Exporting was not part of the plan when Nicole Porterfield and Kim Good took over Farm Fresh Pet Foods in Edmonton.
“We spent a year figuring out who the right person was to talk to. Then we had to get that right person on the right day in the right mood,” Porterfield says. “Kim and I started to wonder if this was their elimination process to see how many would give up.” But while the potential of international expansion is clear — in a recent poll by the Royal Bank of Canada, 77 per cent of business owners of all sizes said that global trade has increased their revenues — so are the barriers for entrepreneurs.
For all that, says Pierre Cléroux, vice-president, research and chief economist at the Business Development Bank of Canada, there are strong arguments for pursuing exports. “Statistically, businesses who export perform better than other businesses in terms of revenue and profit growth,” he says. In May, for example, both EDC and TCS are participating in a program called the “Canadian Export Challenge.” Organized by Startup Canada, it offers entrepreneurs the chance to apply for a cohort of like-minded businesses, which are then connected to potential partners, updated on trade missions and market intelligence.
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