Step #2: Research Your Market

Market research is also called competitive intelligence. It can tell you how much competition your product will face, who is most likely to buy, how much they might be willing to pay and more. Caution - asking friends and family does not count as research. You need actual statistics to make your case. You can hire a market research firm to gather this information. Look in the telephone directory under 'Market Research' or check out on-line directories such as http://www.bidigital.com/ci/Companies/Research .

Hire an MBA Student

The Advanced Technology Centre at the University College of the Cariboo in Kamloops, BC, offers small and medium enterprises access to research, technology transfer, technical feasibility studies, business plan development and more.
http://www.techcatalyst.ca/?n_id=1

 

The Venture Development Group in the University of Calgary's Faculty of Management can arrange for small businesses to get market research done by MBA students for minimal cost. Call 403-220-6117 or 403-220-8504.

The Varsity Consulting Group in Edmonton's University of Alberta Faculty of Business may assist you with researching information on your new idea. Call 780-492-2994.

The University of Saskatchewan College of Commerce MBA Program offers business advisory services to assist with feasibility & market research studies and analysis of business plan operations, human resources, marketing, financial segments and other business and management research. A team of MBA students will complete the research for $1,500, plus expenses. Contact the Business Advisory Services at 306-966-8686. For more information visit: http://www.commerce.usask.ca/

Do it Yourself

Save money by doing the research yourself. Here are some good places to start.

Visit the library

Business libraries such as those found at the Canada Business Service Centre can be useful resources for programs, services, regulations, and how-to information. Public libraries are also a good starting point.

• http://www.smallbusinessbc.ca/
  
• http://www.cbsc.org/alberta
  or http://www.calgary-smallbusiness.com/
  
• http://www.cbsc.org/sask
  
•  http://www.cbsc.org/manitoba 

Look at demographic information
Statistics Canada can provide information on population by age, sex, marital status, education & wage, consumer buying patterns and more. This information can help clarify whether your potential market is growing or declining.
http://www.statcan.gc.ca/

Research domestic, US and foreign markets/products
Industry Canada's website offers comprehensive information and searchable databases.
http://strategis.ic.gc.ca/

Get a preliminary market Preview
The Canadian Innovation Centre will do a Market Preview for your product to provide information on things like market size and growth, competition, pricing and distribution. The Market Preview Plus also provides expert industry feedback on your idea, as well as an objective opinion of the overall market potential of your idea. The cost of the Market Preview may be subsidized through Western Economic Diversification Canada.
http://www.innovationcentre.ca/

Step #1: Assess Your Idea

Step #2: Research Your Market

Step #3: Do the Footwork