The journey of entrepreneurship is one that usually begins with an idea. Someone sees a problem in the world around them and they come up with a creative solution.
Identify and evaluate an opportunity:Can it make money?
Do some market research into the business: Is there competition? How big are they? Can they do what you do? How much are they charging? How much will you charge? Is there enough customers for both of you?
Market Research Resources:
Small Business Services’ Secondary Market Research Service
Primary research is research you do yourself; secondary research builds from research already collected by someone else. The Government of Canada provides a secondary market research service for free! Call 1-888-576-4444 to make your free request today.
Practical Guide to Market Research
Business Development Canada has written an excellent guide on how to conduct market research right here in Canada. They list common mistakes and how to avoid making them. The BDC also details different methods of doing the research, some being better suited to some industries than others.
9 common mistakes to avoid when starting a new business
An article produced by the Government of Canada about some of the most common mistakes people make when starting their business and how to avoid making them. A must-read for anyone thinking of entering the world of entrepreneurship.
How to Price Your Product: What You Need to Know About Pricing Before You Launch
Figuring out how much you need to charge for your product or service is important. This article by Desirae Odijeck for online retail giant Shopify will walk you through the pricing process.