Six questions to help you understand your business’ industry

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, do some research to answer the following six industry health questions:

  1. Is the industry growing?
  2. Where are the opportunities in the industry?
  3. Who are the key players in the industry?
  4. Are there young, successful businesses in the industry?
  5. What are the typical financial results for businesses in this industry?
  6. How is new technology being used in the industry?

You can search for secondary data sources using your North American Industry Classification System (NAICS) code. Your NAICs code classifies companies to collect, analyze and publish statistics, and to provide collective industry definitions across Canada, the United States, and Mexico.

Finding your NAICS code

Visit Statistics Canada’s website to find your NAICS code and 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.

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