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Business Development Services1
What’s your industry?
Session 2
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Explore your industry and market and how these relate to your business
Learn about industry classification codes and what they mean for your business
Find sources for industry information Write an industry analysis for your business
and to support your feasibility plan
Session 2 objectives
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Industry:A group of businesses in a specific field that is often named after its main product
E.g. automobile, educational services, retail, food services, health care, etc.
Industry - definition
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The construction industry
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How many dog food manufacturers are there be in Canada? How many in each province? How about each city?
How does the dog food business work? Is it expensive to start this type of business? What kind of dog food do these businesses make? Is there room for another business to be
successful? All of these questions relate to industry
Maria is thinking about her business
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North American Industry Classification System Codes used to classify business and
government in Canada, Mexico and the U.S.A. Statistics Canada collects information from
businesses across the countries You can use your code to get a lot of useful
information about your industry
NAICS
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http://www.statcan.gc.ca/subjects-sujets/standard-norme/naics-scian/2012/index-indexe-eng.htm
NAICS Codes
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S = StrengthsW = WeaknessesO = OpportunitiesT = Threats
SWOT
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SWOT analysis helps you look inside your business, at your strengths and weaknesses.
You’ll also look outside your business for any opportunities that can help you be successful, and for threats your business may face in your industry.
SWOT
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Think about your strengths both from yours and your customers’ perspectives. Ask yourself the following… What advantages does your business have? What do you do better than anyone else? What do others see as your strengths (you,
your team, or your product/service)?
Strengths
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Think about your weaknesses both from yours and your customers’ perspectives. Ask yourself the following… What could you improve? What don’t you have that may make it
difficult to compete? What might your potential customers see as
weaknesses?
Weaknesses
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Look at your industry information and try to spot opportunities that can help you be successful. Are there any trends in your industry? Have government regulations changed? Are
there new opportunities? Have there been changes in technology? Have there been changes in customer tastes?
Lifestyle changes?
Opportunities
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Look where there may be “danger” for your business What barriers will you face in this industry? What’s your competition doing? Do any rules or regulations exist that could
threaten your business? Could any of your personal weaknesses be a
threat? What else could threaten your business?
Threats
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When looking at opportunities, look to your strengths. Could any of your strengths become opportunities?
When looking at your weaknesses, ask yourself if you could open up opportunities by getting rid of them.
Tips
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Imagine that you’ve done your industry research, completed a SWOT.
Now that you have all this research, how do you write your industry analysis?
Writing the industry analysis
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You will never have perfect information.
You may not find enough information.
And you will need to make a decision.
This is the life of the entrepreneur.
The reality of an entrepreneur
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Step 1: Write a short description of your industry:
Industry codes/description Size of industry Short description of competitors Life cycle stage:
Emergent Growth Mature Decline
Your industry analysis
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Step 2: Identify opportunities or barriers:
Trends New innovations, inventions or ways of doing
business Rules or regulations Pricing Entry or exit barriers
Your industry analysis
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Step 3: What does the future look like for this industry?
In 5 years? 10 years? Will sales increase?
Include projections if you can find them
Your industry analysis
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Step 4: Explain why YOUR business will succeed in this industry:
Pull all the information together
What will your business need to do to be successful?
What are the keys to success?
Your industry analysis