Industry Profiles: Research & Statistics
Start by looking at Industry Sector Data to create a profile of the industry your business will be in. Industry Sector Data will give you information on industry trends, finances and profitability, analysis and statistics. You can use it to learn:
- how does the industry work? What are trends in industry?
- how do successful companies in your industry reach their customers?
- who are the competitors?
- are there any environmental factors that may impact your business?
- what are the government/regulatory controls over your industry?
One place to start is Business Source Ultimate database (see below). It provides market research and industry reports for major industries and includes hundreds of profiles for Canada.
Industry Sector Data Sources
NAICS (North American Industry Classification Codes)
NAICS codes are used in business and economic databases to classify specific types of products or services or companies that produce them. You can use a relevant code to quickly focus on your type of business. If, for example, your business will be as a roofing contractor – your code is NAICS 23816.
A good starting point is Canadian Industry Statistics (CIS) .
CIS analyses industry data on economic indicators using the most recent data from Statistics Canada. It looks at industry trends and financial information, such as GDP, Labour Productivity, Manufacturing and Trade data. You can browse through hundreds of industries.
You can use the NAICS codes in the CIS databases to get information on the financial performance and profitability of your industry, for example using NAICS code 23816 for the roofing industry will provide the above.
UBC Small Business Accelerator program (SBA)
The UBC SBA’s current market research guides feature over 100 industries in BC, covering everything from craft breweries to construction industry to hair & beauty salons and more. Look at an industry guide that is relevant to your business. For example, when you select a specific guide, e.g. Electrical Contractor Guide , you can “Find Industry Info” (see example following) with links to relevant trade associations, websites and magazines.
Fastest growing industries in BC
Look at the Industry Guides covering, Agrifoods, Aviation & Aerospace, Bio Technology & Life Sciences, Construction, Digital Entertainment / Interactive Media, Green Economy, Health Care, Mining, Oil & Gas, Supply Chain, Tourism & Transportation.
Competition
Find out who your competitors are, where they are located and what are their strengths and weaknesses.
Business Directories
Online directories will give you contact information for similar businesses (competitors) in your area.
Try looking at directories such as Yellow Pages, and Canadian Business Directory for lists of competitors and their contact information. If you are looking to manufacture a product, you can also look for manufacturing competitors at: Frasers or ThomasNet.
Resources such as ‘Reference Canada’ and ‘Simply Analytics’ provide additional valuable details including products/services, age of business, number of employees, and sales volume.
Instructions for using Reference Canada (see link to external resource below):
- Click on “Start Search” beside Canadian Businesses, then select the “Advanced Search” button.
- Select both “Keyword/SIC/NAICS” under Business Type and “City” under Geography.
- In the top search box enter “[relevant term]” and click SEARCH.
- Select the appropriate headings. For example searching on ‘roofing’ will display the heading ‘roofing contractors’.
- Lower down, select the Province, choose the cities, and click the “View Results” button.
NOTE: You can access this database from a Library computer. If you are using a computer from outside the Library, you will need a Vancouver Public Library card to login to this database. After clicking on the database name, you will be asked to enter your library card number and PIN (usually last four digits of your telephone number).
Simply Analytics
Create a map or data table with detailed information about your business query. For example, create a list or map of all roofing companies in downtown Vancouver. Business information is from Dun & Bradstreet Business Directory.
What Government Regulations control your business/industry? What permits/licenses are required? What must you comply with?
UBC Small Business Accelerator (SBA)
Pick an industry/business relevant to yours and look under “Find Industry Info” for ‘Regulations & Guidelines’, For example in the ‘Electrical Contractor Guide’, you will find this information:
For details on specific requirements for your business/industry, see the following:
Trends in your Industry
Try researching what current trends are in your industry and predictions for the future.
Some good sources: