The North American Industry Classification System (NAICS)

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:

 Conduct Your Industry Research 

• Find information specific to the Doula and Midwife industries to help you succeed
• Write the Doula and Midwife industries overview
• Start your market analysis

Checklist

• What are NAICS or SIC codes for the Doula and Midwife industries?
• What are the risks, trends, opportunities and outlooks for the Doula and Midwife industries?

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.

Start Right

• Read books related to your industry and business planning
• Review sample business plans for ideas
• Find capital

Checklist

• Are there books about running a business in this industry?
• What does a comparable business or marketing plan look like?
• What funding or financing opportunities might be available to me?

Library Resources

Access to the following sources may be available through your local public or academic library. For information on how to obtain a library card, and for additional information on using libraries in BC, please visit our Getting Access to Library Resources page.

UBC Psychology Research Guide

The resources listed in this section will help you identify population characteristics, and help you develop your customer profile. This research will also help you identify geographic areas where the largest number of your potential customers live. This can be very useful when determining a location for your business, and also when formulating your marketing strategy. Don't forget that trade associations and trade journals collect information about customers and can be great information sources for this area of your research.

Conduct Your Customer Research 

• Create your customer analysis
• Identify your target customers
• Demonstrate how your products and services satisfy your customers' needs

Checklist

• Who is going to buy my services (e.g., couples, parents, other businesses)?
• What is the future outlook of my target market?
• What do people spend on this industry?
• What is demographic data and how can it help me research my customers?

Both market size and market share held by competitors are key factors when assessing the competitive environment. Keep in mind that there is no single source of market size and market share data. Market information is usually pieced together from various sources and is not often readily available for niche or emerging industries.

One thing you will need to do in the financials section of your business plan is discuss how you will price your products and/or services, and how this compares to your competitors. You will need to develop a financial plan that includes your projected revenues and net income. The following resources will help you find financial information on competitors in your industry.