Expanding your Business in Canada: Risky or Rewarding?Ajax
December 14, 2012 — 817 views
Canada is known as the entrepreneurial Garden of Eden. The fundamental balancing act of all business ventures is low risks and high gains, and if you are ready to make a leap, Canada may be just the perfect place to land. As the natural resources of Canada run as deep as its waterfalls, there is ample investment and blue collar opportunity in Canada. Though it is all mining, pumping, fishing and farming, the man-made industry is equally robust.
With low inflation, business costs and steady economic growth, Canada offers good trade and investment opportunities in a long list of sectors for companies interested in doing business overseas. Canada is a wealthy, high-tech industrial society, with an economy that resembles the US in its market-oriented system, pattern of production, and affluent living standards. The country enjoys a substantial trade surplus with the US, which absorbs nearly 80% of Canadian exports each year.
All levels of government in Canada offer various levels of grants in order to assist investors in making business investments here. For grants and incentives it is necessary to visit the governmental services for entrepreneurs in Canada which offers a comprehensive guide of all the aspects you must consider before starting a business and looking for incentives in the country. These incentives take many forms, from investment tax credits to direct cash grants.
As the Canadian market can be very competitive, it is necessary to make sure that the market research is accurate and up-to-date. Due to the geographical vicinity and advanced technology research, the U.S has monopoly in same trade areas. There is a large potential for a company international expansion, if your product or service is a success back home. The only way to know if your target market is truly ready is by conducting a thorough market research. The research needs to exclusively investigate the consumer market, and understand the same. Taking the help of an expert can help analyze the patterns and habits of consumers, thereby giving you an insight into the kind of people that will utilize your product or service.
The Best Locations
Toronto is the financial capital. The areas of strong manufacturing and energy production are Alberta, Quebec and Ontario. Calgary, Edmonton, Halifax, Montreal, Ottawa, Quebec City, Vancouver, Victoria, Winnipeg are the major cities where you may want to look at when deciding where to establish your contacts or headquarters.
Partnering with a professional expert can be major boost to your chance in an international expansion in Canada. They can help in developing a good business plan that encompasses objectives, forecasts and routes provide clarity on how you intend to take your business from paper to profit and expand a business to Canada. A well-structured business plan for Canada can make the difference between a success and failure.