When looking to expand your business, it’s vital that you research the market and the opportunity. If you don’t there is a chance that your business expansion plans don’t deliver the business growth you are looking for. The question is: where do you go to understand the size of the opportunity?
Here are five really good sources of quantitative information:
Want to know about the businesses in your county, borough or town; look no further. ONS will provide information by industry, by size, by age and a whole lot more.
How many, for example, solicitors are there within 10 miles of your office? Don’t know – used LinkedIn to find out. With over 7 million people in the UK on LinkedIn and 141,842 UK companies it is a great source. Want to know if they are in private practice or within a commercial organisation – simple use another filter.
Just in case you wanted to know, there are 5,404 solicitors within 10 miles of my postcode.
Is your prospective client creditworthy? How much money did they make/lose last year? You can find out here. There are plenty of other similar sites out there but this is one of the best. It’s a paid for service but it will tell you what you want to know about your clients and prospects.
Don’t want to subscribe to an annual service – go PAYG instead at Companies House. Annual Reports direct from Companies House are just £1 each.
You don’t need to spend any money to get numbers from Facebook. With 35 million UK adults regularly using Facebook where’s better to get information about the consumer market?
Set up a Facebook Ads account (no charge) and use the plethora of filters to understand how big your target market is. If you think of all the information you put into Facebook, that’s the number of filters you can apply to really target your search.