The good news for anyone interested in starting a business in Canada is that there are abundant import export business opportunities to consider. These businesses are the type of organizations that build Canada’s economy bigger and stronger.
Even better, the Ontario wants to aid in the export development of Canada by offering you tools and resources to help you grow a stronger business for yourself. This is especially true for businesses focused on exports. The understanding is that for the Canadian economy to grow, businesses need to send more export my goods than they import.
Before You Begin Your Imports Exports Business
Before you get started on your path to excellence in imports and exports, you must get the answers to a few key questions. Only after you’ve answered these questions can you begin to start your import and export business in Ontario or anywhere else, for that matter.
- What products will you export?
Canada exports a phenomenal number of products and raw materials each year. Before you begin your business, you need to understand the types of products and material available for export and either create a new market for existing products and raw materials or come up with a new product to export.
Common items Canada currently exports include:
• Crude oil.
• Petroleum gases.
• Other precious metals.
• Automotive parts.
• Electrical equipment.
Once you decide the goods you want to trade or export, it’s time to focus on your target location. While all new businesses envision worldwide domains, it is often best to begin small and work your way up.
- Who will buy your products and raw materials?
This may be one of the most important questions you can ask. When you’re dealing with foreign nations for business, you’re dealing with an entirely new set of laws, regulations, taxes, and requirements.
Canada primarily exports products, goods, and services to one of the following four markets:
- United States.
- European Union.
Lastly, Canada does import a fair amount of goods to Latin America nations outside of Mexico and to various parts of the Caribbean.
- How are you funding your venture?
Export financing is tricky business and finding a lender that meets the needs of your business is trickier still. Considering that Canada exports more than $420 billion annually, the good news for you is that lenders see plenty of opportunities available to them by funding export businesses.
How do You Get Started in the Import Export business in Canada?
Most things in business come down to developing an effective system. When you begin your business in Canadian exports, you must do the following things to be successful:
- Develop products or procure materials to sell.
- Identify your target market.
- Acquire startup capital.
- Obtain all the proper licenses permits, etc.
- Have a base of operations.
- Invest in marketing.
- Secure the resources you need to fuel your business (raw materials, products, transportation, permits, etc.).
Funding may have once been the greatest challenges import export businesses had to face. That is no longer the case. When it comes to import export business development, Bank of Canada is investing in Canadian businesses every day by offering startup funding and helping you fuel your dreams.
One of the biggest questions you might want to ask yourself is this, “With all the business opportunities in Toronto, why consider a business in exports?”
The answer is simple. Building a business in exports is not only an investment for the sake of your financial future or even for the financial success of Ontario. It’s an investment in the financial security for all Canadians by creating jobs that will drive the economy of the future by bringing jobs home rather than sending them to other countries.
Now is the time to consider your options from all the items Canada exports or to create something new and unique – all your own – to export so you can be instrumental in creating a stronger personal, local, and national economy. Which import export business opportunities are best for you?