Written by Paul Gaspar, Small Business Director with UPS Canada
Global trade opens many doors for Canadian businesses.
It’s an entrepreneur’s chance to learn about different countries and acquire the knowledge and expertise in order to do business in different parts of the world. Each market has different cultures, regulations, languages, and currency that you will need to adapt to. It’s definitely a “good different” and not a reason to close the door to endless opportunities.
Why constrain yourself to selling to 35 million Canadians if your business can tap into nearly 7 billion people across the globe? Consider these tips when deciding on expansion opportunities beyond your home borders.
- Research potential markets: Look for markets with a growing middle class. For example, a growing consumer base and an appetite for Canadian goods makes emerging economies such as China, Brazil, and India, appealing to businesses.
- Consider starting close to home: Benefits of trade with our largest trading partner, the United States, includes a same business language and similar culture. Plus, the North American Free Trade Agreement removes trade barriers between its immediate neighbors, making exporting even easier.
- Examine trade trends: Pay close attention to countries that are showing an increase in imports. If a country’s imports spike, it could be a sign that it is ripe for new entrants. Remember, look for a consistent increase over time to make sure a sudden surge isn’t just a one-time event.
- The cost of a new market: Consider duties, taxes and fees charged by countries when goods arrive. This is an important step for businesses in order to make a profit without pricing themselves out of the market.
There’s a whole world of customers out there; but guidance is key. Get advice on international trade and learn how your business can enter new markets here.
A version of this article was previously published in November, 2015.