2018-05-10 12:47:00 Business Planning English Take advantage of Canada Business Network's tools for selecting a business site to learn about the demographics, historical trends, and... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Entrepreneur-Drives-Around-Scouting-Out-Locations-For-His-Business.jpg https://quickbooks.intuit.com/ca/resources/business-planning/site-selection-tools/ Use Canada's Site Selection Tools to Help Decide on Business Location

Use Canada’s Site Selection Tools to Help Decide on Business Location

1 min read

If you have dreams of opening a store in a different business location, the Canadian Business Network has resources to help you out. They list several tools you can use to understand potential customer demographics, what sort of real estate is available, how much people in the area get paid, and what sort of business costs you can expect. If you’re worrying about what you might have to pay people at your new site location, the Job Market Trends and News tool lets you research local wage rates. It also keeps you up-to-date on hiring news in the area. You can also get general demographic information from the 2016 Census of Population. This report lists the age, occupation, education levels, and income of residents.

Many of the tools are regional specific. If you’re relocating to Prince Edward Island, Alberta, New Brunswick, Ontario, Alberta, Manitoba, or Nova Scotia, specific resources are available. Although the tools for each vary, there’s a wealth of information you can use. The information may include population reports dating back 20 years, birth and death rates, and family structures. You can also find census data for migration, immigrant populations, senior citizen demographics, and health reports. Other information includes health statistics, low income distributions, housing reports, literacy, working conditions, and community safety.

All this information might seem excessive. However, if you’re moving to a new site location, you want as much information as you can get. This data is useful for setting expectations about what you might be able to sell. Also, it gives you an idea of the hiring pool you may come across. Don’t overlook crime reports to understand how safe your company and inventory will be. Start by navigating to Canada Business Network’s list of tools to help you select a site and start planning for your business start-up or expansion endeavour.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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