For startups in the United States, it’s kill or be killed. Entrepreneurs always need to keep one eye on their business and the other on the competition. Failing to notice an opportunity before someone else does can spell disaster in the land of opportunity. It’s with that in mind that a business needs to be ready at any time for a possibility to expand into either Canada or Mexico.
America’s neighbors to the north and south respectively are perfect test environments for expanding into other countries. While they each offer significant cultural and lingual differences, they are both familiar with conducting business with Americans and are close enough to a home office that it can be easy to keep tabs on progress, distribute goods, and keep things moving in harmony.
Expansion into Canada and Mexico is not an automatic, sure thing for American entrepreneurs, however. Mexico obviously have their own way of doing things and Canada bristles at the idea of being “just like Americans.” Each country and indeed each region comes with its own code of conduct at the negotiation table, and it’s up to the small business owner to get familiarized with these rules.
To learn more about how to conduct business in Canada and Mexico, check out this handy graphic on cultural business norms throughout North America, including the United States. What you might have thought was a slam dunk will give you room for pause before you attempt to expand over the border.
Join London Fintech Startup Workshop #TMUFintech @Bloomberg, 50 Finsbury Square, London, EC2A 1HD, United Kingdom