I’ve worked with lots of women entrepreneurs who have been intimidated by the idea of a trade mission – What do you do? How do you prepare? Am I ready?

So I’m going to break down our trip to WBENC as an example of what women business owners can expect.

The Trade Mission Participants

I was part of a Canadian delegation of just over 100 women! BC was well represented, with four women business owners in attendance: DeeBee’s Organics (Victoria), Whistleblower Security (West Vancouver), Flip Productions (Vancouver), and 1827 Northern Red Cedar Company Limited (Fort Langley). The Canadian delegation was made up of women business owners from all areas of Canada, representing a variety of industries and sizes.

The Main Event – WBENC Business Fair

The main event of the trade mission was the business fair at the WBENC conference, where 300+ large corporations have booths, including Bayer, Chevron, Cintas, FedEx, Google, Kellogg and more.

Delegates get a chance to connect with the supplier diversity representatives of these large corporations, make connections, and learn about the corporations’ supply chains.

The business fair can be a bit overwhelming for first-timers, so it’s always best to have a good strategy in place before you show up. In a previous blog, my colleague Nancy Brommell from WEC Manitoba shares some good tips to prepare for a business fair, for example: practice your pitch, present a professional image and educate yourself about your connections.

Wraparound events

A trade mission is always a great way for women business owners from across the country to meet and get to know each other and also connect with US women business owners. The wraparound events like WEConnect International Day, WBE Canada Breakfast with Brands and, of course, the events that BWIT organizes, really help the delegation get to know each other.

Extra Trade Support for Women Business Owners

One of the reasons WBENC was even more special this year was because of all the support provided by partner organizations. BWIT led the trade mission as usual and other organizations like BDC, EDC and WEOC were there to provide support to the delegates in the form of advising, webinars and other prep tools.

I’m already looking forward to next year’s BWIT Trade Mission to WBENC 2020 in Atlanta, Georgia in June 2020! Mark your calendars!

The post Anatomy of a Trade Mission: WBENC 2019, Baltimore appeared first on WeBC.

Knowing that only 5% of women business owners export, the Canadian government has amped up its programs to help eliminate barriers to international trade for women entrepreneurs.

If you’re thinking about exporting, here are four government supports that that women business owners can use to access new markets and explore export opportunities.

1. CANADIAN COMMERCIAL CORPORATION (CCC)

The Canadian Commercial Corporation (CCC) helps Canadian businesses sell to foreign governments.

CCC guarantees the foreign buyer that you will deliver on the contract. This helps you gain credibility and look more attractive to potential buyers. Several countries, notably in Latin America and the Gulf, appreciate these assurances.

Possibly the biggest benefit of this service is that the Government of Canada acts as the prime contractor and signs a sub-contract with you. They are responsible for managing the contract and collecting payment, which helps you accelerate the procurement process, and reduce your own risk.

Note that customized fees apply for their services. However, this can be a big help for new exporters lacking credibility and experience in dealing with foreign buyers.

2. FREE STEP-BY-STEP GUIDE TO EXPORTING

Becoming an exporter can be a complex process. What are the legalities? How do you make connections? How do you handle the logistics? Where do you start?

The Trade Commissioner Service has updated their step-by-step guide to help you create a proper export plan that is legal and profitable.

This free guide can be very helpful to help you ask and answer questions you may not have even thought of, and Step 1 includes an online quiz that will help you identify if you’re ready to export. View the guide >>

3. BUSINESS WOMEN IN INTERNATIONAL TRADE

The BWIT Program, which is part of the Trade Commissioner Service (TCS), is a national program that provides products and services to help women entrepreneurs trade internationally.

They provide training, women-focused trade missions and support. I have accompanied BWIT on several trade missions in the past, and their support of the Canadian delegation has been fantastic. They help women prepare for the trade mission and they set up extra opportunities to meet with local buyers and government so the delegates can make the most of their trip.

4. EXPORT NAVIGATOR

I’m happy to report this free pilot program has been extended! The program provides export specialists in six regions of BC so businesses in all areas of the province can get help to develop an export plan. You can find a specialist in your area on the Export Navigator website.

Exporting can be an excellent strategy for growing your business, if you do it right. Fortunately, there are lots of supports available to help. If you want to learn more about which program(s) might be right for you, get in touch with us!

The post 4 Government Programs to Help You Export appeared first on WeBC.

As a Business Advisor, I’ve seen hundreds of loan applications. They can be denied for a variety of reasons, but there are some common mistakes applicants make. So if you’ve been denied a business loan, ask yourself these 5 questions:

1. Do I have a viable business or growth plan that makes sense?

Your business or growth plan is one of the main ways for lenders to gauge whether you can pay back your loan – especially if you’re a start-up without a financial history. You need to address the three pillars: financial, operational and marketing.

If you’re projecting $2 million in revenue in the first year, we’ll likely think it’s a bit too optimistic.  A reasonable cash flow projection is key.

2. Do I have the right team to run my business?

Lenders like to see the skills, knowledge and experience of you and your management team. If there are gaps, how will you address them? You may consider partnering with someone who has the skills you need, taking some business skills training or connecting with a Mentor.

3. Have I invested enough in my business?

Lenders want to see that business owners are contributing and investing in their own company – we call this equity. If you don’t have any skin in the game, then lenders won’t want to get on board either. This could be cash, equipment or supplies that you’ve bought for the business.

Lenders will also want security, or items that you pledge to them in case you can’t pay back the loan. Having security makes your loan application much stronger, and it can be a lot more difficult to get an unsecured loan.

4. Am I in the right industry?

If the industry you want to enter is in decline, it might not make sense to start a business in that area. For example, if you want to open a bookstore a lender might question whether you are making realistic projections.

Doing a SWOT (strengths, weaknesses, opportunities and threats) analysis can help you identify whether you have a sustainable competitive advantage to overcome the external threats that exist in your industry.

5. Am I applying for the right kind of financing at the right time?

If you were denied a loan from a bank or financial institution, you may consider a development lender like Women’s Enterprise Centre. As a viability lender, we look beyond the numbers and lend to businesses we believe show the potential to succeed. For more information about our loans, attend a free Business Loans Info Session.

There are worse things than being denied a loan – like securing financing and then realizing your business isn’t viable! Listen to the lender’s feedback, take a realistic look at your vision and consider your next steps.

The post 5 Questions to Ask Yourself When You’re Denied a Business Loan appeared first on WeBC.

These June trade missions, led by BWIT (Business Women in International Trade) were all about networking and building relationships with Corporations and with other entrepreneurs. There were numerous opportunities for business owners to make connections and have one-on-one conversations with large corporations to better understand their procurement needs and processes. In addition, to better understand corporate needs, this trade mission offered dedicated time to explore B2B opportunities with other women business owners. Delegates formed valuable connections as a result of their strategic approach to growing their business in the B2B space.

Here are some professional networking tips from one of the WBENC attendees, Jive PR + Digital Co-Founder, Lindsay Nahmiache who is in the business of building strong relationships:

• Show up at everything you can possibly show up to, with no excuses. If you have paid to be there, take advantage of everything. (Even go to events you aren’t registered for, you can probably get in as there are always no shows).
• Connect with your local business organizations/consulate prior to the conference and at the conference, they have an invested interest in seeing you succeed and they will make valuable introductions on your behalf.
• Sit at the hotel lobby bar. You always end up meeting interesting people sitting next to you and it is a relaxed environment so it is usually a more authentic interaction.
• LISTEN more than you speak. The person who speaks more always feels like the conversation was amazing, let the other person feel amazing. I use the 70/30 rule – listen 70% of the time, and speak 30%. Remember, people will not remember what you say, they will remember how you make them feel.
• FOLLOW-UP. If you make a connection send a quick note the next day and add them to LinkedIn. You never know when your paths will cross again.
• FOLLOW-UP. It is worth repeating as you have no idea how many people don’t.

If you are considering attending a trade mission to the US, or elsewhere, gets in touch with WEC. We can help you navigate which trade mission might be the most beneficial, and we can help you prepare! You’ll also want to get on BWIT’s mailing list so you know what’s coming up next!

The post Going global? The secret to successfully navigating an international trade mission appeared first on WeBC.

Green Money

At the Concept/Seed stage and the Start-up stage, you are considered high risk to lenders, and chances are you’re not eligible for bank financing. Green money, or ‘patient’ money, is likely your best bet at this stage and may come from sources such as:

• Family and friends
• A business loan from a development lender like Women’s Enterprise Centre
• Angel investors – however, these investors are typically looking to invest in high-growth start-up firms where they have a chance of earning a significant return on their investment in a short period of time.
• Crowd funding

Gold Money

Gold Money, or government assistance, is money that is essentially ‘free money’ⁱ. SR&D Tax Credits, Self-Employment Grants, and NRC IRAP are sources of gold money. This type of money can be obtained at variable stages of the business lifecycle.

Red Money

Once you’ve got a proven track record and a few years of historical financial statements showing positive trends (i.e. growing revenue and profits), you are much more marketable to traditional lenders like banks, credit unions and leasing companies. This money is considered to be Red Moneyⁱⁱ . It’s not free, nor very patient, but you don’t have to give up part of your business to get debt financing!

There are lots of considerations with financing, and you should definitely take the time to weigh out all your options to see if you’re eligible for Green, Gold or Red money. Contact a WEC Business Advisor to help you understand the different types of debt and equity financing available for your business.

The post What Kind of Financing Is Best? Consider Your Stage of Business appeared first on WeBC.