When starting your new business in British Columbia is important to make sure there is a market for your business.
What you need to do
You must make sure that you can do the following.
a. Clearly understand the kind of market that your business will be in.
b. Research to make sure there is room for your business in the market.
c. Find out who your competitors are in the market, and what their strengths and weaknesses are.
d. Look at all the available and relevant market research, and decide whether you need to do any more research yourself.
e. Check any market and business trends, and other trends beyond your control, which might affect your proposed business.
What you need to know and understand
You need to know and understand the following.
Market research
How you can get hold of published market research.
How you can check whether you need particular research and how you can do It.
How your customers’ actions and choices might affect your business.
How you can tell if your competitors will affect your business.
Market and business trends
What political and commercial changes could affect your business.
What local, national and international events could limit or improve your
business opportunities.
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