Business Case Glossary
Market Size
How can I quantify it?
Following are resources you can use to research the size of your customer segment
Consumer Data
American FactFinder -This is the best place to start for both Consumer and Business (including non-profit) data. Provided by the U.S. Census Bureau, American FactFinder is a searchable online database that allows you to select a state, county, town, or zip code and see almost all the data available for that particular area.
Current Population Survey - Based on a monthly-recurring survey this U.S. Census Bureau product provides very detailed consumer demographic statistics. (E.g. if you want to know what percentage of 25 - 29 year olds in the US make an income of $100K+ per year, you can find that data here.)
Occupational Outlook Handbook - Provided by the U.S. Department of Labor, this is great online database that allows you to see the total number of current and projected (10 years out) jobs within any occupation. You can also drill down into the details of the specific occupation to learn more about educational requirements, specific tasks, why the occupation is expected to grow or shrink, etc. This is particularly helpful when you are trying to identify key demographic trends that may create new business opportunities.
Commercial Data (includes Non-Profits)
County Business Patterns - Online database provided by the U.S. Census Bureau that allows you to view and export critical business (including non-profit, but excluding government agencies) demographic data at the national, state, county, and metropolitan area level, including:
- NAICS (industry) code and description
- Number of employees
- Total payroll
- Total number of establishments
- Number of establishments by employee-size category (e.g. see how many establishments in a given County with 20 - 49 employees)
Statistics of U.S. Businesses - Statistics of U.S. Businesses (SUSB) is an annually updated US Census Bureau database that provides national and subnational data on the distribution of economic data by enterprise size and industry. SUSB covers most of the country's economic activity. The series excludes data on nonemployer businesses, private households, railroads, agricultural production, and most government entities.
Survey of Business Owners -Updated every 5 years by the U.S. Census Bureau, this provides detailed statistics on the race, gender, ethnicity, and veteran status of business owners in the U.S. E.g. if you wanted to find out how many women-owned manufacturing companies there are in South Carolina, you could find that data here.
Nonemployer Statistics - If you are looking for data on businesses that are so small they have zero employees, this is the place to find it.
Industry Associations - Industry associations (e.g. American Insurance Association) typically provide a variety of free publications and data resources regarding the industry they support. Wikipedia provides a nearly comprehensive directory of links to the home pages of all industry associations. For example, if your new business idea provides a marketing product/service to banks, and you want to know research current practices and expenditures within bank marketing, the American Bankers Association has a report on exactly that topic.