What Is Industry Research? Why Does It Matter?
Designated Organizations expect international entrepreneurs looking to receive their support to have completed industry research. They are going to ask questions to ensure that your business can be sustained in, and is viable for, the Canadian market.
Startup Visa Services can help entrepreneurs looking to move their business to Canada with industry research, better positioning them for Start-Up Visa Program qualification. The industry research we prepare for you will answer the questions a Designated Organization is going to ask you.
Research Needed for A Successful Industry Analysis
The main purpose of Startup Visa Services helping you conduct industry research is to determine whether your business is actually needed in Canada, and whether it can be sustained here.
Accordingly, our industry research focuses on:
Infrastructure. We ascertain what your supply chain looks like, and whether it is actually beneficial for the Canadian market. For example, are your suppliers primarily Canadian? Does it really make sense for your business to be located here based on where your supplies are coming from?
Demand. Startup Visa Services business consulting will ensure there is actually a demand for the product or service your business will be offering in Canada. Without demand, there will be no incentive for a Designated Organization to support or invest in your business.
Human Capital. In order for your business to be viable in Canada, it must establish whether there are enough available workers in your industry that you can employ. As such, Startup Visa Services will research whether or not this is the case for your business. It would not be wise, after all, for an IT startup to try locating in Silicon Valley – all the good employees are working for Google, Facebook, and the like!
Sustainability. Once the above factors are determined, Startup Visa Services will use them to verify how sustainable your business is likely to be in Canada. We will also consider factors such as key industry players, potential for growth, and industry trends.
In addition to the above, Startup Visa Services can also conduct a SWOT analysis for industry research in order to ascertain internal strengths and weaknesses of your business, and external forces in the industry which can threaten your business. SWOT stands for strengths, weaknesses, opportunities, and threats.
Strengths can range from production times, to material use efficiency to customer service. Weaknesses encompass any internal or external area of the business that could be improved upon or capitalized on.
Opportunities considers analyzing the opportunities in an industry. This can include utilizing industry trends that are emerging or investing in new technologies to gain a competitive advantage. On the other hand, threats are elements in the external environment that can endanger a firm’s profitability or integrity. This can include things such as declining profits in an industry or a new competitor utilizing much more efficient technology.
Are you an international entrepreneur looking to bring your business to Canada? Do you need help doing so? Apply here and get the help you need: https://startupvisa.ca/apply/. And don’t forget to subscribe to our newsletter!