Discover 4 key steps for taking your business international—from assessing your readiness to selecting the right market and executing a successful entry strategy. Find out which questions you should be asking and which actions you should be taking.
Entering foreign markets can be a rewarding and highly profitable step in the growth of any business, but entrepreneurs need to make sure their company is fully prepared. Underestimate the challenges and you could find yourself struggling in unknown territory.
There any many reasons for taking your business international: Canada is a relatively small market, the "made in Canada" brand has strong international appeal, and research shows that exports can help companies boost sales and profits. But successful international expansion demands significant planning, research and preparation. In this infographic, you'll discover four essential steps for optimizing your entry strategy—including the different questions you should be asking and the actions you should be taking.
For any business, the first step is to assess its readiness. Start by asking yourself why you want to expand abroad. What you can offer a foreign market? Does your company have the right mindset and necessary resources? Take time to carry out a rigorous assessment of your business.
Once you're sure your company is ready, you'll need to research and select the right market for your business—and then plan a solid entry strategy. This requires hands-on research, spending time contacting potential clients, distributors and partners. The final step is to implement your plan with a visit to the country, where you'll meet partners and negotiate terms for your business.
Discover our checklist for planning your international expansion in this valuable infographic.