It’s like your mom said: Stop making excuses.
If you’re not exporting yet, you probably have a long list of reasons why it’s not for you—arguments you’ve come up with while staring at the ceiling at 3 a.m. In the middle of the night, they seem insurmountable and have convinced you to shy away from selling your goods and services in markets outside Canada. Thanks in part to our partners at the Trade Commissioner Service (TCS), here are six top myths that might be preventing you from expanding your business internationally.
Are these 6 exporting myths stopping you from growing your business?
Export myth #1: You need to be a big company
All sizes of businesses can succeed in global markets. In fact, thousands of Canadian small- to medium-sized companies (SMEs)—ones with sales between $30,000 and $5 million—are exporting and thriving while doing it.
Export myth #2: It’s too complicated
Thankfully, you don’t have to do all the work yourself. At Export Development Canada (EDC), we have the expert knowledge, financial solutions and connections to help at every step of your export journey—from finding overseas customers and managing sales orders to accessing capital and delivering the goods.
Export myth #3: I can’t compete
If your business sells in Canada, why couldn’t you have customers elsewhere? It’s not just about your price point. Other factors such as need, utility, quality, service and consumer taste can make you competitive.
Export myth #4: Exporting is too risky
All it takes is one person who can’t or won’t pay you and you’d be up the creek, right? At EDC, helping you manage and mitigate risk is our specialty.
Export myth #5: I can’t afford it
A sudden rush of new orders from international customers doesn’t necessarily require large capital outlays or hiring a fleet of new employees. Sources, like EDC, the TCS and the Business Development Bank of Canada (BDC), offer a range of solutions—from insurance and market-entry support to extra working capital. These services are inexpensive and sometimes free. The Canada Business Network also provides information about export financing.
Export myth #6: I don’t speak the language or know how other countries do business
Lucky for you, English is the international language of business and if that doesn’t work, it’s not difficult to find local translators. If you’re not an expert in your target market’s business etiquette, most countries will be understanding if you show a willingness to learn. To get a head start, watch our on-demand webinar about international business culture or click on these links for more information.
Still nervous? To help overcome any remaining self-doubt, visit our free online Export Help Hub for answers to your questions about exporting to the United States and European Union. If you’d rather have a friendly voice talk you through your concerns, schedule a call with one of our trade advisors by phone (1-888-220-0047) or email (email@example.com).