Market Research: Expensive Data, Free Data, and Getting Expensive Data for Free

Our April 22nd blog “Thinking of starting a small business? Don’t forget to do your research!” introduced the importance of conducting research in order to make good business decisions by using a combination of Primary and Secondary sources of data.

This week’s post provides some examples of great sources of secondary research and exposes the (not so revolutionary) secret to accessing otherwise expensive data for free.

Secondary research is made up of data collected by others. This could include a directory, a database, a trade journal, census information, building permit reports, Canada Post maps, newspaper articles, or any other published work.

Here is a quick list of some popular sources of business research data:

Super Demographics – If you have a clear idea of who your ideal consumer is, this tool will help you to pinpoint the number of those customers close to your location. Using an interactive map, you can pinpoint a spot on the map, draw a “trade area” around that point, and generate a detailed demographic report on the households in the area. You can even create multiple trade areas (perhaps available commercial real estate), and use the tool to compare the demographics of one area to another.Super Demographics is available through the public access workstations at the Halton Region Small Business Centre.

Scott’s Directory – This tool is perfect for creating detailed lists of manufactures and distributors. This data could be helpful to look up competitors, prospective Business to Business clients, or sources of your products or materials. The tool will allow you to create a sorted and filtered list based on any number of attributes, including products sold, industry codes, sales volumes, exports and number of employees. Scott’s Directory is available through the public access workstations at the Halton Region Small Business Centre.

Trade Data Online – If you are considering the launch of an importing or exporting business,take a look at Industry Canada’s website to search for the value of imports and exports between each of Canada’s foreign trading partners. You can even look into the value of goods moving between specific countries sorted by product type (using HS codes).www.ic.gc.ca/tdo

SME Benchmarking Tool – Have you ever wondered how a particular type of business should be performing financially? Are you paying too much in rent or labour costs compared to the other businesses offering the same services? Industry Canada publishes the average income statements of various types of businesses. You can view the data separated by size of business for that specific industry and you can identify what portion of the businesses are profitable compared to not profitable.http://www.ic.gc.ca/eic/site/pp-pp.nsf/eng/home

When it comes to secondary research there are free sources of data, expensive sources of data, and expensive sources of data that you can access for free. If you are conducting research for your business, it is always a good idea to visit the Small Business Centre or your local library.Small Business Centres and Libraries purchase subscriptions, licences and books in an effort to make data available to their entire group of clients.  Simply asking a Business Consultant or Research Librarian if they have a lead for great data to answer your question may allow you free access to information that at first glance appeared to only be available for a fee. 

Need help researching your business idea? The Halton Region Small Business Centre offers free one-on-one consultations to entrepreneurs, at all stages of business planning, including those or are thinking of, starting or growing a business. Call 905-825-6000 ext. 7900 to schedule your appointment. 

Thinking of self-employment? Don’t forget to tell your family!

Self-employment can provide a wonderful opportunity  to shine and show the world what you can do.  It can be a way to achieve a personal goal or vision, to self-actualize and feel good about what you are doing.

In the initial excitement of developing your ideas, your vision and goals, it is easy to forget to consider how your change of direction and focus will impact those around you.  Your spouse or partner, your children, extended family and friends, as well as past professional colleagues will all be affected by your decision.

The Halton Region Small Business Centre: we are here to help!

Did you know that the Small Business Centre helps entrepreneurs who are thinking of starting, and/or growing a business?Whether you’re thinking about opening a business, formulating your business plan, or expanding an established company, the Halton Region Small Business Centre has what you need.

We have professional business consultants who will sit down with you and discuss your needs and next steps.  Topics can include marketing, financial planning, export or import and government programs.  You can arrange a free confidential appointment by calling the Small Business Centre.

We also have free publications, reference materials and a lending library.  You can visit us and use our online registration and research stations as well as view market, socio-economic and demographic information.  Other topics covered include:

• business start-up and plans
• accounting
• human resources
• franchising and
• local network groups.

We also have business planning software that includes over 500 sample business plans.

The Halton Small Business Centre is the local community partner for the Canadian Youth Business Foundation (CYBF).  The CYBF is a national charity providing pre-launch coaching, business resources, and start-up financing and mentoring to help you start your own successful business if you are between the ages of 18 to 39.

We also co-ordinate, in partnership with the Ministry of Economic Development, Trade and Employment,  the Summer Company program in Halton Region.  The Summer Company program provides hands-on business training and mentoring to help enterprising students between the ages of 15-29 start and run their own summer business.  Successful applicants receive up to $1,500 in the spring to help with business start-up costs, and up to $1,500 in the fall upon successful completion of their Summer Company experience.

If you are a new to Canada and interested in starting your own business, we are here to help.  We will help you create your business plan, direct you to resources, clarify rules and regulations and provide local market data.

Halton Small Business Centre also runs seminars.  Here is what is coming up in May:

• Your Business Plan:  May 8
• Starting a Small Business:  May 15
• Small Business Financing and Insurance:  May 29

For a full list of our seminars visit:  http://webaps.halton.ca/forms/business_events_seminars.cfm

Remember to make the Halton Region Small Business Centre your first stop!  If you want to talk more about your ideas or business needs, call and book a free consultation.  We are here to help you as you take the first steps towards opening or expanding your business. One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources, services, business events and seminars, contact us by dialing 311, 1-866-442-5866, online at www.haltonsmallbusiness.ca, smallbusiness@halton.ca or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter and find us on Facebook.

Thinking of starting a small business? Don’t forget to do your research!

Our April 1^stblog “Small Business Ideas Start with You,” introduced the Six Big Steps for Starting a New Small Business and discussed the first step – starting with an idea. This week I would like to expand on the second step – research.

The complexity of your business might help to indicate how much and how in depth your research will need to be, but all businesses should form at least a list of questions that they would like answered before investing energy, emotions and money into a new venture.

My main questions for clients are always:

• How do you know that people want to buy what your are selling?
• How do you know that those people will pay enough for it?
• Is there space for you amongst your competitors?

Choose your name carefully: Think of your customer first

More often than not, when meeting with new entrepreneurs, the discussion starts with “I’ve got a name for my business that I need to protect”.

As much as this is a good place to start, before your rush off to register a name or secure a domain name (which likely won’t be available anyway!), think about your name with your customer or target market in mind.  Your business name should mean something to your customer.

According to Canada Business Network, “The right name can be an effective advertising tool that can help your customers understand what your business does and which market you are targeting. The wrong name can confuse or drive away customers.”

Which Idea is more Viable?

Have you ever been in a situation where you had several different business ideas but were not sure which one to pursue? The big question is, “Which idea is more viable?” 

• Step One: Look at each of your ideas on an individual basis.  Next, dissect each idea into categories.  Breaking down the product or service will help you to see the complete picture.  The first category to consider is strength.  What are the strengths of the product or service?   It is important to look at it from the client’s perspective and ask, “Why would someone buy this product or use this service?”  If you can only come up with a few strengths and reasons why someone would buy it, then the viability of this product or service is limited. 

Small Business Ideas Start with You

In many of the information sessions I am asked to deliver as part of my role at the Halton Region Small Business Centre, I ask participants to come up with the Six Big Steps for Starting a New Small Business. Of course there could be hundreds of individual tasks that need to be completed, which are unique to each individual start-up; however most of the tasks will fall into this six step process.

The six steps are:

1. Generate Idea
2. Research, Research, Research
3. Write Business Plan
4. Secure Financing
5. Know the Rules, Regulations and Registration Steps
6. Take Action!