Every small business owner is part of a wider industry, and is affected by that industry to some degree. To help you determine the health of your industry, undertake research to gain answers to the following six industry health questions:
- Is the industry growing?
- Where are the opportunities in the industry?
- Who are the key players in the industry?
- Are there young, successful businesses in the industry?
- What are the typical financial results for businesses in this industry?
- How is new technology being used in the industry?
As a starting point, we recommend searching for secondary data sources using your NAICS code. Also known as the North American Industry Classification System, NAICS is used to classify companies, to collect, analyze and publish statistics, and to provide collective industry definitions across Canada, the United States, and Mexico.
Finding your NAICS code
To find which NAICS code matches your company’s industry, visit Statistics Canada’s website to figure out which sector, subsector, industry group and industry your business falls under. Here, you can either browse through industries or search for example activities that these businesses perform.