How do I research my industry?

One of the most common questions we're asked when people are creating a business plan is: “How do I analyse the marketplace?” As a bookkeeping and accounting website, we’re not marketing experts—but we’ve worked with enough small business owners to know where to start. So, we've created this guide to help point you in the right direction.

Fortunately, there’s a wealth of free or low-cost information out there. The key is knowing where to look and how to interpret what you find.

Be Clear About Your Industry

Before diving into research, take time to clearly define what industry you’re in—and more specifically, which part of the industry your business occupies.

Google is your friend

A simple search like “Bookkeeping industry in Australia” can uncover market reports, industry trends, and government data. Always trace data back to its origin. If it’s based on independent research or government stats, great. If it’s just promotional content, take it with a grain of salt.

Industry and trade association websites

Industry bodies and trade organisations are fantastic sources of credible, up-to-date data. They often publish annual reports, benchmarks, trends, and insights tailored to specific professions or business types.

Government Datasets

Government agencies are often a goldmine of unbiased and reliable data. Most countries have official departments or statistical bureaus that publish information on industry size, employment trends, business demographics, and broader economic indicators. They offer impartial data that can help validate market demand and support the financial projections in your business plan.

Look for government sources that provide:

• Industry-specific reports

• Labour market statistics

• Business and economic performance data

• Taxation and regulatory updates

You can usually find this information on national statistics websites or departments related to business, commerce, or taxation. We've included some links below to help you get started based on your location.

Changes in Legislation

Sometimes, a change in law can create entirely new market opportunities. Regulatory changes can have significant ripple effects. Keep an eye on proposed legislation in your field. It might open doors for new services or create a demand spike.

Talk to other business owners

First-hand insight from others in your industry is invaluable. If you're opening a café in a specific suburb, go visit nearby cafés and speak with the owners. Most are happy to chat about their experience—and their stories will reveal things no amount of online research can.

You can also join Facebook or LinkedIn groups where business owners share advice, trends, and pain points. It’s a great way to stay connected with your industry’s real-world pulse.

Speak to the Experts

If you're making a significant investment or entering a competitive market, consider hiring an expert for a professional market analysis. When you're about to invest serious time and money, getting expert advice can provide the confidence—and clarity—you need to move forward wisely.

Final Thoughts

Analysing your industry doesn’t have to be overwhelming. Use a combination of the above to achieve an overall picture. Each piece will help you build a clear, evidence-based picture of your market—giving your business plan the depth and direction it needs to succeed