Start Right

• Review general resources about the Animal Production industry        ·         
• Read books related to your industry and business planning
• Review sample business plans for ideas
• Find capital 

Checklist

Statistics Canada Data | Formerly known as CANSIM, Statistics Canada's key socioeconomic database is updated daily. It is free to search the data tables.

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?

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.

Learning About Competitors

To create a list of competitors and find basic information about them (e.g. number of employees, contact information) you will need to consult business directories. Many directories are available online for free, while others are fee-based commercial databases. You can find directories that are particular to an industry or geography. Your local library will likely have a good collection of directories that you can consult in person.

Company Research Tips

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:

Conduct Your Competitive Research

• Gather and analyze competitive information
• Define your competitive edge
• Use benchmarking tools to create your financial analysis
• Find competitor information for your own organizational plan 

Checklist

• Who are my direct or indirect competitors? Where are they located?

Learn More About Compliance Issues

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.