Three Databases Every Entrepreneur Should Know

Building a small business takes time, and sifting through loads of information on the web can be overwhelming to an entrepreneur who is already wearing so many hats.

When you are looking to do research for your new or growing business, why not let your Library help make things more efficient? Below, learn about three databases available to use free of charge with your Toledo Library card that can remove that pesky guesswork quickly and have you confidently moving forward with your business plan.

Each of these databases can be used online and on your own, but if you’d like some help we’re here! Contact a Small Business & Nonprofit specialist librarian at business@toledolibrary.org or 419-259-5214 for database assistance.

Gale eBooks: Sample Business Plans

Sometimes staring at a blank canvas can feel quite intimidating — not only for artists, but entrepreneurs too! What reference photos and models can offer artists is a concept to start from, and Gale eBooks provides the same for your business start up.

Gale eBooks’ Business Plans Handbook series is a collection of 20+ years of business plans across over 60 volumes. While some physical copies are available, we recommend searching the full series digitally via Gale eBooks for the most efficient experience, as you can search all 60+ volumes at once.

Compiled of actual business plans written by founders in search of business funding, these plans found in the Handbook series can provide a reliable blueprint for entrepreneurs. See how a fellow entrepreneur in the (insert your business type here — like child care, food truck, rental property, lawn care, event planning, etc.) industry structured their business plan, and refresh the format with your new ideas.

Mergent Intellect: Industry Profiles

If you’re a start-up business seeking loans or investors, it’s likely you will be asked to produce financial projections among the many sections of your business plan.

So how are you supposed to magically predict what your business will earn three years from now?

Certainly, some educated guessing goes into the process and the more educated your guess, the more likely you’ll be to secure funding. We recommend starting with some industry research and finding Mergent Intellect’s First Research industry profiles to be a worthwhile place to begin.

These profiles share trends on any given industry you may be looking to start a business in, providing specific information such as:

• At the time of this writing, moving services businesses may anticipate 5.9% growth year-over-year (Y-O-Y) in 2025.
• Barbershops and beauty salons are anticipated to grow by 4.8% Y-O-Y in 2026, while spas should anticipate growing at a slightly lower rate, or 3.8% in that same year.

How do you use this information? Well, if you are opening a barbershop, you can include in your business plan projections an estimate that you will bring in 4.8% more revenue in 2026 than in 2025.

By proving to your potential funder that you understand how your industry is trending on national and global levels will only add to their confidence that your business is worth investing in!

Reference Solutions: Business Search

Who is your competition, and how will your business be competitive with theirs?

Reference Solutions is an excellent database to use for so many research projects, and is particularly helpful in the business plan area of competitive analysis. You can find out how many of your direct competitors — or businesses offering the same services or similar products — exist in a particular geographic area. You can also learn whether there are businesses that may complement yours close by. For example, maybe you are considering opening an ice cream shop. Consider looking for restaurants nearby as people often look forward to a dessert after dinner and would be likely to frequent an ice cream business within walking distance.

You can also look for oversaturation. If there are already two ice cream shops within a half mile of said restaurant that have menu items similar to those you’re planning to offer, perhaps you should consider an alternative location.

You can dig so much deeper into competitive analysis with Reference Solutions though! A few examples include:

• Seeing how many employees it takes a competitor in your industry to operate efficiently.
• Understand the annual revenue number that may be possible to achieve for a business of your kind in your area.
• Review estimates of expenses for a business similar to yours — how much they spend on advertising, utilities, technology, packaging, legal services, and more.
• Understand the amount of space needed for your competitor to operate their business, so when searching for your own building or location you’ll have a square footage range in mind.

To find even more databases full of relevant information for small businesses and nonprofit organizations, visit toledolibrary.org/sbn Happy researching!