What You Need to Know to be Export Ready

Doing business across borders can be challenging, so we’ll walk you through the journey of exporting – this is, the movement of goods and services from one country to another. Think of it as selling goods and services produced in one country, to buyers in another country.

We Can Help You Export

For small businesses, going global or exporting can be a daunting venture. Although many businesses may have “export-possible” products or services that can serve international markets, global business opportunities are never explored. Traditionally, you needed to have an established local market and have some level of success in selling in that home market before you could even think, or attempt, expanding into foreign markets.

But what if that is not necessarily true? Could you sell to international markets right off the bat? The answer is yes—companies of all sizes can go global! What about inter-provincial trade? There are 13 provinces and territories in Canada, and that means 12 new markets that you may find success in, beyond your borders.

Why Should You Consider Exporting Your Products?

COVID-19 has had a severe impact on economies across the globe. It has had a particularly severe impact on international trade as governments close their borders and limit the movement of goods and services. However, with countries slowly opening their borders back up again, it is predicted that exporting activities will increase heading into 2021.

This presents a great opportunity for businesses and business owners right now to start doing international market research and developing market entry strategies in order to take advantage of the anticipated growth in international trade.

Where Can You Export?

You can export anywhere that you have contacts and connections—it should be somewhere that you have identified has a need for your product or service. Consider somewhere:

• That has low barriers to market entry
• That Canada has already established trade agreements with
• That you have some level of market or trade intelligence on
• In which you have some understanding of political, economic, socio-cultural, and technological factors

In addition, you should be aware of the import regulations of the place you want to export to and have done some preliminary research.

Opportunities & Risk

Exporting has many benefits, and also many risks. It’s important to consider every side of the coin before you commit time, money and resources into it.

Are You Ready to Export?

Your business must have a developed product or service, an established business model, and an established international market entry strategy in order to be considered “ready” for export. Businesses with an established and successful local market tend to be the first to explore global markets as part of their growth strategy, but with a well-developed product or service, any startup business can explore exporting successfully.