Toolkits for businesses

Market research at the initial stage of setting up a business can help you avoid costly mistakes. It can show you the size of your market, and identify what a customer likes and dislikes. 

You can use it to test your idea and speak to customers to get genuine feedback on your concept. You can also gain a competitive advantage by learning what is missing from the market.

The two main types of research are:

Primary research

• face-to-face interviews
• telephone calls
• questionnaires
• interviews
• conducting surveys

Secondary research

Can supplement your overall research by using:

• information collated online
• news items
• industry publications
• data from the office of national statistics

All of these can help you to gain knowledge in your sector and can aid when looking for investment.

Read more about how to conduct market research for your area on London Business Hub.