Researching Your Industry

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Researching Your Industry

Learning about your industry before you start your business is a very good idea. In fact, if you plan to write a business plan (also a very good idea), you’ll need to research your industry in order to write parts of your plan. No time to waste!  If you haven’t already done so, find your NAICS code. If you don’t know your NAICS code, then read GoForth’s Getting Started Guides – Finding Your Industry.

NAICS stands for North American Industry Classification System…kind of a mouthful, but a pretty important one. The purpose of NAICS - used in Canada, Mexico and the United States - is to provide statistical information for various industries throughout North America. And to make those industry statistics pretty easy to find if you know your industry’s code. So grab your NAICS code and let’s get started!

 

Step 1:  Visit Industry Canada at www.ic.gc.ca

Step 2:  Select your language preference. Now you’re on the Industry Canada homepage.

Step 3:  Under the Just for Businesses tab on the navigation bar on the home page, select Find Statistics and Research.

Step 4:   Select Find Statistics by Industry.

Step 5:  Either enter your NAICS code in the search box, choose from a list of industries that appear as you scroll down the page. Each industry has a title associated with that industry’s major function. Select the title that best describes the industry of your business. You may have to check a few industry titles before you find the one that best fits your business.

Step 6:  The definition of the industry that you have selected will appear. Make sure the definition accurately describes your business operation.

If it does, proceed to Step 7.

If it doesn’t you can select a new industry, or you can opt to search again using keywords in the search box that relate to your industry. Not all businesses are represented in Industry Statistics, however. Service business industry statistics are particularly difficult to find.

Step 7:  Once you’ve selected the industry that represents your business, you can begin scanning through industry data.  On the left-hand side of the page, different menu options are available:

  • Definition of the industry
  • Establishments – number of businesses, financial performance
  • Financial Performance Data – compare your business to average businesses in your industry
  • GDP – the contribution of firms in this industry to Canada’s Gross Domestic Product
  • Capital Investment – investments made in this industry in real estate, plant and equipment
  • Company Directories

As you select each item, another list of more specific options becomes available. These options will supply you with the data you need to conduct your industry research.

 

Once you’re finished your business planning stage, it’s time to think about training. Do you really know how to run  a successful small business?  That’s why we offer Canada’s leading online small business training. Make the investment in your future today – get started now. 

 

 

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