It’s also valuable for the growing number of aspiring entrepreneurs who are planning to open the business they’ve always dreamed by delivering information they need to create a business plan. This online service is designed to help business owners wanting to improve business and gain back some lost revenues once normal operations resume. “SizeUp is beneficial so that any business in our area can access market research and business intelligence.
Sizeup free software#
In 2020 alone, over one-quarter of the USA-based community economic developers on the IEDC Board of Directors implemented SizeUp software on their organization’s website to serve the local businesses and aspiring entrepreneurs that are the core of their economy. We’re recovering, but to a different economy and it will be one that is more leveraged to technology…”Įffective economic developers, including many members on the IEDC Board of Directors, are already taking action to respond to the local focus of economic development’s future. “We’re not going back to the same economy. Even as COVID-19 will diminish in 2021, economic experts validate a fundamentally different future.
Sizeup free professional#
The new normal for economic development is different from the economy and professional practices that existed prior to COVID-19. Leaders on the International Economic Development Council (IEDC) Board of Directors took effective action in their communities in response to the present and future of the economic development profession. Use a wealth of federal agency data on industries.2020 was a year of disruptive change in economic development. Track indicators of sales and market performance. Understand demand, costs and consumer spending. Keep money by mastering exchange and interest rates. Pay your employees fair rates based on earnings data. Know unemployment rates, loans granted and more.ĭig deeper into employment trends for your market. Segment the population for targeting customers. Gain info on potential customers, consumer markets.
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Free statistics are readily available to help prospective small business owners.Ĭonsider the following federal business statistics in your market research and competitive analysis: Focusįind statistics on industries, business conditions. There are many reliable sources that provide customer and market information at no cost. Small Business Administration (SBA) provides counseling services through our resource partner network. Here are a few methods you can use to do direct research:įor guidance on deciding which methods are worthwhile for your small business, the U.S. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business. But, direct research can be time consuming and expensive. Check online or start with our list of market research resources.Īsking consumers yourself can give you a nuanced understanding of your specific target audience. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. You can do market research using existing sources, or you can do the research yourself and go direct to consumers.Įxisting sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. It’s important to gain a sense of the specific market share that will impact your profits. You’ll also want to keep up with the latest small business trends. Pricing: What do potential customers pay for these alternatives?.Market saturation: How many similar options are already available to consumers?.Location: Where do your customers live and where can your business reach?.Economic indicators: What is the income range and employment rate?.Market size : How many people would be interested in your offering?.Demand: Is there a desire for your product or service?.Then answer the following questions to get a good sense of your market: This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business. Gather demographic information to better understand opportunities and limitations for gaining customers. Market research lets you reduce risks even while your business is still just a gleam in your eye. It’s crucial to understand your consumer base from the outset. Market research blends consumer behavior and economic trends to confirm and improve your business idea. Pacific Northwest region media contacts.Market research and competitive analysis.
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