Adam Luo, Emperor’s Kitchen, Fredericton, NB, CYBF Young Entrepreneur
Finding export market follows one simple principle – striking a shared interest where your company and the customers benefit. This should be force that drives you to find an export market and the common ground that backs up the negotiation process.
As an entrepreneur looking to expand, you may already but looking for fast-growing market to target. However, if this market is too competitive already, then the shared interest is lower than it would be in a market that is growing more slowly but where potential has not been fully realized.
Another important aspect expanding globally is that businesses should focus more on building long-term relationships than on striking short-term deals. Certain investments will undoubtedly need to be made in the early stages of this expansion into new markets. However, if businesses act and adapt quickly in the new market, these early investments are more likely to pay off.
Finally, when looking to enter new markets, consider government policies and regulations that could impact your ability to import products and services.