Bed and breakfasts are small inns that offer personal service, often in private homes, and include a breakfast in the room price. Market reports that include information about bed and breakfast often include information about all facilities that offer short-term lodging, including hotels and motels. Key external factors that influence businesses in this industry include per capita disposable income, travel, and corporate profit (Couillard, 2018). Entrepreneurs who are interested in entering this industry should consider whether they have access to a workforce, enjoying working with customers closely, and if they are located in a market that attracts tourism (Couillard, 2018). Recommendations are a very important success factor in this industry (Couillard, 2018). This post will provide those interested in the bed and breakfast industry information about current industry trends and challenges.

Canada

There are a variety of accommodation services that compete with bed and breakfasts, including hotels, motels, cottages and cabins, and others. All together, Canada has 12,313 business that fall into these categories. Within the larger umbrella category of “Traveller Accommodation”, in 2016, there were 14,218 businesses, which made an average yearly revenue of 571.4 thousand dollars (Government of Canada, 2018). In addition, 74% of these businesses were profitable. Most bed and breakfasts have no employees, which you can see in comparison of the two charts below.

This chart below show how the number of bed and breakfast with employees, in grey, compares to the number of other accommodation services in each province/territory.

bar chart displaying number of accommodations services in different provinces with employees

Statistics Canada.Table 33-10-0092-01   Canadian Business Counts, with employees, June 2018

The chart below show how the number of bed and breakfast without employees, in grey, compares to the number of other accommodation services in each province/territory.  As you can see, most bed and breakfast establishments have no employees aside from the owners.

bar chart displaying number of accommodations services in different provinces without employees

Statistics Canada. Table 33-10-0094-01 Canadian Business Counts, without employees, June 2018

British Columbia

The prevalence of bed and breakfast accommodations without employees continues in BC, as you can see from this side by side comparison:

two pie charts side by side showing number of accommodation services in BC with and without employees

In British Columbia, 88% of bed and breakfast accommodations do not have employees; there are a total of 686 bed and breakfast accommodations in the province (Statistics Canada.Table 33-10-0092-01   Canadian Business Counts, with employees, June 2018, Statistics Canada. Table 33-10-0094-01 Canadian Business Counts, without employees, June 2018).

Airbnb vs Bed and Breakfasts: What’s the Difference?

Airbnb is a booking platform that is part of the sharing economy, allowing home owners and renters to put their extra space on the market for short term rentals through their website. This presents a large source of competition to bed and breakfast owners, as they are offering a similar service; however, Airbnb hosts do not typically include breakfast with their room bookings.

In the past, Airbnb hosts were operating as unregulated businesses, with no formal requirements placed on their ability to provide short-term rentals (Mangione, 2018). BC has recently introduced regulation for Airbnb rentals. Airbnb hosts must collect sales taxes (Harper, 2018), and, as of April 2018, must be licensed and comply with a number of safety regulations (Mangione, 2018). This makes the operating requirements for Airbnb hosts similar to bed and breakfast operating requirements. In both cases, hosts must live on the property.

For more information about Airbnb licensing in BC, please check your municipality’s requirements. References to Vancouver’s licensing processes (City of Vancouver, n.d.), Airbnb’s information page (Airbnb, Inc., n.d.), and BC’s strata by-laws (Government of British Columbia, 2018) are included at the bottom of the page.

Industry Trends

This industry has a high rate of competition, which is only increasing with the infiltration of Airbnb listings into the market. However, part of the appeal of Airbnb is the home feel of the accommodation, which bed and breakfasts already provide to their guests (Couillard, 2018). It is essential that bed and breakfasts are aware of the prices that other accommodations are offering for their rooms so that they can price or offer discounts to their guests accordingly. In addition, because there are many large hotel chains that travellers may already have membership to, bed and breakfasts should distinguish themselves from the competition by providing something unique to the industry or the area they operate in (Couillard, 2018). Many bed and breakfasts are also adopting Airbnb to run their online booking services, turning the platform from competition to their business into a tool for booking customers. 

Additional trends in the industry include:

  • Flexible check-out times;
  • Smart room keys: allowing guests to use their phones to open their rooms
  • Increasing use of analytics: analyzing customer behaviour is allowing those in the accommodation business to improve the services they offer
  • Wellness vacations: increasingly, people are interested in incorporating activities such as cycling and yoga into their travel plans
  • Personalization of services: increased collection of customer information is allowing hotels to offer personalized services and promotions

(The Business Research Company, 2017)

Financially, this industry is considered mature and industry revenue is expected to grow at roughly the same rate as the economy over the next 5 years (Couillard, 2018).

Below is a breakdown of how industry revenue is generally divided in comparison with sector revenue, which includes all accommodation and food services.

sector vs industry costs vsual breakdown from Couillard 2018

(Couillard, 2018)

Additional Resources

Below are some resources to help you get started on your business research.

Associations

Magazines and Trade Journals

InnFocus Magazine
A publication from the BC Hotel Association, available for free online. Published quarterly.

Hospitality Today
An online multimedia publication for owners in the hospitality industry.

Directories

If you would like to access more resources, the Bed and Breakfast Guide is designed to help prospective and existing bed and breakfast business owners gather information for their secondary market research. The guide is broken down into four main sections that cover how to start your research, industry information, competitive information and customer information. Depending on your needs you can spend as much or as little time as necessary in each section.

If you find that you need more guidance before starting your secondary research, check out The Beginner's Guide to Business Research; it will help you focus on what types of information you will need to gather and why they are important. The SBA is also available to provide assistance through our Contact Us page.

References

Industry Trends

Bed and breakfasts are small inns that offer personal service, often in private homes, and include a breakfast in the room price. Market reports that include information about bed and breakfast often include information about all facilities that offer short-term lodging, including hotels and motels. Key external factors that influence businesses in this industry include per capita disposable income, travel, and corporate profit (Couillard, 2018). Entrepreneurs who are interested in entering this industry should consider whether they have access to a workforce, enjoying working with customers closely, and if they are located in a market that attracts tourism (Couillard, 2018). Recommendations are a very important success factor in this industry (Couillard, 2018). This post will provide those interested in the bed and breakfast industry information about current industry trends and challenges.

Canada

There are a variety of accommodation services that compete with bed and breakfasts, including hotels, motels, cottages and cabins, and others. All together, Canada has 12,313 business that fall into these categories. Within the larger umbrella category of “Traveller Accommodation”, in 2016, there were 14,218 businesses, which made an average yearly revenue of 571.4 thousand dollars (Government of Canada, 2018). In addition, 74% of these businesses were profitable. Most bed and breakfasts have no employees, which you can see in comparison of the two charts below.

This chart below show how the number of bed and breakfast with employees, in grey, compares to the number of other accommodation services in each province/territory.

bar chart displaying number of accommodations services in different provinces with employees

Statistics Canada.Table 33-10-0092-01   Canadian Business Counts, with employees, June 2018

The chart below show how the number of bed and breakfast without employees, in grey, compares to the number of other accommodation services in each province/territory.  As you can see, most bed and breakfast establishments have no employees aside from the owners.

bar chart displaying number of accommodations services in different provinces without employees

Statistics Canada. Table 33-10-0094-01 Canadian Business Counts, without employees, June 2018

British Columbia

The prevalence of bed and breakfast accommodations without employees continues in BC, as you can see from this side by side comparison:

two pie charts side by side showing number of accommodation services in BC with and without employees

In British Columbia, 88% of bed and breakfast accommodations do not have employees; there are a total of 686 bed and breakfast accommodations in the province (Statistics Canada.Table 33-10-0092-01   Canadian Business Counts, with employees, June 2018, Statistics Canada. Table 33-10-0094-01 Canadian Business Counts, without employees, June 2018).

Airbnb vs Bed and Breakfasts: What’s the Difference?

Airbnb is a booking platform that is part of the sharing economy, allowing home owners and renters to put their extra space on the market for short term rentals through their website. This presents a large source of competition to bed and breakfast owners, as they are offering a similar service; however, Airbnb hosts do not typically include breakfast with their room bookings.

In the past, Airbnb hosts were operating as unregulated businesses, with no formal requirements placed on their ability to provide short-term rentals (Mangione, 2018). BC has recently introduced regulation for Airbnb rentals. Airbnb hosts must collect sales taxes (Harper, 2018), and, as of April 2018, must be licensed and comply with a number of safety regulations (Mangione, 2018). This makes the operating requirements for Airbnb hosts similar to bed and breakfast operating requirements. In both cases, hosts must live on the property.

For more information about Airbnb licensing in BC, please check your municipality’s requirements. References to Vancouver’s licensing processes (City of Vancouver, n.d.), Airbnb’s information page (Airbnb, Inc., n.d.), and BC’s strata by-laws (Government of British Columbia, 2018) are included at the bottom of the page.

Industry Trends

This industry has a high rate of competition, which is only increasing with the infiltration of Airbnb listings into the market. However, part of the appeal of Airbnb is the home feel of the accommodation, which bed and breakfasts already provide to their guests (Couillard, 2018). It is essential that bed and breakfasts are aware of the prices that other accommodations are offering for their rooms so that they can price or offer discounts to their guests accordingly. In addition, because there are many large hotel chains that travellers may already have membership to, bed and breakfasts should distinguish themselves from the competition by providing something unique to the industry or the area they operate in (Couillard, 2018). Many bed and breakfasts are also adopting Airbnb to run their online booking services, turning the platform from competition to their business into a tool for booking customers. 

Additional trends in the industry include:

  • Flexible check-out times;
  • Smart room keys: allowing guests to use their phones to open their rooms
  • Increasing use of analytics: analyzing customer behaviour is allowing those in the accommodation business to improve the services they offer
  • Wellness vacations: increasingly, people are interested in incorporating activities such as cycling and yoga into their travel plans
  • Personalization of services: increased collection of customer information is allowing hotels to offer personalized services and promotions

(The Business Research Company, 2017)

Financially, this industry is considered mature and industry revenue is expected to grow at roughly the same rate as the economy over the next 5 years (Couillard, 2018).

Below is a breakdown of how industry revenue is generally divided in comparison with sector revenue, which includes all accommodation and food services.

sector vs industry costs vsual breakdown from Couillard 2018

(Couillard, 2018)

Additional Resources

Below are some resources to help you get started on your business research.

Associations

Magazines and Trade Journals

InnFocus Magazine
A publication from the BC Hotel Association, available for free online. Published quarterly.

Hospitality Today
An online multimedia publication for owners in the hospitality industry.

Directories

If you would like to access more resources, the Bed and Breakfast Guide is designed to help prospective and existing bed and breakfast business owners gather information for their secondary market research. The guide is broken down into four main sections that cover how to start your research, industry information, competitive information and customer information. Depending on your needs you can spend as much or as little time as necessary in each section.

If you find that you need more guidance before starting your secondary research, check out The Beginner's Guide to Business Research; it will help you focus on what types of information you will need to gather and why they are important. The SBA is also available to provide assistance through our Contact Us page.

References

Industry Trends

What You Should Know About Cannabis Legalization in BC (Part 3 of 3): Consumers and Education

This post is the third in our three-part series on cannabis legalization in BC. It will review rules affecting consumers of cannabis as well as where you can get an education that will allow you to work in the cannabis industry. For part one on Private Retailers, click here. For part two on For-Profit Production, click here.

Consumers:

Many of the laws for consumers around cannabis will resemble our current laws around tobacco and alcohol:

  • You must be over 19 to purchase and use cannabis.
  • You can possess up to 30 grams of legally produced cannabis, which can be purchased from licensed establishments.
  • You can grow up to 4 plants per household but they must not be visible to anyone off the property.
  • If you run a home day-care on your property, you cannot grow cannabis.
  • Cannabis smoking is prohibited everywhere that tobacco smoking is prohibited; in addition, it cannot be smoked anywhere that children use regularly, such as parks.

(Cannabis, n.d.)

To purchase cannabis, consumers have to produce the same two pieces of ID they must have when purchasing alcohol (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018). For more information, please see the Government of BC Cannabis information page.

Higher Education:

Interested in getting involved in the cannabis industry but feel like you need to know more? Schools across Canada have already begun offering a variety of courses:

  • Olds College will be running an Introduction to Cannabis Retail online course to prepare students for working in the cannabis retail industry, providing scientific and product knowledge, as well as knowledge around regulations. (Olds College cannabis course launched, 2018)
  • Niagara College has started a Commercial Cannabis Production program, which prepares students to work in the production of cannabis on a commercial scale. (Brown, 2018)
  • Ryerson University’s G. Raymond Chang School of Continuing Education is offering a Business of Cannabis course, which will cover a variety of topics relevant to the cannabis industry to give entrepreneurial students a “competitive edge”. (The GrowthOp, 2018)

The Canadian cannabis industry is just beginning. Although legislation across the country and in different provinces comes into effect on October 17th, 2018, many consequences of the change are still unknown, and it is likely that this new and active industry will see a great deal of change over the next few years.

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

If you are interested in requesting further commentary from UBC experts about recreational cannabis legalization, please click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

References:

Brown, A. (2018 September 5). Niagara College offers Canada's first cannabis production program. City News. Retrieved from https://toronto.citynews.ca/2018/09/05/niagara-college-offers-canadas-fi...

Cannabis. (n.d.). Government of British Columbia. Retrieved from https://www2.gov.bc.ca/gov/content/safety/public-safety/cannabis

Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia. (2018 August). Government of British Columbia. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Courtenay, P. (2018, July 6). B.C. government paints a bleak picture of the legal cannabis retail landscape. The Georgia Straight. Retrieved from https://www.straight.com/cannabis/1099646/bc-government-paints-bleak-pic...

Courtenay, P. (2018, July 11). B.C. government announces 31 licensed cannabis producers set to supply the recreational market. The Georgia Straight. Retrieved from https://www.straight.com/cannabis/1101911/bc-government-announces-31-lic...

Craft Cannabis Association of BC. (2018, May 18). BC craft cannabis sounds alarm over survival of sector. Retrieved from https://www.craftcannabis.ca/position-papers/

Daily Hive Staff. (2018, September 14). Take a virtual tour of this BC cannabis production facility. Daily Hive. Retrieved from http://dailyhive.com/grow/tantalus-labs-vitrual-tour-cannabis-production...

Daily Hive Staff. (2018 July 9). These are Canada's 3 biggest legal cannabis facilities in 2018. Daily Hive. Retrieved from http://dailyhive.com/vancouver/grow-canada-biggest-cannabis-facilities-2018

INTERNATIONAL: Cannabis sector investment is rising. (2018 September 04). OxResearch Daily Brief Service. Retrieved from http://ezproxy.library.ubc.ca/login?url=https://search.proquest.com/docv...

Kane, L. (2018 July 13). B.C. says local governments can regulate cannabis growth on agricultural land. The Globe and Mail. Retrieved from https://www.theglobeandmail.com/cannabis/article-bc-says-local-governmen...

Korstrom, G. (2018 August 17). B.C. government restrictions have retail-cannabis entrepreneurs scrambling. Richmond News. Retrieved from https://www.richmond-news.com/business/b-c-government-restrictions-have-...

Little, S. (2018 September 16). With 1 month to legalization, B.C. warns pot shop crackdown coming. Global News. Retrieved from https://globalnews.ca/news/4455598/bc-legalization-pot-crackdown/

Liquor and Cannabis Regulation Branch. (n.d.). Indigenous Nations’ role in licensing non-medical cannabis retail stores. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Liquor and Cannabis Regulation Branch. (n.d.). Local governments’ role in licensing non-medical cannabis retail stores. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Olds College cannabis course launched. (2018 September 4). Red Deer Advocate. Retrieved from https://www.reddeeradvocate.com/news/olds-college-cannabis-course-launch...

Potenteau, D. (2018 July11). When B.C. government pot shops open, they’ll carry more than 150 kinds of weed. Global News. Retrieved from https://globalnews.ca/news/4326038/when-b-c-government-pot-shops-open-th...

Retailers. (2018). Liquor Distribution Branch. Retrieved from https://www.bcldbcannabisupdates.com/opportunities/retailers

Sayler, B. (2018 June). Cannabis production in Canada [industry report 11141CA.] IBISWorld. Retrieved from http://clients1.ibisworld.ca/reports/ca/industry/default.aspx?entid=14456

Simon, R. (2018 July 13). Industry insights: Canadian cannabis production industry booming amid government deregulation. IBISWorld. Retrieved from https://www.ibisworld.com/media/2018/07/13/industry-insights-canadian-ca...

Shore, R. (2018 August 2). Growing cannabis at home in B.C. won't be illegal, but it won't be easy either. Vancouver Sun. Retrieved from https://vancouversun.com/cannabis/cannabis-news/growing-cannabis-at-home...

Spriggs, A. (2018 July 27). BC missing big opportunity in ‘craft cannabis,’ say critics. The Tyhee. Retrieved from https://thetyee.ca/News/2018/07/27/BC-Missing-Cannabis-Opportunity/

The GrowthOp. (2018 August 14). Ryerson becomes first university in Ontario to offer cannabis business course. The GrowthOp. Retrieved from https://www.thegrowthop.com/cannabis-news/ryerson-becomes-first-universi...

Zussman, R. (2018 September 13). B.C. expects it will take two to three years for legal marijuana industry to ‘mature’. Global News. Retrieved from https://globalnews.ca/news/4448490/bc-two-to-three-years-legal-marijuana...

Cannabis Legalization Series

What You Should Know About Cannabis Legalization in BC (Part 3 of 3): Consumers and Education

This post is the third in our three-part series on cannabis legalization in BC. It will review rules affecting consumers of cannabis as well as where you can get an education that will allow you to work in the cannabis industry. For part one on Private Retailers, click here. For part two on For-Profit Production, click here.

Consumers:

Many of the laws for consumers around cannabis will resemble our current laws around tobacco and alcohol:

  • You must be over 19 to purchase and use cannabis.
  • You can possess up to 30 grams of legally produced cannabis, which can be purchased from licensed establishments.
  • You can grow up to 4 plants per household but they must not be visible to anyone off the property.
  • If you run a home day-care on your property, you cannot grow cannabis.
  • Cannabis smoking is prohibited everywhere that tobacco smoking is prohibited; in addition, it cannot be smoked anywhere that children use regularly, such as parks.

(Cannabis, n.d.)

To purchase cannabis, consumers have to produce the same two pieces of ID they must have when purchasing alcohol (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018). For more information, please see the Government of BC Cannabis information page.

Higher Education:

Interested in getting involved in the cannabis industry but feel like you need to know more? Schools across Canada have already begun offering a variety of courses:

  • Olds College will be running an Introduction to Cannabis Retail online course to prepare students for working in the cannabis retail industry, providing scientific and product knowledge, as well as knowledge around regulations. (Olds College cannabis course launched, 2018)
  • Niagara College has started a Commercial Cannabis Production program, which prepares students to work in the production of cannabis on a commercial scale. (Brown, 2018)
  • Ryerson University’s G. Raymond Chang School of Continuing Education is offering a Business of Cannabis course, which will cover a variety of topics relevant to the cannabis industry to give entrepreneurial students a “competitive edge”. (The GrowthOp, 2018)

The Canadian cannabis industry is just beginning. Although legislation across the country and in different provinces comes into effect on October 17th, 2018, many consequences of the change are still unknown, and it is likely that this new and active industry will see a great deal of change over the next few years.

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

If you are interested in requesting further commentary from UBC experts about recreational cannabis legalization, please click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

References:

Brown, A. (2018 September 5). Niagara College offers Canada's first cannabis production program. City News. Retrieved from https://toronto.citynews.ca/2018/09/05/niagara-college-offers-canadas-fi...

Cannabis. (n.d.). Government of British Columbia. Retrieved from https://www2.gov.bc.ca/gov/content/safety/public-safety/cannabis

Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia. (2018 August). Government of British Columbia. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Courtenay, P. (2018, July 6). B.C. government paints a bleak picture of the legal cannabis retail landscape. The Georgia Straight. Retrieved from https://www.straight.com/cannabis/1099646/bc-government-paints-bleak-pic...

Courtenay, P. (2018, July 11). B.C. government announces 31 licensed cannabis producers set to supply the recreational market. The Georgia Straight. Retrieved from https://www.straight.com/cannabis/1101911/bc-government-announces-31-lic...

Craft Cannabis Association of BC. (2018, May 18). BC craft cannabis sounds alarm over survival of sector. Retrieved from https://www.craftcannabis.ca/position-papers/

Daily Hive Staff. (2018, September 14). Take a virtual tour of this BC cannabis production facility. Daily Hive. Retrieved from http://dailyhive.com/grow/tantalus-labs-vitrual-tour-cannabis-production...

Daily Hive Staff. (2018 July 9). These are Canada's 3 biggest legal cannabis facilities in 2018. Daily Hive. Retrieved from http://dailyhive.com/vancouver/grow-canada-biggest-cannabis-facilities-2018

INTERNATIONAL: Cannabis sector investment is rising. (2018 September 04). OxResearch Daily Brief Service. Retrieved from http://ezproxy.library.ubc.ca/login?url=https://search.proquest.com/docv...

Kane, L. (2018 July 13). B.C. says local governments can regulate cannabis growth on agricultural land. The Globe and Mail. Retrieved from https://www.theglobeandmail.com/cannabis/article-bc-says-local-governmen...

Korstrom, G. (2018 August 17). B.C. government restrictions have retail-cannabis entrepreneurs scrambling. Richmond News. Retrieved from https://www.richmond-news.com/business/b-c-government-restrictions-have-...

Little, S. (2018 September 16). With 1 month to legalization, B.C. warns pot shop crackdown coming. Global News. Retrieved from https://globalnews.ca/news/4455598/bc-legalization-pot-crackdown/

Liquor and Cannabis Regulation Branch. (n.d.). Indigenous Nations’ role in licensing non-medical cannabis retail stores. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Liquor and Cannabis Regulation Branch. (n.d.). Local governments’ role in licensing non-medical cannabis retail stores. Retrieved from https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-devel...

Olds College cannabis course launched. (2018 September 4). Red Deer Advocate. Retrieved from https://www.reddeeradvocate.com/news/olds-college-cannabis-course-launch...

Potenteau, D. (2018 July11). When B.C. government pot shops open, they’ll carry more than 150 kinds of weed. Global News. Retrieved from https://globalnews.ca/news/4326038/when-b-c-government-pot-shops-open-th...

Retailers. (2018). Liquor Distribution Branch. Retrieved from https://www.bcldbcannabisupdates.com/opportunities/retailers

Sayler, B. (2018 June). Cannabis production in Canada [industry report 11141CA.] IBISWorld. Retrieved from http://clients1.ibisworld.ca/reports/ca/industry/default.aspx?entid=14456

Simon, R. (2018 July 13). Industry insights: Canadian cannabis production industry booming amid government deregulation. IBISWorld. Retrieved from https://www.ibisworld.com/media/2018/07/13/industry-insights-canadian-ca...

Shore, R. (2018 August 2). Growing cannabis at home in B.C. won't be illegal, but it won't be easy either. Vancouver Sun. Retrieved from https://vancouversun.com/cannabis/cannabis-news/growing-cannabis-at-home...

Spriggs, A. (2018 July 27). BC missing big opportunity in ‘craft cannabis,’ say critics. The Tyhee. Retrieved from https://thetyee.ca/News/2018/07/27/BC-Missing-Cannabis-Opportunity/

The GrowthOp. (2018 August 14). Ryerson becomes first university in Ontario to offer cannabis business course. The GrowthOp. Retrieved from https://www.thegrowthop.com/cannabis-news/ryerson-becomes-first-universi...

Zussman, R. (2018 September 13). B.C. expects it will take two to three years for legal marijuana industry to ‘mature’. Global News. Retrieved from https://globalnews.ca/news/4448490/bc-two-to-three-years-legal-marijuana...

Cannabis Legalization Series

What You Should Know About Cannabis Legalization in BC (Part 2 of 3): For-Profit Production

This post is the second in our three-part series on cannabis legalization in BC. For part one on Private Retailers, click here. For part three on Consumers and Education, click here.

For-Profit Production:

Currently, the BC LBD has contracts with 31 licensed cannabis producers (Spriggs, 2018). Smaller producers will not be able to apply to sell their crop to LBD and retailers until mid-October, once the legislation comes into effect (Spriggs, 2018).

Many municipalities do not want cannabis grown in concrete bunkers on their Agricultural Land Reserves (ALR), but it may be possible to request a special zoning permit to grow on land that is not part of the ALR; those who want to produce cannabis should ensure they are aware of their municipality’s stance and bylaws (Spriggs, 2018; Kane, 2018). For example, Tilray Inc., one of the companies that will be a licensed producer for LBD, is growing in an industrial zone in Nanaimo (Kane, 2018). Growing outside of the ALR will mean that producers pay higher taxes.

Additional information for potential and current producers:

  • Craft Cannabis BC estimates that craft growers in BC were supplying up to 70% of Canada’s cannabis (Spriggs, 2018; Craft Cannabis Association of BC, 2018), prior to agreements being signed with large producers such as Aurora Cannabis Inc.
  • The Federal Cannabis Act does allow for licensing of micro producers, allowing for a maximum canopy of 200 square metres. (Spriggs, 2018; Craft Cannabis Association of BC, 2018)
  • A list of all 31 producers with who have entered into licensed agreements with the province to provide recreational cannabis can be found here.

Those who are interested in entering the cannabis production business in BC may want to contact associations such as the Craft Cannabis Association of BC, Cannabis Growers of Canada, or Cannabis Commerce Association of Canada.

If you would like to know more about how cannabis production works, BC cannabis producer Tantalus Labs has a made a virtual tour of their facility available here and here is a brief article about the company and their tour( Daily Hive Staff, 2018).

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

For part three on Consumers and Education, click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

Cannabis Legalization Series

What You Should Know About Cannabis Legalization in BC (Part 2 of 3): For-Profit Production

This post is the second in our three-part series on cannabis legalization in BC. For part one on Private Retailers, click here. For part three on Consumers and Education, click here.

For-Profit Production:

Currently, the BC LBD has contracts with 31 licensed cannabis producers (Spriggs, 2018). Smaller producers will not be able to apply to sell their crop to LBD and retailers until mid-October, once the legislation comes into effect (Spriggs, 2018).

Many municipalities do not want cannabis grown in concrete bunkers on their Agricultural Land Reserves (ALR), but it may be possible to request a special zoning permit to grow on land that is not part of the ALR; those who want to produce cannabis should ensure they are aware of their municipality’s stance and bylaws (Spriggs, 2018; Kane, 2018). For example, Tilray Inc., one of the companies that will be a licensed producer for LBD, is growing in an industrial zone in Nanaimo (Kane, 2018). Growing outside of the ALR will mean that producers pay higher taxes.

Additional information for potential and current producers:

  • Craft Cannabis BC estimates that craft growers in BC were supplying up to 70% of Canada’s cannabis (Spriggs, 2018; Craft Cannabis Association of BC, 2018), prior to agreements being signed with large producers such as Aurora Cannabis Inc.
  • The Federal Cannabis Act does allow for licensing of micro producers, allowing for a maximum canopy of 200 square metres. (Spriggs, 2018; Craft Cannabis Association of BC, 2018)
  • A list of all 31 producers with who have entered into licensed agreements with the province to provide recreational cannabis can be found here.

Those who are interested in entering the cannabis production business in BC may want to contact associations such as the Craft Cannabis Association of BC, Cannabis Growers of Canada, or Cannabis Commerce Association of Canada.

If you would like to know more about how cannabis production works, BC cannabis producer Tantalus Labs has a made a virtual tour of their facility available here and here is a brief article about the company and their tour( Daily Hive Staff, 2018).

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

For part three on Consumers and Education, click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

Cannabis Legalization Series

What You Should Know About Cannabis Legalization in BC (Part 1 of 3): Private Retailers

On October 17th, cannabis will become legal for sale and consumption in Canada. In BC, private and government retailers will be able to sell cannabis purchased from licensed producers in a variety of forms. This post is the first in a three-part series about cannabis legalization in BC. For part two on For-Profit Production, click here. For part three on Consumers and Education, click here.

Cannabis is a booming business in Canada already, and is projected to sell $8.6 Billion CAD will be sold to both medical and recreational users by the end of 2018, and it is expected to increase to $9.2 billion CAD by 2025 (INTERNATIONAL: Cannabis sector investment is rising, 2018), a growth of 29% per year (Sayler, 2018). While current industry profit margins are negative as companies establish themselves and the infrastructure needed for the new industry (Sayler, 2018), the biggest cannabis companies are valued at well over a billion. Those companies include Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc., and Cronos Group Inc. (Sayler, 2018; Daily Hive Staff, 2018). The cannabis industry is going to be highly competitive, with the number of companies in the industry expected to increase at 35.4% per year for the next five years (Sayler, 2018). In BC, the Minister of Public Safety and Solicitor General of British Columbia, Mike Farnworth, estimates the cannabis industry will take 2-3 years to mature (Zussman, 2018).

This series will review some of the most important laws and projections for this industry in BC and Canada. It is important to note that regulations around the retailing and production of cannabis will vary by municipality and Indigenous Nation and that some portions of the provincial licensing rules are not yet complete.

Private Retailers:

When the newly renamed Liquor & Cannabis Regulation Branch (LCRB) begins selling cannabis from its government approved distribution point to retailers in October, there will be more that 150 strains from 31 licensed producers to choose from (Potenteau, 2018). At this point in time, one government operated store will open in Kamloops on October 17th (Zussman, 2018). Although approximately 100 private retailer applications are being processed, it is unknown whether their permits will be approved by the legalization date (Zussman, 2018; Little, 2018).

Additional rules that private retailers should be aware of include:

  • No company or individual can own more than 8 stores, with an owner being defined as someone controlling 20% of a retail operation. (Korstrom, 2018)
  • Cannabis accessories can also be sold. (Potenteau, 2018)
  • Retail stores can sell dried cannabis, cannabis oil, cannabis seeds, and cannabis accessories. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Retailers must purchase cannabis from the Liquor Distribution Branch (LBD), but cannabis accessories can be purchased from other sources (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Private retailers are not permitted to have online sales or to sell edibles. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Minors cannot enter retail stores. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)

Those who currently own dispensaries must also go through the application process and will need to clear any illegal product on their shelves and restock with cannabis from the LBD (Courtenay, 2018). They should also be aware that a new enforcement branch called the Community Safety Unit will begin seizing illegal cannabis and will not need a warrant (Little, 2018). If you have further questions or want to be involved in advocating for the industry, you may be interested in contacting the Cannabis Commerce Association of Canada, which represents both producers and retailers. If you are interested in knowing more about the locations and numbers of retailers or dispensaries in your area currently, Weedmaps provides an interactive map of Canadian cannabis retailers or dispensaries, along with business reviews.

Indigenous Nation Rights:

Those who wish to open a non-medicinal cannabis store on Indigenous land must gain permission from the Indigenous Nation. The Indigenous Nation can:

  • Choose not to recommend approval of private cannabis stores.
  • Impose location restrictions.
  • Limit the hours of operation for the store.
  • Charge fees for assessing the store’s application.

(Liquor and Cannabis Regulation Branch, n.d.)

If the Nation decides to consider the application, it must gather and consider the views of area residents and provide the recommendation of approval or rejection in writing to the LCRB. A positive recommendation is required for licensing approval from the LCRB. Please see the Indigenous Nations’ Role in Licensing Non-Medical Cannabis Retail Stores pdf for more information.

These rights are nearly identical to the rights of local governments in regulating cannabis retailing and production (Liquor and Cannabis Regulation Branch, n.d.).

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

For part two on For-Profit Production, click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

Cannabis Legalization Series

What You Should Know About Cannabis Legalization in BC (Part 1 of 3): Private Retailers

On October 17th, cannabis will become legal for sale and consumption in Canada. In BC, private and government retailers will be able to sell cannabis purchased from licensed producers in a variety of forms. This post is the first in a three-part series about cannabis legalization in BC. For part two on For-Profit Production, click here. For part three on Consumers and Education, click here.

Cannabis is a booming business in Canada already, and is projected to sell $8.6 Billion CAD will be sold to both medical and recreational users by the end of 2018, and it is expected to increase to $9.2 billion CAD by 2025 (INTERNATIONAL: Cannabis sector investment is rising, 2018), a growth of 29% per year (Sayler, 2018). While current industry profit margins are negative as companies establish themselves and the infrastructure needed for the new industry (Sayler, 2018), the biggest cannabis companies are valued at well over a billion. Those companies include Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc., and Cronos Group Inc. (Sayler, 2018; Daily Hive Staff, 2018). The cannabis industry is going to be highly competitive, with the number of companies in the industry expected to increase at 35.4% per year for the next five years (Sayler, 2018). In BC, the Minister of Public Safety and Solicitor General of British Columbia, Mike Farnworth, estimates the cannabis industry will take 2-3 years to mature (Zussman, 2018).

This series will review some of the most important laws and projections for this industry in BC and Canada. It is important to note that regulations around the retailing and production of cannabis will vary by municipality and Indigenous Nation and that some portions of the provincial licensing rules are not yet complete.

Private Retailers:

When the newly renamed Liquor & Cannabis Regulation Branch (LCRB) begins selling cannabis from its government approved distribution point to retailers in October, there will be more that 150 strains from 31 licensed producers to choose from (Potenteau, 2018). At this point in time, one government operated store will open in Kamloops on October 17th (Zussman, 2018). Although approximately 100 private retailer applications are being processed, it is unknown whether their permits will be approved by the legalization date (Zussman, 2018; Little, 2018).

Additional rules that private retailers should be aware of include:

  • No company or individual can own more than 8 stores, with an owner being defined as someone controlling 20% of a retail operation. (Korstrom, 2018)
  • Cannabis accessories can also be sold. (Potenteau, 2018)
  • Retail stores can sell dried cannabis, cannabis oil, cannabis seeds, and cannabis accessories. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Retailers must purchase cannabis from the Liquor Distribution Branch (LBD), but cannabis accessories can be purchased from other sources (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Private retailers are not permitted to have online sales or to sell edibles. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)
  • Minors cannot enter retail stores. (Cannabis retail store terms and conditions: A handbook for the sale of non-medical cannabis in British Columbia, 2018)

Those who currently own dispensaries must also go through the application process and will need to clear any illegal product on their shelves and restock with cannabis from the LBD (Courtenay, 2018). They should also be aware that a new enforcement branch called the Community Safety Unit will begin seizing illegal cannabis and will not need a warrant (Little, 2018). If you have further questions or want to be involved in advocating for the industry, you may be interested in contacting the Cannabis Commerce Association of Canada, which represents both producers and retailers. If you are interested in knowing more about the locations and numbers of retailers or dispensaries in your area currently, Weedmaps provides an interactive map of Canadian cannabis retailers or dispensaries, along with business reviews.

Indigenous Nation Rights:

Those who wish to open a non-medicinal cannabis store on Indigenous land must gain permission from the Indigenous Nation. The Indigenous Nation can:

  • Choose not to recommend approval of private cannabis stores.
  • Impose location restrictions.
  • Limit the hours of operation for the store.
  • Charge fees for assessing the store’s application.

(Liquor and Cannabis Regulation Branch, n.d.)

If the Nation decides to consider the application, it must gather and consider the views of area residents and provide the recommendation of approval or rejection in writing to the LCRB. A positive recommendation is required for licensing approval from the LCRB. Please see the Indigenous Nations’ Role in Licensing Non-Medical Cannabis Retail Stores pdf for more information.

These rights are nearly identical to the rights of local governments in regulating cannabis retailing and production (Liquor and Cannabis Regulation Branch, n.d.).

Are you planning to enter or already a part of this new industry? Let us know what you think of the laws and the impact they will have on your business down below, or tweet us @sba_bc. We look forward to hearing from you!

For part two on For-Profit Production, click here.

Photo credit: BC Liquor Distribution Branch. Attribution required, no derivatives permitted.

Cannabis Legalization Series

Event planners organize, execute, and promote events like trade shows, conferences, corporate meetings, and more. Event planning is a business with a low barrier to entry, so competition within the industry is high (Couillard, 2018). Factors that have a strong impact on the success of event planning businesses are personal relationships with customers, the ability to manage costs and contracts, and whether the event planner has the ability to manage the seasonal fluctuations of the industry (Couillard, 2018). This post will give you an up-to-date look at trends, challenges, and research resources, for those interested in becoming event planners or event planners who would like to gain a competitive edge.

Canada

As of 2017, there were 1,313 businesses in Canada categorized as Convention and Trade Show Organizers, the larger umbrella term which encompasses organizers, managers, and promoters of all type of events and meetings, with the notable exceptions of wedding planning services and live events such as concerts. For more information about wedding planning, please see our industry overview here or our industry guide to wedding planning here.

Table of business sizes in Canadian provinces and territories in the event planning industry. Please click the links below if you cannot see this image.

Statistics Canada. Table 33-10-0037-01 Canadian Business Counts, with employees, December 2017.

Statistics Canada. Table 33-10-0038-01 Canadian Business Counts, without employees, December 2017.

In 2016, this industry made a total of $620.3 thousand, with 80.8% of businesses reporting a profit. There was a net profit for the industry of $109.1 thousand (Statistics Canada, 2016).

British Columbia

As is visible in the table above, British Columbia has the third highest number of event planning businesses in Canada, with a total of 180 businesses. Of those 180 businesses, 41.1% have employees.

This number has increased by 1.1% since 2016, when there were 178 businesses. In 2016, 39.9% of those businesses had employees. 51.4% of businesses with employees were considered micro businesses, with between one and four employees (Statistics Canada, 2016). 42.8% were small businesses, with between five and ninety-nine employees (Statistics Canada, 2016). The largest event planning businesses in British Columbia fell into the medium business category, with between one hundred and four hundred ninety-nine employees; these accounted for just 5.7% of event planning businesses with employees in British Columbia, or 2.2% of the total number of event planning businesses (Statistics Canada, 2016).

Cost Breakdown of Event Planning Businesses in Canada

The chart below show a breakdown of how trade show and event planning in Canada spend their revenue in comparison to other industries in their sector (Couillard, 2018). The broad sector for this industry is administrative and support services, which includes things such as office administrative services, business support services, and travel arrangement and reservation services (Statistics Canada, 2017).

Chart depicting how industry revenue is distributed between things such as wages, profits, renting utilities etc. Please see the IBIS report if you cannot see this picture

Industry Trends

This industry has low revenue volatility, despite the high competition levels (Couillard, 2018). Profit margins are expected to rise slightly in the industry over the next five years, in both Canada and the US (Couillard, 2018; Convention & Trade Show Organizers Industry (NAICS 56192), 2018).

Canadian Event Planning Industry Revenue Projection

revenue projections for Canadian event planning industry

American Event Planning Industry Revenue Projection

revenue projections for US event planning industry

There is a strong trend towards the increased use of technology in this industry, with business operators needing to learn to use and develop mobile platforms, social media, and webinars to enhance client experience (Couillard, 2018).

As globalization continues, the event planning industry in Canada will likely reap some of the benefits, as Canada has become a more appealing locale to have multinational events due to the availability of large spaces and business expansion into Canada from foreign companies (Couillard, 2018).

Notable Industry Information

  • Social media such as Facebook and LinkedIn are improving the ability of potential clients to network without ever meeting face to face, which has traditionally been a major reason to attend trade shows and conferences; those in the industry will have to ensure that their current clients continue to understand the value of face – to – face interactions (Couillard, 2018).
  • Outside factors such as per capita disposable income and corporate profit a strong drivers for this industry, so any downwards trends in those areas are likely to affect the revenue of event planning businesses (Couillard, 2018).
  • Corporate events are one of the major sectors of the event planning industry. Since corporate profit is affected by global oil and commodity prices the stability of commodity prices may pose an indirect challenge to the industry, because companies with slimmer profits are less likely to hire event planners to host and plan events (Couillard, 2018).
  • There is an increased focus on offering engaging and entertaining events, offering fun experiences for participants such as virtual reality (etouches, 2017).
  • As part of the trend towards trying to increase participant engagement, events will likely become smaller and more intimate (etouches, 2017).
  • There is also a rise in niche industry events, which is leading to smaller events such as pop-ups (etouches, 2017).

The most important success factors for those in the event planning industry are identified by Couillard’s IBISWorld Industry Report (2018) as:

  • Maintenance of excellent customer relations
  • Management of seasonal production
  • Effective cost controls
  • Ability to manage external (outsourcing) contracts

Additional Resources

Below are some resources to help you get started on your business research.

Associations

Magazines and Trade Journals

Directories

If you would like to access more resources, the Event Planning Guide is designed to help prospective and existing event planning business owners gather information for their secondary market research. The guide is broken down into four main sections that cover how to start your research, industry information, competitive information and customer information. Depending on your needs you can spend as much or as little time as necessary in each section.

If you find that you need more guidance before starting your secondary research, check out The Beginner's Guide to Business Research; it will help you focus on what types of information you will need to gather and why they are important.

References

Convention & Trade Show Organizers Industry (NAICS 56192). (2018). United States Convention & Trade Show Organizers Industry Report, 1-196.

Couillard, L. (2018). Trade show & event planning in Canada (IBISWorld Industry Report 56192CA). IBISWorld Inc. Retrieved from http://clients1.ibisworld.com/reports/ca/industry/default.aspx?entid=1502

etouches. (2017). The best 2017 event trends you need to know. Canadian Special Events Magazine. Retrieved from http://canadianspecialevents.com/17192/the-best-2017-event-trends-you-need-to-know/

Statistics Canada. (2017). Table 33-10-0037-01 Canadian Business Counts, with employees. Retrieved from https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3310003701

Statistics Canada. (2017. Table 33-10-0038-01 Canadian Business Counts, without employees. Retrieved from https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3310003801

Statistics Canada. (2017). North American Industry Classification System (NAICS) Canada 2017 Version 2.0. Retrieved from http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=380372&CVD=380374&CPV=561&CST=01012017&CLV=2&MLV=5

Statistics Canada. (2016). Financial performance – Canadian industry statistics. Convention and Trade Show Organizers – 56192. Retrieved from https://www.ic.gc.ca/app/scr/app/cis/performance/rev/56192

Statistics Canada. (2016). Businesses – Canadian industry statistics. Convention and Trade Show Organizers – 56192. Retrieved from https://www.ic.gc.ca/app/scr/app/cis/businesses-entreprises/56192

Industry Trends

Event planners organize, execute, and promote events like trade shows, conferences, corporate meetings, and more. Event planning is a business with a low barrier to entry, so competition within the industry is high (Couillard, 2018). Factors that have a strong impact on the success of event planning businesses are personal relationships with customers, the ability to manage costs and contracts, and whether the event planner has the ability to manage the seasonal fluctuations of the industry (Couillard, 2018). This post will give you an up-to-date look at trends, challenges, and research resources, for those interested in becoming event planners or event planners who would like to gain a competitive edge.

Canada

As of 2017, there were 1,313 businesses in Canada categorized as Convention and Trade Show Organizers, the larger umbrella term which encompasses organizers, managers, and promoters of all type of events and meetings, with the notable exceptions of wedding planning services and live events such as concerts. For more information about wedding planning, please see our industry overview here or our industry guide to wedding planning here.

Table of business sizes in Canadian provinces and territories in the event planning industry. Please click the links below if you cannot see this image.

Statistics Canada. Table 33-10-0037-01 Canadian Business Counts, with employees, December 2017.

Statistics Canada. Table 33-10-0038-01 Canadian Business Counts, without employees, December 2017.

In 2016, this industry made a total of $620.3 thousand, with 80.8% of businesses reporting a profit. There was a net profit for the industry of $109.1 thousand (Statistics Canada, 2016).

British Columbia

As is visible in the table above, British Columbia has the third highest number of event planning businesses in Canada, with a total of 180 businesses. Of those 180 businesses, 41.1% have employees.

This number has increased by 1.1% since 2016, when there were 178 businesses. In 2016, 39.9% of those businesses had employees. 51.4% of businesses with employees were considered micro businesses, with between one and four employees (Statistics Canada, 2016). 42.8% were small businesses, with between five and ninety-nine employees (Statistics Canada, 2016). The largest event planning businesses in British Columbia fell into the medium business category, with between one hundred and four hundred ninety-nine employees; these accounted for just 5.7% of event planning businesses with employees in British Columbia, or 2.2% of the total number of event planning businesses (Statistics Canada, 2016).

Cost Breakdown of Event Planning Businesses in Canada

The chart below show a breakdown of how trade show and event planning in Canada spend their revenue in comparison to other industries in their sector (Couillard, 2018). The broad sector for this industry is administrative and support services, which includes things such as office administrative services, business support services, and travel arrangement and reservation services (Statistics Canada, 2017).

Chart depicting how industry revenue is distributed between things such as wages, profits, renting utilities etc. Please see the IBIS report if you cannot see this picture

Industry Trends

This industry has low revenue volatility, despite the high competition levels (Couillard, 2018). Profit margins are expected to rise slightly in the industry over the next five years, in both Canada and the US (Couillard, 2018; Convention & Trade Show Organizers Industry (NAICS 56192), 2018).

Canadian Event Planning Industry Revenue Projection

revenue projections for Canadian event planning industry

American Event Planning Industry Revenue Projection

revenue projections for US event planning industry

There is a strong trend towards the increased use of technology in this industry, with business operators needing to learn to use and develop mobile platforms, social media, and webinars to enhance client experience (Couillard, 2018).

As globalization continues, the event planning industry in Canada will likely reap some of the benefits, as Canada has become a more appealing locale to have multinational events due to the availability of large spaces and business expansion into Canada from foreign companies (Couillard, 2018).

Notable Industry Information

  • Social media such as Facebook and LinkedIn are improving the ability of potential clients to network without ever meeting face to face, which has traditionally been a major reason to attend trade shows and conferences; those in the industry will have to ensure that their current clients continue to understand the value of face – to – face interactions (Couillard, 2018).
  • Outside factors such as per capita disposable income and corporate profit a strong drivers for this industry, so any downwards trends in those areas are likely to affect the revenue of event planning businesses (Couillard, 2018).
  • Corporate events are one of the major sectors of the event planning industry. Since corporate profit is affected by global oil and commodity prices the stability of commodity prices may pose an indirect challenge to the industry, because companies with slimmer profits are less likely to hire event planners to host and plan events (Couillard, 2018).
  • There is an increased focus on offering engaging and entertaining events, offering fun experiences for participants such as virtual reality (etouches, 2017).
  • As part of the trend towards trying to increase participant engagement, events will likely become smaller and more intimate (etouches, 2017).
  • There is also a rise in niche industry events, which is leading to smaller events such as pop-ups (etouches, 2017).

The most important success factors for those in the event planning industry are identified by Couillard’s IBISWorld Industry Report (2018) as:

  • Maintenance of excellent customer relations
  • Management of seasonal production
  • Effective cost controls
  • Ability to manage external (outsourcing) contracts

Additional Resources

Below are some resources to help you get started on your business research.

Associations

Magazines and Trade Journals

Directories

If you would like to access more resources, the Event Planning Guide is designed to help prospective and existing event planning business owners gather information for their secondary market research. The guide is broken down into four main sections that cover how to start your research, industry information, competitive information and customer information. Depending on your needs you can spend as much or as little time as necessary in each section.

If you find that you need more guidance before starting your secondary research, check out The Beginner's Guide to Business Research; it will help you focus on what types of information you will need to gather and why they are important.

References

Convention & Trade Show Organizers Industry (NAICS 56192). (2018). United States Convention & Trade Show Organizers Industry Report, 1-196.

Couillard, L. (2018). Trade show & event planning in Canada (IBISWorld Industry Report 56192CA). IBISWorld Inc. Retrieved from http://clients1.ibisworld.com/reports/ca/industry/default.aspx?entid=1502

etouches. (2017). The best 2017 event trends you need to know. Canadian Special Events Magazine. Retrieved from http://canadianspecialevents.com/17192/the-best-2017-event-trends-you-need-to-know/

Statistics Canada. (2017). Table 33-10-0037-01 Canadian Business Counts, with employees. Retrieved from https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3310003701

Statistics Canada. (2017. Table 33-10-0038-01 Canadian Business Counts, without employees. Retrieved from https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3310003801

Statistics Canada. (2017). North American Industry Classification System (NAICS) Canada 2017 Version 2.0. Retrieved from http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=380372&CVD=380374&CPV=561&CST=01012017&CLV=2&MLV=5

Statistics Canada. (2016). Financial performance – Canadian industry statistics. Convention and Trade Show Organizers – 56192. Retrieved from https://www.ic.gc.ca/app/scr/app/cis/performance/rev/56192

Statistics Canada. (2016). Businesses – Canadian industry statistics. Convention and Trade Show Organizers – 56192. Retrieved from https://www.ic.gc.ca/app/scr/app/cis/businesses-entreprises/56192

Industry Trends

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