Finding International Trade Prospects

By June Campbell | Contributing Writer

Source: Onvia News

Big customers for small businesses can often be found abroad. Thanks to technologies like the Internet, opportunities for international trade are beckoning operators of small businesses.

Jennifer Henczel, an Import Export Coach with Affective Communications offers these tips for finding prospective international customers: Contact Canada's consulate or embassy in the foreign market that interest you.

Trade commissioners are situated in various countries specifically to help companies like yours export your products. They collect market data and have access to directories of potential buyers for specific industries. For best results, mail or fax a letter using your company letterhead and provide full information. Be sure to include company contact information, and a specific product description. Request a list of potential buyers and request recommendations for market entry strategies.

Foreign countries have embassies, consulates and trade commissioners in Canada.  These trade commissioners have business directories of companies in their country. Contact them as above - in hard copy, providing full company and product information.

If you are starting out, the best bet is to trade items with minimal trade barriers and minimal risks - such as gifts and consumer items. Be cautious of entering negotiations regarding commodities. "There are risks attached here. If you don't know what you are doing, international trade can be a costly venture," said Henczel.

Contact other non-competing companies from your region who have experience with international trade. 

They will probably be willing to share their stories and experiences with you. Export and manufacturer directories often provide information on a company's export activity.

Participate in one of Canada's government subsidized trade missions.
Find information at the Department of Foreign Affairs and Internation Trade's Web site.

Henczel's final piece of advice: Always do your research before entering into any international agreement. "There are no small deals when buyers are ready to buy in bulk. The more research you do, the more you minimize your risks."

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