Before you’re fully ready to enter a new market you need to develop a market entry strategy. One of the biggest considerations in this strategy is how you actually intend to enter the market, which can be somewhat confusing. To help you devise a clear plan, here is an overview of the ways a Canadian business can enter new markets. The traditional means of market entry fall into these four main categories:
There are a number of different programs and resources to consider as you explore the opportunity to expand into international markets. While these resources can provide you with access to different funding and help you be better prepared for your entry into new markets, they are not all necessarily a great fit for all businesses.
Last month, Minister Ng announced some exciting and very relevant additions to the CanExport program. The CanExport program offers government grants of up to $75,000 to small and mid-sized Canadian companies that take their business into new markets. With COVID-19, entering new jurisdictions has become much less accessible and businesses have had to look at new ways of reaching clients in international markets. The deadline for submitting an application for 2020/2021 funding is December 14, 2020