7 Ways Export Navigator Helps B.C. Retail Businesses Grow

 

Export Navigator was created to help guide small businesses in B.C. through their export journey and ensure they’re on the path to success. The program’s export advisors make it easier for small business owners to navigate the constant learning curve of exporting. By providing one-on-one support, they help businesses reach their full exporting potential. Export Navigator’s clients come from all kinds of sectors, so here we’ve highlighted some of the ways in which we’ve expanded the markets of small businesses like yours. This article focuses on our retail clients, who represent everything from some of B.C.’s finest specialty goods to apparel. Read on to see how our export advisors have helped them achieve their goals!

  1.   Develop market strategy

Developing a tailored market strategy is important if you are considering exporting to new retail markets. Your export advisor can help you establish your brand in new places and prove your credibility to a wider customer base. After creating a new retail market strategy and working on other aspects of their business with Export Navigator, Squamish business Gogglesoc has increased its revenue considerably. It has also experienced unprecedented international growth.

  1.   Help with export grant application planning

Gogglesoc’s export advisor helped complete multiple successful CanExport grant applications. By joining Export Navigator, you will work with an advisor that knows the ins and outs of application planning. They can help direct you towards any funding programs that you may be eligible for, as well as assist in the application process. 

  1.   Address issues as they arise

Getting that one-on-one support from an export advisor is valuable because you will have someone who can provide business advice and information relevant to you. Your advisor will get to know your business on a deeper level, making them the best person to ask your most pressing export questions. Nevada Christianson, founder of ChicaDee Designs, discovered having an advisor made running a small business much more manageable. She has learned a lot from her advisor’s wealth of knowledge, making her a more confident entrepreneur. 

  1.   Grow profits

Getting your retail business export-ready puts you in a better position to increase revenue and sales. While your long-term goal may be exporting, your export advisor can also help your company grow professionally to reach that goal. An Export Navigator client, Rip’s Cleats, worked with an export advisor who connected them to several programs that helped develop their digital marketing. Their next step was starting a retail e-commerce site, which increased their online sales by 84%.

  1.   Introduce new networking opportunities and programs

Knowing the right people in the right places will give you a huge advantage in exporting your product. It’s never too early to start building your network, as you will need connections in your new target market. Participating in Export Navigator is the perfect opportunity to get your foot in the door of the exporting world. That’s because your advisor can introduce you to different networking events and programs in your region. Export Navigator client, Popov Leather, was introduced to essential contacts including potential lenders and manufacturing experts through its export advisor. 

  1.   Save time and money

Export Navigator demystifies the export process, not only saving you from a headache but more importantly, costly missteps. Skincare brand VinoSpa was able to fine-tune its business model, marketing model and export strategy with an advisor. This allowed the business to start exporting in North American sooner than expected. For its next move, it’s now eyeing expanding its retail market to the United Kingdom. VinoSpa’s owner, Brenda Hetman-Craig, says of Export Navigator: “Without this network of support, it may have taken years to get where we are.” 

  1.   Set achievable goals

Export Navigator assesses your business and meets you where you are. That way, advisors can make sure you’re comfortable and prepared for whatever new direction you decide to take. The export advisors have a realistic approach to exporting, meaning they work with you to set achievable short-term and long-term goals. Because of the flexible length of the program, you will have the chance to see some of those goals come to life. That is a very rewarding feeling!

As you have seen from some of our success stories, many small retail business owners have benefited from exploring how to expand their market. From exporting out of B.C. to strengthening your online presence, there are many ways you can make your business stand out from the rest. Find out how by signing up to talk to an advisor today.

Why You Should Export From B.C.

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Export Navigator client, Gathering Place Trading, located on Vancouver Island North.

For any business owner, stability is key. However, there are many factors that can destabilize a business. As the past year and more of the pandemic has shown, businesses need to adapt to unforeseen circumstances. Have you considered how new competition could disrupt your traditional customer base? What if a major purchaser moves out of your region? These are just a few of the compelling cases for diversifying your market. 

Exporting is essential for long-term revenue and business growth. You’ll become less reliant on your local market, discover new business opportunities, and become eligible for more provincial and federal government grants. Even exporting out of B.C. to our next-door neighbour Alberta is a great feat as a small business. Doing so not only expands your market, but also provides an opportunity to assess your business’s capabilities for exporting at a smaller scale. 

To learn more, Export Navigator’s free e-course, Export Essentials, is highly recommended for beginners. The course helps small business owners gain a deeper understanding of what exporting entails. Export Essentials covers the most basic and important exporting concepts in one short, self-directed course. 

Benefits of exporting from B.C. 

Businesses in B.C. have several strategic advantages that make exporting more accessible. For instance, it shares a land border with the world’s largest consumer market and B.C.’s largest trading partner, the United States. You don’t have to look far to export and the U.S. is the perfect example of that. It’s often one of the easier target markets for first time exporters.

There are a few reasons why you should start exporting to the U.S. before dipping into other overseas markets. As outlined by Export Development Canada, the three factors to consider are familiarity, proximity, and size and variety. 

    • Familiarity: The U.S. contains markets most similar to our own here in Canada, has fewer cultural barriers, and does business in the same language. 
    • Size and variety: The U.S. market is not only close in proximity, but also contains various sub-markets that vary from state to state. Therefore, you have a huge range of options for diversifying your market in the U.S. 

Exporting to Asia

For businesses that are capable of further expansion around the globe, B.C. also contains several world-class international ports. This makes exporting to Asia more feasible, as B.C. boasts the shortest sea route between North America and Asia. Asia’s closest ports of entry to the west coast of North America are in B.C., allowing goods to get there faster. 

In addition to the geographical advantage, Asia is another coveted market for exporters due to its rapidly rising middle class. This creates higher demand for goods and services. In turn, it also means plenty of exporting opportunities for small businesses everywhere. B.C. already has strong cultural connections and a prominent presence in Asia, establishing our province as a reputable business location. 

Learn more

Still have questions about exporting? Talk with an export advisor and learn more about how to export today. Export Navigator is unique because it is the only program in B.C. that offers expert guidance through every step of the way. Don’t miss out on the opportunity to get tailored advice and information for your business!

You can also learn more about exporting in B.C. through signing up for the Export Navigator newsletter, which will keep you updated on local exporting events and useful resources.

Seeking Global Growth For Businesses Owned By Women

Exporting can be a key driver of growth for women entrepreneurs in B.C. if done right! Research shows that female-owned small and medium enterprises (SMEs) tend to export less. According to a report, female SMEs represented 15.7 percent of all SMEs, but only 11.1 percent of exporting SMEs in Canada and businesses owned by women are less likely to participate in high potential export markets.

However, there is a strong potential for growth. According to the Global Entrepreneurship Monitor report, women entrepreneurship is emerging as a strong force in Canada. If you’re a woman that owns a small business and thinks that exporting is only for big companies, you may be interested to know that most of the businesses in Canada that export are small and employ less than 50 people – exporting may be more realistic than you think!

For women entrepreneurs, the benefits of successfully navigating global trade are clear. Exporting:

  • Opens opportunities that can make businesses more profitable
  • Helps diversify markets
  • Encourages innovation
  • Overcomes any domestic market saturation
  • Maximizes any existing manufacturing capacity
Export Navigator helped Judit, owner of Glowing Orchid Organics, create a long-term export plan

Challenges

Moving into new markets can be a risky venture if export potential has not been determined in advance. There can be several barriers to market entry including:

  • Economic sanctions
  • Import controls
  • Political instability
  • Cultural differences
  • Technical
  • Legal

So, how do you overcome these challenges? To be successful at exporting, a business needs to map out the barriers in the target market, make a major commitment in terms of research, resources, and operations and understand the business practices in the target market.

You are probably thinking, “I am interested in exporting, but how do I do that?” First, you need to determine if you want to export, and if it is the right business strategy for you at this time.

Why do you want to export?

  • What motivates you to become an exporter?
  • What do you expect to get out of it? Profits? Getting your brand known in international markets?
  • Are you willing to work extra hours to export successfully? Entering a new market takes time and resources.
  • Does it align with your personal and business values?

Once you have thought over these questions and are convinced that exporting can help you in building your business strategically, the next step is to evaluate your readiness.

Below are a few questions that will help you in assessing your export readiness.

  1. What is your strategic objective?
  2. How committed is your business to this venture?
  3. Where is your market? Is this the best international market for your business?
  4. Have you received any query from your target market?
  5. What is your market entry strategy?
  6. What are the main barriers to your market entry?
  7. How different is the culture in your target market?
  8. Do you have sufficient resources, in terms of financing and staff, to support global trade?
  9. Are there any specific regulatory requirements?
  10. How will your goods get to your target market?

There are many support services available to women exporters in British Columbia. Export Navigator is an excellent program that can help you grow beyond B.C., and other programs include: Trade and Invest BC, the Trade Commissioner Service, Export Development Canada, Canadian Commercial Corporation, WEConnect International, WBE Canada, and international business advisory services by Small Business BC and Women’s Enterprise Centre.

Exporting is rewarding if you prepare well! We understand the challenges, and opportunities, that women in business face, and if you would like specialized support to help you on your business journey, Export Navigator and Women’s Enterprise Centre are here to help. For more information, e-mail info@exportnavigator.ca.