“Step-by-Step Market Research: Build a Viable Business” is part of our SMART Program series, so you can work through the content on your own schedule on our On-Demand Learning Platform. The course is designed to help you understand key concepts, work through interactive case studies, and complete activities that apply the learning to your own business.

About the Course

Successful businesses don’t rely on assumptions, they use market research to minimize risk and maximize success.

Understanding your customers and staying ahead of the competition requires more than just a great idea, it demands insights backed by research. Are there enough customers to sustain your business? What gaps exist in your industry that you can fill? How much are people willing to pay for your product or service? These are just some of the critical questions market research can help you answer.

Effective research not only guides your business decisions but also strengthens your case when applying for loans or pitching to investors by providing concrete evidence of your market potential.WeBC has created this three-part module jam-packed with tools, tips and resources to help you explore best practices for interpreting data, making strategic business decisions, and identifying opportunities to stay ahead of the competition.

This module includes three chapters, which each take about one hour to complete: 

• Chapter 1 | The Market Research Roadmap: Where to Begin
• Chapter 2 | Secondary Market Research: How to Find and Use Existing Data
• Chapter 3 | Primary Market Research: Collect and Analyze Your Own Data

This course is available in English and French.

Thanks to funding from the Government of Canada’s Women Entrepreneurship Strategy, this program is currently free!

Learn more >>>

The post Step-by-Step Market Research: On-Demand Course appeared first on WeBC.

Opening a retail store? Relocating your current space? Choosing the right location is one of the most critical and costly decisions you’ll make. This guide was designed to help you approach that decision with clarity and confidence.

Using a combination of traffic studies, customer profiling, and cost planning, this step-by-step resource will help you evaluate potential storefronts strategically, not just based on gut feeling.

What You’ll Learn

This comprehensive guide helps you:

• Understand how to use traffic data to estimate foot traffic and project sales
• Align your location with your ideal customer profile and shopping behaviour
• Evaluate lease terms, operating costs, and affordability
• Score and compare multiple locations based on your goals
• Build a realistic cash flow projection before committing to a space

Why This Guide?

There’s more to a successful retail location than foot traffic alone. This guide brings together the tools, insights, and structure you need to choose a space that fits your brand, serves your customers, and supports long-term growth.

Download the guide now.

The post Choosing a Retail Location: Plan with Purpose. Choose with Confidence. appeared first on WeBC.

Qualitative research allows you to take a customer-focused approach to your business, so you get to know what they want and need, and why. It helps you align with your customers’ values and create a more meaningful brand that goes beyond the transaction.

We’re hosting Catriona Adam, Founder of The Thick Data Company, who specializes in getting to the deeper conversations through qualitative research. She’ll share:

• What qualitative research really means and when to use it
• Tips for how to have meaningful conversations that provide you with the information you need without feeling like you’re grilling your customers
• Who can support you to do qualitative research for your own business

Facilitator: Cathy Burrell, Client Services Coordinator

Panelist: Catriona Adam, Founder, Head of Vision, The Thick Data Company

The post DIY Qualitative Research: How to Use Conversations to Connect with Customers appeared first on WeBC.

• Purchasing motivators are why people buy. Customers are more open to services that meet their own image, solve their problems or put them into a better situation. The better the match, the more
  attractive you become.
• Purchasing behaviours are how people buy. These are the ways people prefer to buy. Purchasing
  behaviours do not change all that often (think of how you grocery shop… the store, the routine, the
  timing, etc.) The easiest way to meet the people you want to meet is to go to the places where they
  prefer to be.

Why Understand Your Target Market?

• The more you know about your target customers, the easier it is to talk their language. That
  makes marketing simpler and more effective.
• People find you attractive when you are interested in them and talk their language. When that
  happens, you will spend less time selling.
• Give people what they want, not what you want. It reduces the time and energy you put into
  marketing.
• The better you understand your customers, the more quickly they will identify with you, and the
  sooner the chances of a purchase.

Download this free resource to learn what you need to discover about your target market so you can understand their purchasing motivators and behaviours!

Would you like to make better marketing decisions that maximize your time and budget?

Check out our free On-Demand SMART course, “Strategic Marketing: Build a Marketing Plan for Your Business.” It includes interactive exercises to help you identify and understand the target market for your business!

The post What Are Purchasing Motivators and Behaviours? appeared first on WeBC.

In this resource, we’ll connect you to some resources that are often the best places to start your secondary research, and share techniques on how to effectively conduct primary research.

This is an excerpt from the Focused Marketing Guide. If you’d like to learn more about defining your target market, check out our strategic marketing course at go.we-bc.ca/SMART-StrategicMarketing

The post How Do You Find Market Research Data? appeared first on WeBC.

But how do you know if your business idea will translate into an actual successful business? How do you prove that there is enough demand for your product?

There are a few components to product-market fit:

• It means there are enough customers out there who want to purchase the goods or service you
  are producing.
• It means you can offer that good or service at a price that allows you to earn a profit.
• It means you and your team are the right people to start the business, and that the idea itself is
  feasible.
• It means you have found a solution to a problem that people will pay to have solved for them.
  This may seem obvious, but sometimes people create a solution in search of a problem. They
  have developed a product that they love and work backwards to try to figure out how to make
  people want it.

Download this resource to learn how you can demonstrate product-market fit!

Would you like to make better marketing decisions that maximize your time and budget?

Check out our free On-Demand SMART course, “Strategic Marketing: Build a Marketing Plan for Your Business.” It includes interactive exercises to help you ensure you have a customer-centric approach that meets the needs of your target market. Learn more >>>

The post How to Prove There is Enough Demand for Your Product appeared first on WeBC.

What You’ll Learn

• Market Research: Understand your industry landscape and identify opportunities.
• Target Market Segmentation: Pinpoint and profile your ideal customers.
• Marketing Strategy Development: Align your offerings with customer needs.
• Marketing Plan Creation:
  • Objectives: Set clear goals for market positioning and share.
  • 6 P’s Marketing Mix: Strategize around Product, Pricing, Placement, Promotions, People, and Processes.
  • Sales Projections and Strategies: Forecast sales and plan accordingly.

Why This Guide is Essential

• Provides a structured approach to marketing planning.
• Helps in making informed decisions based on market insights.
• Enhances your ability to attract and retain customers effectively.

Download the guide now and take the first step toward creating a marketing plan that delivers results for your business.

Learn at your own pace! With WeBC’s SMART Programs, you can expand your knowledge on topics like HR, Financial Fitness and Strategic Marketing through self-paced learning, plus gain wrap-around support through advisory services and resiliency training. Learn more >>>

The post How to Write an Effective Marketing Plan appeared first on WeBC.

The BC Small Business Profile is an interactive online tool that provides comprehensive data on small businesses in British Columbia. Users can explore various metrics, including the number of small businesses, employment statistics, and industry-specific information.

The platform offers customizable visualizations, such as charts and graphs, to facilitate data analysis and comparison across different regions and sectors within the province.

This resource is invaluable for entrepreneurs, researchers, and policymakers seeking to understand the small business landscape in British Columbia.

The post Small Business Profile – BC Stats appeared first on WeBC.

This comprehensive guide from the UBC Library provides valuable resources to help entrepreneurs turn dreams into reality.

Explore Key Areas of Entrepreneurship

• Finding your business idea: Discover innovative ideas, conduct feasibility studies, and develop a strong value proposition.
• Developing your business plan: Learn how to create a comprehensive business plan that outlines your goals, strategies, and financial projections.
• Funding your business: Explore various funding options, including loans, grants, and investors.
• Marketing your business: Learn effective marketing strategies to reach your target audience and build a strong brand.
• Legal and ethical considerations: Understand the legal and ethical implications of starting and running a business.

Access a Wealth of Resources

• Books and articles: Explore a curated collection of resources on all aspects of entrepreneurship.
• Library databases: Utilize powerful databases to conduct in-depth market research and gain valuable insights.
• Expert guidance: Connect with entrepreneurship resources and support services available at UBC and beyond.

This guide is designed to empower entrepreneurs with the information and resources they need to succeed.

Visit the UBC Library research guide on Entrepreneurship today and start building a strong foundation for your business!

Are you building a marketing plan for your business? Check out our free On-Demand SMART course, “Strategic Marketing: Build a Marketing Plan for Your Business” to work through the seven steps of strategic marketing and create a plan that works for your time and budget!

The post UBC Library: Entrepreneurship Research Guide appeared first on WeBC.

From BDC

What gets measured gets managed. It’s a common saying, and for good reason. 

Data is crucial in today’s business world, serving as the key to growing sales, increasing profits, retaining employees, and improving operational efficiency. KPIs (Key Performance Indicators) are essential metrics that help you track and measure your business’s performance against strategic goals.

This guide from BDC explains how to identify the right KPIs, monitor progress, and use data to drive success.

What You’ll Learn:

• What Are KPIs? Understand the purpose and benefits of KPIs in business management.
• How to Choose KPIs: Learn to select meaningful metrics aligned with your goals and industry.
• Monitoring and Analysis: Discover best practices for tracking KPIs and using insights to improve decision-making.
• Examples of KPIs: Explore examples across various business areas, such as sales, customer satisfaction, and operations.

By measuring the right metrics, you can manage your business more effectively and achieve sustainable growth.

Learn more about KPIs and take control of your business metrics.

The post Key Performance Indicators (KPIs) appeared first on WeBC.

As a business owner, deciding when and how to incorporate is an important step in formalizing your business structure. Incorporation transforms your business into a legal entity owned by shareholders, allowing the corporation to handle activities like signing contracts, hiring employees, borrowing money, and paying taxes on your behalf.

While the process may seem daunting, it’s simpler than you might think. This blog by Futurpreneur answers common questions and walks you through the steps to incorporate your business with confidence.

Learn more about incorporating your business today!

The post Common Questions About Incorporation appeared first on WeBC.

A guide to resources for BC women to start a business

Since 1995, our team of Business Advisors has helped thousands of women to start their own business in BC. This guide answers the most common questions our Business Advisors hear, like what to include in a business plan and how to register your business.

Entrepreneurship can be a positive life-changing experience! Yet, the steps you need to take in order to turn your business idea into a reality can be overwhelming, especially if this is your first experience with self-employment.

Quite often new entrepreneurs don’t know what they don’t know when starting a business and this can result in many mistakes along the way.

In the Starting Your Business Resource Guide, we walk through the steps and factors to consider, and highlight what useful resources are available to support you. Throughout the guide, you’ll meet inspirational BC women who share their own business experiences.

This guide goes well with our Starting a Business Info Session, which is a free webinar offered each week to cover how to write a business plan and how to make your business official. Learn more >>>

Également disponible en français. Cliquez ici pour en savoir plus >>>

Check out the other books in our free Resource Guide series

Want to boost your business skills?

Check out our self-paced SMART Programs! These free courses are designed to help you understand key concepts, work through interactive case studies and complete activities that apply the learning to your own business. Learn more >>>

The post Starting Your Business Resource Guide appeared first on WeBC.