Starting on the right foot
Many entrepreneurs make the mistake of not analysing the environment they will be facing before they start their own business. While an idea for a startup may sound great on paper, you have to make sure that you study the current trends and environment to see whether or not there are enough potential customers to make it a viable option.
Do your homework and find out if there is a real need for your product. Original ideas from reputable companies like Barclaycard are providing solutions to common problems people face on daily basis. Put people first and focus on providing an epic solution.
How consumer spending reports can help you as an entrepreneur
Consumer spending reports are a valuable resource that can be of tremendous help when deciding to start a business. It is important to identify emerging growth and positive performance, and consumer spending reports can be a valuable asset as an entrepreneur.
The consumer spend increase in these growth industries makes it easier for your start-up not only to survive, but thrive in this environment. Consumer spend reports add value by breaking down findings in an easily digestible format, and provide expert insight and analysis based on figures from a trustworthy source.
Accurate and timely reports
Barclaycard’s consumer spend reports are made by a team of experts in the field who can spot and report upon the main factors affecting consumer spending. In their consumer spend reports, Barclaycard provide detailed accounts of how each industry is performing on a quarterly basis, with reliable and trustworthy figures and interpretations in a clear and concise report. The consumer spend reports cover a wide range of industries, including travel, clothing, entertainment and household.
These reports can play an important role in your business, by helping you understand and contextualise the role of your business within its industry of interest. Previous reports are easily accessible through their database, through which you can track the historic growth of any particular industry.
Growth industries in 2015 (according to Barclaycard’s consumer spending report).
Consumer spending grew an average of 3.2% in 2015, a positive start to the New Year. According to Barclaycard’s research, almost 50% of consumers are thinking of increasing their spending on the first months of 2015, as the two top performing industries, the clothing and restaurant industries grew by 7.4% and 17% respectively.
Barclaycard’s consumer spend report was also able to provide detailed insight within specific industries. For example, within the restaurant industry, Barclaycard reported that the online restaurant market in particular saw a growth of 52.3%. Barclaycard supported their findings by identifying that the colder weather during these months increasingly saw consumers order food to be delivered to their homes, instead of dining out.
Using consumer reports to your advantage
The above is a mere sample of what you can get from Barclaycard’s consumer reports, which provide a high level of insight as well as the necessary facts and figures to contextualise and understand the current consumer spend landscape. These consumer spend reports are incredibly beneficial for individuals looking to run their own start-up businesses – with them, you will always be one step ahead of the game.
This post was brought to you in association with Barclaycard