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Thinking of Exporting? Consider This Advice First!
Last week we heard from the Conference Board about how Canadian companies are too reluctant to export.
This week we are talking about how you CAN export successfully.
Exporting Is Risky, But Not Exporting May Be Even Riskier
As Todd Winterhalt, Vice-President, International Business Development, of the Export Development Corporation (EDC) explains in this interview, by staying local you not only limit your growth, you miss the chance to lower the risk of being dependent on one economy. Even just exporting to the U.S. can be dangerous: How many of you struggled when the American real estate crisis hit?
Not exporting is also risky if your competitors are exporting. They will grow while you stagnate.
How To Lower The Risks
The biggest mistake newbie exporters make is not doing enough research before launching into a new country. Talk to people. Read. Learn about how the supply chains work.
Once you’ve done a lot of background research, it is almost always best to visit your potential export partners on their turf for some face to face meetings. Skype can only get you so far.
Who can Help You With Your Export Journey?
There are several sources of help during your research phase:
* The Department of Foreign Affairs Trade Commissioner service, also known as DFAIT. Their main job is to help you succeed in your export ventures.
* Industry associations, in Canada and in your target country.
* Chambers of Commerce, in both places.
* Competitors. Yes, they may well be willing to share some of their war stories with you, to help you decide whether or not to tackle a market they’ve tried.
* Suppliers or customers who already do business in that country.
One program you should look seriously at, once you are confident you stand a good chance in a new market, is the Canadian Digital Media Network’s Soft Landings Program. This awesome program will fund you to travel to your prospect country, will help you set up meetings with the key players in your field there, and even get you a desk in an accelerator office for up to three months so you can network like a local start-up or SME.
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By Tema FrankLast week we heard from the Conference Board about how Canadian companies are too reluctant to export.
This week we are talking about how you CAN export successfully.
Exporting Is Risky, But Not Exporting May Be Even Riskier
As Todd Winterhalt, Vice-President, International Business Development, of the Export Development Corporation (EDC) explains in this interview, by staying local you not only limit your growth, you miss the chance to lower the risk of being dependent on one economy. Even just exporting to the U.S. can be dangerous: How many of you struggled when the American real estate crisis hit?
Not exporting is also risky if your competitors are exporting. They will grow while you stagnate.
How To Lower The Risks
The biggest mistake newbie exporters make is not doing enough research before launching into a new country. Talk to people. Read. Learn about how the supply chains work.
Once you’ve done a lot of background research, it is almost always best to visit your potential export partners on their turf for some face to face meetings. Skype can only get you so far.
Who can Help You With Your Export Journey?
There are several sources of help during your research phase:
* The Department of Foreign Affairs Trade Commissioner service, also known as DFAIT. Their main job is to help you succeed in your export ventures.
* Industry associations, in Canada and in your target country.
* Chambers of Commerce, in both places.
* Competitors. Yes, they may well be willing to share some of their war stories with you, to help you decide whether or not to tackle a market they’ve tried.
* Suppliers or customers who already do business in that country.
One program you should look seriously at, once you are confident you stand a good chance in a new market, is the Canadian Digital Media Network’s Soft Landings Program. This awesome program will fund you to travel to your prospect country, will help you set up meetings with the key players in your field there, and even get you a desk in an accelerator office for up to three months so you can network like a local start-up or SME.