An in-depth investigation and analysis of your competition is one of the most important components of a comprehensive market analysis. A competitive analysis allows you to assess your competitors' strengths and weaknesses in the marketplace, and to implement effective strategies to improve your competitive advantage. Here are some research strategies for doing your competitive analysis:
When it comes to starting a business, one of the first decisions you need to make is the legal structure of your business - sole proprietorship, partnership, limited liability partnership, or limited company. You'll also need to register your business and you'll need to be aware of many municipal, provincial or federal regulations. The websites in this section will help you.
In this section we have gathered some of the most reliable freely available online government and employment websites for you to use in your research.
In this section we have gathered some of the most popular information sources, such as trade journals, magazines, blogs, and association websites. Industry information is always changing. For the latest news, current issues and popular opinions, try following one or more of these sources. In addition, interacting with the websites that provide this information through commenting and asking questions may also provide you with more information.
At the start of your research, it may not be clear what specific industry you should be examining. A good strategy is to find out if your business idea is classified in an industrial classification system. These systems organize industries by assigning them a numeric code. The most commonly used system is the North American Industry Classification System (NAICS). Once you know your Industry Classification Code you can use this number to:
In this section you will find links to information on funding for your business. No business can function without money to pay for overhead expenses and production or product costs. It is also unusual for a business founder to have the capital to fully fund their business. The sources in this section will help you consider the best source of funding for your business.
In the page below you will find examples of successful business plans. Researching your business plan can be a very time-consuming experience, but it is an essential and worthwhile investment. Your business plan will become your most important day to day operating tool. The information resources and strategies in this guide will help you create an effective plan and increase your chances for business success.