I'm Expanding into New Markets
You are entering new markets using your established reputation, capital base and financing strength. You initially may be exporting with a long-term plan to set up a business office in a new country, or you may be expanding your product line or services. Whatever your expansion, there are important things to consider.
Questions to Ask Yourself
- What financing options are there?
- How much capital will I need?
- Why do I want to expand?
- Have I researched the market I want to enter?
- What is my competition doing?
Things to Watch For
- New competitors
- Managing your staff
- The learning curve associated with expanding into new markets
- Cultural and legal differences
Keys to Survival
- Expand only into areas you understand
- Update your control systems to manage your expansion
- Update your business plan