The real talks have become a reality since March 4th regarding the United States Tariffs and as of March 7th 2025, there is yet another reprieve but definitely this is not the time to relax but to take the time to strategize the next steps for your Company. So you have a focus on the US Market and that’s a natural path since with our geographic location it makes complete sense to tap into our nearest international neighbour. In business we know that change is a word we breathe, eat and live and so yes we are winded but we are determined to succeed.
Three big questions to think about:-
How do I export my products to a neighbouring Province?
Start from where you are right now. Take for instance, you selling #Agrifood or #Beverage products into the domestic marketplace and you have seen two full years of your Financial Statements (i.e. Balance Sheet, Income Statement and Cash Flow Statement). If you have a very good handle on your cost of production; you have secured strong suppliers for your purchase inputs; you have acquired a few solid key accounts whether these are Independent Grocers, Restaurants, or major accounts such as Sobeys Loblaws Inc , Walmart Canada, Giant Tiger, Costco Wholesale Canada, Pete’s Frootique; you have the qualified people; production and financial capacity to deploy a solid export plan, then I would suggest at this point that perhaps you are export ready and now is the time to dip your toe into a new market.
Start with one new market. Let’s begin with your immediate domestic market, for instance, given that we are in New Brunswick and you want to expand to your nearest neighbour, Nova Scotia. What are the opportunities and what are the risks involved? Given the current conversation around Tariffs, is it a good time to explore a new market? How will the downstream effects of the Tariffs affect my business in a longrun? Provincial trade is starting to open up so the burning question will be: ls my products become a sought after product Nova Scotia?
The answers are not all very evident right now but just remember with every market expansion there are many risks involved whether it be geopolitical, regulatory, financial and purchasing risks which are totally outside of your control. Just take a mental note that every Entrepreneur plans for these types of risks with solid market research. You are not alone.
How important is market research as preparation meets opportunity?
Preparing for export into Nova Scotia, as an Entrepreneur, you may want to leverage existing Buyer relationships which will give you the ease of market entry and deep realtime insights into this market. Take for instance, you are working with a major Retailer which has several retail stores across Atlantic Canada, it would make good financial sense to explore discussions with your current Buyer first to gain insight into how to get your product into Nova Scotia. The Local Sourcing Agents can provide you with the market intelligence you need to make a sound decision, as well, you can also as tap into the expertise of free Government resources available to assist you to break into new markets. The main takeaway here: Open new doors by tapping into existing trusted relationships with your established network since this may be your golden ticket to ease into a new market.
Is it critical to ramp up my promotion marketing plan?
This is the most critical part of successful execution into a new market. You heard the phrase, “build it and they will come”, do not fall for this. Your products will not sell itself therefore you have to be ready to make a significant investment into your marketing budget. Securing a new market is the first step however creating awareness of your products and leading new customers to buy your products is vital to your bottom line and your company’s survival.
Have you heard the term, “you do not want to loose your shirt as make your first foray into exports?” All this mean to say is to make sure you have a solid cash reserve which can carry you over the finish line as you explore a new market so that you do not experience a significant loss which could have reverberating impacts on the rest of your business.
Other questions to think about: Do I need a Distributor? Where will I store my products? What types of logistics make sense to get my product from point A to point B? The easiest decision is to connect with an established Distributor who already have a clear understanding of distributing products to large retailers in this Region.
To activate your export plan ensure that you have a solid handle on your balance sheet with a strong cash position; a sound marketing and promotions plan; the human resources to execute on this plan; excellent relationships with your buyers and trusted industry experts; the manufacturing capacity to expand production including having a secure and diversified supply of purchase inputs. Having examined these major business strategy components, you will be more prepared to venture into a new market to take your company to the next level.
Thanks for reading this first piece since this is a new personal blog series I am starting as of March 7th, 2025. Please do feel free to send me any feedback on business topics you would like me to cover. As usual, I write my blog to share my knowledge and expertise.
Disclaimer: Please note to do your due diligence whenever you are pursuing new business opportunities on the domestic and international level.
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