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In today's global marketplace, exporting and other international trade opportunities are important success factors for a growing number of companies. But entrepreneurs are often intimidated by the prospect of doing international business. After all, exporting brings a whole new set of challenges.
Ensuring that you carefully go through each step is the best way for your business to succeed on its journey to international expansion.
There are plenty of opportunities for your business to grow beyond the borders of Canada; the rewards can be great, but exporting is not without risks.
An export plan will help you to evaluate the risk and potential benefits to your business, while outlining the path that will enable you to reach your goals.
Identifying and selecting the right market may be the most important decision you’ll have to make as part of your export strategy.
Changes in technology and the way business is done mean that small businesses now have the capacity to compete in the global marketplace.
For you to be successful abroad, it takes in-depth market research and a marketing plan that is sensitive to the foreign market’s culture and customs.
By this stage, you have arrived at your final decision. Now it’s time to develop your plan of attack—your market entry strategy.
Although shipping internationally can be complicated, making sure that you are familiar with the various regulatory requirements can make for a much smoother process.
Lenders prefer sound facts and figures, so back up your information with a strong financial plan, particularly in areas such as export financing.
High-speed connectivity, user-friendly software and easy transportation have reduced the barriers to finding and selling to foreign customers via the Internet.
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