Should Canadian Business Owners Expand Into The U.S.?
Small business owners in Canada are always looking for ways to grow their companies. And, when you think about it, it only makes sense. After all, Canada – while a massive land mass – is a small country. With roughly 35 million citizens, our business owners only have so many people to sell their goods too. With a population nearly ten times the size just south of the border, it only makes sense to expand businesses into the United States, doesn’t it?
Jim Shenkman sure does. In a special to The Globe and Mail published last year, he points out that the combination of the “surging” American dollar and the weakening of its Canadian counterpart make the business world one where Canadians need to find other ways to turn profits. He highlights the fact that while Canadian businesses often collaborate with international enterprises, the closeness of the U.S. makes it easier to partner up with other businesses.
“The U.S. market, while very different, is closer, more accessible and more familiar than others,” writes Shenkman, “That cultural familiarity, geographic proximity and strong historical connections make establishing a business relationship south of the border far less daunting.” Add this fact to the 2014 Economic Development Canada statistic that found that Canadian exports rose 5.7 percent that year and you have a recipe for success.
With over 30 years of experience doing business outside of Canada, Shenkman has learned a lot about the ways in which Canadian business owners can grow their companies. At the end of the day, it comes down to financing. To reiterate, the sheer difference in population size between the neighbouring countries of Canada and the United States dictate that more funding is necessary to promote Canadian products to American customer bases.
The funding, however, isn’t so easy to come by. As a result, Shenkman reiterates his belief that Canucks should partner up with Yankees. “Decision-makers at U.S. companies, who may have 10 times the budget of their Canadian counterparts, will not necessarily have more knowledge or experience,” he notes, “At the end of the day, they tend to rely more on relationships and gut feelings than concrete evidence that what is being proposed has already been proven in the U.S. market.”
At Synergy Merchants, we’re proud to be offering Canadian business owners the funding necessary for them to take advantage of such opportunities. Our history has proven exactly what Shenkman has stated. And that is while Canadian business owners may not have budgets as big as their American counterparts, they are every bit as savvy and knowledgeable about their industries.
Through our merchant cash advance program, Canadian business owners can actually get the funding they need to expand within 24 hours! For more information about the program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.