The process of starting up a business in Québec involves specific steps. Entreprises Québec of the Ministère d’Économie, la Science et l’Innovation gives you a great deal of detailed information. But here is some information on market research and business plans.
The market research is a fundamental step toward ensuring a successful business project. Before launching your business, you must conduct research and analyze data on the environment in which your business will operate, your potential clients, and the competition you will face. By doing this, you reduce your risks of failure as you will have verified if there truly are a business opportunity and a clientele. You will be able to better understand this clientele’s behaviours, needs, and expectations. Finally, you will know the strengths and weaknesses of your future competitors.
A market research enables you to verify and validate a business opportunity by:
Discovering the players in your sector (suppliers, clients, partners, and competitors), where they operate, and what their rates are;
Analyzing the market trends – that is, social phenomena that encourage or discourage consumption;
Assessing your forecast sales figures and validating the financial plan for your project;
Making good choices to bring the project to completion;
Making your project credible to different partners.
A business plan is a recognized management tool used by both thriving and future businesses. It defines the business’s objectives and proposes steps to attain these goals in a specific timeframe. This written document describes who you are, what you want to accomplish, where your business will be located, when you plan to start your activities, and how you will overcome the risks inherent to your business to achieve the anticipated revenues.
Above all, the business plan is an indispensable tool for you as an entrepreneur. This work will enable you to structure your ideas and establish a development strategy for your business.
A business plan will also provide information on your business to financial institutions, investors, and suppliers by showing them how you plan to use their money, which will contribute to the credibility of your project.