Blog

Taking Your Small Canadian Business a Step Further

Expanding business by exporting

Many small businesses have multiple approaches to marketing.   The internet has opened many doors to all types of businesses.  There are some that only operate a virtual online business, while others have a on land location but also have a business presence online.  It is important to remember that business is business to the CRA and as long as you are making income then it is taxable.

You also have an opportunity to capitalize on the fact that your business is owned and operated as a Canadian business, which could eventually scale the business up.   You may not have even considered any type of export adventures with your on land business but you see a potential opportunity for this as a result of your online presence.

It is well worth checking out what it would take for you to broaden your target market outside of the Canadian market to see if it would be viable financially.  You may only be producing a few small products which could easily qualify for an export adventure.   If you have determined this could be true, then your first step is to learn all the rules and regulations that come with exporting.   They may not be as difficult or as complex as you think.

Once you have everything in place to allow you to ship your goods out of the country it’s time to test the viability and start focusing on your new potential market outside of Canada.   You have more resources than you think because Canadians have earned respect world wide and you can capitalize this by first touting your business as being Canadian owned.   Something simple as putting the Canadian flag on the home page of your business web site is a simple but good start.

Something else that Canadians are known for is their diplomacy, and you want your business to reflect this.   Promote your product/service and be proud of it but don’t be pushy, just be factual.

Diversity is something else that we have claimed a reputation for.  Once you establish a good business relationship you may receive specific suggestions regarding what you offer or inquiries for customization.   See what the feasibility of this is before ruling it out.

By expanding your marketing horizons you are extending your business offerings and hopefully this will open up a whole new source of income for your business.   It is important that you work closely with your tax accountant regarding your export activities in regards to its impact on your financial obligations with the CRA.

 

Share Your Thoughts!

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today

The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
Sam Seidman, Chartered Accountant - Copyright ©2013. All Rights Reserved.