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Many successful businesses that grow are those that look for ways to expand into a new market. It’s important to weigh the cost of entering a new market (especially if it’s an export market) with the potential returns. The easiest potential for growth is to take the successful business model you have developed and duplicate it in another area.
A new market can be a new customer type you have never targeted before in your current region, or the same type of customer in a new region.
It’s important to determine if you should invest time and resources in trying to obtain a share of a new market. Assessing growth potential in new markets requires some common sense, critical thinking and analysis.
The best thing to do first is to make sure the move into the new market is viable and that there’s sustainable demand for your product or service:
Once you’ve determined that there’s a demand and you can make a profit from the new market, you can move ahead.
One of the main factors to consider is what kind of potential the market has to continue growth. You could be entering a market on a short-term basis to take advantage of a demand with a specific time frame, but it’s often better to seek longevity for sustainable business growth. Ask yourself:
It’s always a good idea to trial your products and services in a new market before investing time and money in committing to it. You can do this by:
One of the keys to business success is constantly seeking new markets to grow. Think creatively, and plan to actively to develop a clear strategy to reach your objectives.
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