm selling some pretty swanky shoes there. So we're going to go and here's my report. I'm going to click on HTML here and you can do a PDF if you want to as well. This is going to give us industry financial averages and profiles and ratios and that sort of thing based upon the nine companies in that area. OK, so these are averages based upon the actual companies in that region, in that particular area. So this is how you can kind of benchmark your company financials or look at projected financials for your non-existent company or to be created company. So a good way to do that. If we go back to our reports here and go back to our back page, we can also look at this competitive market analyzer, which if we just select a local market here, once again, we can go and select a metro market. And I'm going to do let's do Colorado again. And so there's Boulder, Longmont, Colorado. This is the larger metro market. So it's not that not just a city there and we'll do next. And we're going to do the looks like there's comparing our we're going to compare ourselves against like size firms nationwide. So about 2,000 firms are in this lesson, half a million dollar total sales. I'm going to do next there. And I'm just going to choose small businesses. You can do industry wide if you want to do that as well. We'll do next here. And once again, we'll do access now. And it's already my car because I've done this before I record the video. That's OK. So here we have our competitive market analyzer here. Click on the HTML here will take us to that report. So this report doesn't give you the same financial information there, but it kind of tells you what the local market is like. First, you get a general business consumer environment. You know, talk about what the local economy is like and that sort of thing. And if we scroll down here, we have the income bracket breakdown in the area. We see there is quite a bit of wealthier people there in that location. If we scroll down here, here we see things like how much does the local industry capturing sales per personal income earning unit and then what? How does that compare to the national level? So here we see that there's a pretty good demand there for for shoes in Boulder, Colorado, Longmont, Colorado area there. So a good way to kind of get projections and an understanding of the market size in that particular location based upon the companies who are already in existence there and the number of sales that are there. Finally, the last report we look at here is the industry market report for the local market area. And it's a good place to kind of look at startup trends, vitality of the industry, things like that. So we're going to go and basically select the same local market there. Go find Colorado again. And here's Boulder, Colorado. All right, access now here. And once again, we'll just do the HTML here. You can also do the CSV to get the Excel data for the for the report as well. It's going to load a local market report for our particular industry in that area. So there's all kinds of cool data on this report, things as far as like cessation rates, you know, how often firms are going to fail in that particular market for that particular industry. I want to scroll down and show you one particular area that's pretty neat down here at the very bottom. And this is the industry startup trends and activity here. So we see that there was one startup firm during the report, the coverage area of the report, the time that this report came out, which occupied point four nine percent of the total market share of that particular area. So pretty good to look at, particularly when you're talking about projecting how much your company might make in that particular location. So that's their startup sales, you know, sales now, not profits for that, for that particular region. So so those are three reports you can look at in understanding how to use BizMiner to understand your local market and also do industry financial projections. Hope this video helped you understand how to use BizMiner for to analyze your your potential company on a local level. Should you need more help? Look for the contact link on the business blog. We got to help anyway. Can take care and best luck with your research.