1. Conduct market research

You need to conduct market research to help you understand the industry and market that you will be operating in.

For example, you should conduct market research on the following:

• industry — read Business Development Canada's (BDC) free analysis and research
• customer demographics and target markets — get data from Statistics Canada
• competitors — find out where people buy your product or service right now
• location — contact local Business Improvement Association (BIAs)
• financing — learn about the costs of starting up your business, which may include business registration, marketing, advertising, licensing, insurance, rent, utilities, product development and a web site
• business name and online presence — What business name would help your customers find you? Find out if your business name is already taken. Search online if a domain name (website address) of your business name is available.

For more information on market research, visit the Government of Canada's small business services' Introduction to Market Research.