After completing a competitor analysis and determining a correct market to enter, the next step is to understand who to talk to, especially in terms of human and financial resources.
Conducting international business can require significant financial backing. Your financial resources need to be stable enough to cover unseen costs. Unpaid bills, distribution problems, and language barriers all hinder you getting paid.
Partnering with a local firm can help you find the human resources you need. Ensure that your company is meeting labour standards required in your targeted market. Your domestic operations are also likely to change, so make sure your human resources are ready on both sides before you begin your international business.
Who You Need to Talk to
DFATD helps Canadians who are interested in or about to export. This Department is made up of a network of Trade Commissioners who can help you find a market for your product. These Trade Commissioners work throughout DFARD’s regional and international offices. The Trade Commissioner Service can help with export advice, market research, preparation, and problem solving. Often skilled linguists, they can offer insight into a specific market from a unique perspective.
EDC is a crown corporation that works as a national export credit and insurance agency. Internationally, it’s often used as a financial backer and a tool to ensure you get paid. EDC will work with foreign companies looking to buy your products by providing special loans. It can also provide information and advice on exporting; including financing trade missions.
Most of Canada’s major banks provide trade financing and documentation services. Each will be able to provide information on trading in new markets that will help to explain international business, marketing and finance.