Will your export idea work? 3 ways to test it first
Before you export your products or services do what you can to assess responses from competitors and customers.
Before you export your products or services do what you can to assess responses from competitors and customers. You’ll also want to try to predict the impact on your original operations in case any adjustments are required there.
Here are 3 ways you can gauge the success of your export idea.
Although there’s always some risk involved when branching out in a new direction, knowing the true costs up front will help you decide whether the venture is worthwhile. A cost-benefit analysis can work as a kind of pre-test, before you decide to invest in your exporting plans.
As a first step, you’ll want to research:
Once you know what to expect in terms of costs and red tape, you’ll be ready to take the next step: drafting an exporting business plan.
Selling to international buyers via the web can be an end in itself – for example, if you sell business services or e-products. It’s also a good way to find out how much interest there is from your target customers before you start shipping products to retailers outside of Canada.
It isn’t costly to build a micro-website to target customers in a foreign region. A handy tool like Google’s Global Market Finder can translate your English keywords into any language you choose – and tell you which markets have the highest search volumes for particular keywords.
Depending on which market you’d like to sell to, you may also need to translate your content. At the very least, be sure your website is localized with a domain hosted in your import country. Try to use local currencies and references as well.
One of the best ways to find out whether your business idea will succeed in a foreign market is to partner with a retailer willing to sell a sample of your products in-store. This kind of small scale joint initiative is low-risk and low-cost, and it will provide you with a firsthand look at sales figures in the proposed expansion region.
To find potential partners, search for business connections on LinkedIn and other online networking sites.
You might also try speaking to a representative of the local Economic Development office to get a referral to a potential business person. Try the Chamber of Commerce as well – there may be a joint Chamber of Commerce set up here in Canada that may help facilitate an introduction to a foreign connection. For example, the Brazil-Canada Chamber of Commerce exists to foster connections and trade between those two countries.
If you have not yet started your business, let us help you determine the feasibility of your new idea.Go
If you've been in business up to 2 years select this option to identify how to run your business more effectively.Go
If you have been in business for more than 2 years, determine the crucial next steps for growth.Go
*No purchase necessary. The Contest commences at 12:01 a.m. (ET) October 23, 2016, and ends at 11:59 p.m. (ET) October 22, 2017. To be an entrant, you must be the named recipient of this notification, a legal resident of Canada and the age of majority, but not an employee, agent or representative of Scotiabank, its affiliates or subsidiaries, or a member of the household or immediate family of above parties. Selected entrant must answer time-limited mathematical skill-testing question. One (1) Grand Prize: $10,000. Five (5) Secondary Prizes: $1,000. Chances of winning depend on the total number of eligible entries received during the contest period. Click here for full contest details.