Conduct Market Research
Market research provides you with an understanding of your customers, your competitors, and your business environment to help you start your business. Market research is the process of getting the information to help you develop your business plan. It will give you the information needed to make informed business decisions to start your business, as well as a reference to stay innovative and competitive as you grow your business.
Questions to consider when doing market research
- Do you know your customer? i.e. Who are they? What are their purchasing habits? Where are they?
- What are the opportunities to grow a profitable business? i.e. What are the industry trends? What are emerging markets? What other products/services can you offer?
- What are the current trends in the economy and your industry that can impact your business? How will you prepare? i.e. staffing, etc.
- Who are the competitors in in your market?
- How will you document, update and evaluate your research? e.g. business plan
Market Research – Frequently Asked Questions
STEPS TO STARTING A BUSINESS
- Developing your Business Idea
- Conduct Market Research
- Understand Government Regulations & Licenses
- Determine your Business Staffing Requirements
- Choose your Business Location
- Develop a Business Plan
- Determine your Business Financing Options
- Determine your Business Structure
- Register your Business
- Ready,Set, Launch your Business!
- Frequently Asked Questions – Starting a Small Business
- Before starting your business
Mississauga Business Enterprise Centre (MBEC)
Whether you are starting or growing your business, we can help! MBEC is your central source for small business information, resources and guidance. We’ll answer your questions about registering and starting a new business, preparing a business plan, taxes, government regulations, available government programs and much more! If you have a question, or would like to contact us, please submit an inquiry or visit the MBEC office at the Mississauga Central Library (4th Floor).
Learn about: Steps to starting a Business