How to Become an Information Broker
Physicist William Pollard once said, "Information is a source of learning. But unless it is organized, processed and available to the right people in a format for decision-making, it is a burden, not a benefit." Information brokers make sure that information is a benefit to their clients through meticulous research and packaging that best suits their client's needs.
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Instructions
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Do your homework. Before jumping into this business with both feet, you have to have a clear understanding of exactly what the business entails. Start your research at the library by reading books such as "Building and Running a Successful Research Business: A Guide For the Independent Information Professional" by Mary Ellen Bates or "Super Searchers Make It On Their Own: Top Independent Information Professionals Share Their Secrets for Starting and Running a Research Business" by Suzanne Sabroski.
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Another way to get a better understanding of the field is to access the Association of Independent Information Professionals membership list and review the websites of its members to see the products and services they offer.
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Assess your education, skills and talents. Having a strong aptitude for research is just the beginning. To become a successful information broker you will also need to: be able to develop and implement a business plan; handle the daily tasks of a small business (advertising, invoicing, collections, accounts payable, cash flow, etc.); be willing to frequently upgrade your information skills through professional development; effectively market your skills; and manage your clients. You will also need to be able to write summaries and reports based on the information you gather.
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Choose a target market. While some information brokers generalize and provide information to a wide variety of clients, when you are starting out, the best course of action is to choose a niche market to specialize in. Opt for an industry or type of information that complements your background. For example: If you have training in criminal justice, your specialty could be law information or background investigations.
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Develop your business plan. As with any start-up company you need a comprehensive business plan that maps out, in writing, exactly how your information brokering business will go from an idea to a reality. Your plan should include: a concise description of the business, where it will be located, how it will be marketed, how it will be managed and detailed financial data.
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Obtain the proper training and access to the databases for your niche market. The key to success in information brokering is to be able to quickly locate information, understand the research and package your findings in a way that makes the information useful to your client. In order to be able to do this you need to familiarize yourself with the available databases and learn how to read them. You can obtain training through your community college or the educational courses provided by some of the online databases such as Factiva, LexisNexis and Dialog.
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Network and market your services. When you are starting out, the bulk of your time will be spent networking with other information brokers and sources and marketing yourself to potential clients. You can use social media websites, newsgroups, message boards, conferences, trade shows and professional associations. When your business and skills grow you can also write and give lectures about the industry.
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Tips & Warnings
There are no licensing or certification requirements to start working as an information broker, but many information brokers are former librarians who hold a master's of library science (MLS) degree. Not having an MLS degree will not, however, preclude you from entering the information brokering field.
Although fee-based databases are expensive to subscribe to, by joining the Association of Independent Information Professionals, you can obtain a pay-as-you-go account at a discounted rate.
One of the most comprehensive sources for information of all kinds is the U.S. government. No matter what field you choose to specialize in, familiarize yourself with the applicable government resources.
Newsletters and blogs are a cost effective way of marketing your services.
Becoming an information broker takes a considerable investment in both time and money. If doing research is not something you are passionate about, it is unlikely that information brokering will be a business you succeed in.
Always make sure that you are clear about your client's specific needs and expectations; asking for clarification is far better than delivering a product your client cannot use.
