Expanding businesses should target a specific market, build relationships, and minimize costs
With the Canadian economy on the fast track to recovery, small business owners may want to think about expanding their base of operations and going global. A recent article from the New York Times offers some tips for businesses looking to go global.
A Canadian small business owner should first focus on choosing a specific market. Internet ad platforms, like Google Ad Words, can be used to target specific regions. If a business is looking for a foreign distributor, industry trade shows could also be a good place to start.
Building relationships is another important aspect of going global, says the paper. In Canada, if a business is cheated, a business owner can go through the legal system to get their money back. In some developing countries, the legal system isn't as reliable, so people may only do business with those they are able to trust.
Finally, a business owner needs to make sure to keep all shipping costs in mind. Exporting products can be expensive, so before entering into any contract, a small business should ensure that they are making money.
With the global economy on the rebound, emerging countries may be more interested in importing goods. According to a study conducted by the International Money Fund, the economy of emerging countries is expected to be up 6.3 percent in 2010.
