Why Canadian small businesses should consider the United States market
As a business owner, one of your main goals is most likely to have a successful company, right? Originally reported by The Globe and Mail, it’s recently been recommended for Canadians to expand overseas. Specifically, in order to take advantage of growing business opportunities in diverse global markets, Canadian small business should really consider markets in the United States.
According to Economic Development Canada, Canadian exports rose 5. 7 per cent—just in 2014 alone. Due to the surging American economy, weak Canadian dollar and falling oil prices, it seems like the perfect time for Canadian business owners to enter the U.S.
According to the International Monetary Fund, the American economy is currently on track for its best year since 2005. Furthermore, the U.S. market is much closer for Canadians and more accessible than China or other emerging markets. The United States market should be more familiar to Canadians too, meaning that starting the expansion process shouldn’t be too overwhelming.
While finding capital can sometimes be a headache, there are available sources—including private equity and family investors. Specifically, both sides of the border have capital options readily available to companies who are looking to grow. Simply put, people are ready to invest.
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Certain industries are doing quite well in the United States, such as the automotive market and the aviation manufacturing market. Those who aren’t in these markets shouldn’t be discouraged, but should understand that there is an opportunity for Canadians to utilize the growing market place.
And while there may be challenges and difficulties along the way, it’s important to know that success in the United States can often lead to success in other markets and territories.
[SOURCE: The Globe and Mail]