These can be tough times for contractors, and while generally they like to stay within their comfort zone, in this economy it’s common for contractors to expand into new geographic areas. Risks increase when you cross state lines or go to work in new jurisdictions. There are a number of factors you should consider before you move into a new … Continue reading
There’s an old saying “knowledge is power” and when it comes to your business, entering a new market is exactly that. If you are thinking about expanding into a new market, there are often a lot of unknowns. It’s a bit like stumbling through a dark alley with no lights. If you don’t know where you’re going you can run … Continue reading
As a business, it is important to know where your customers come from. You will need to research where your potential customers and current customers live to make sure your business is in the best location. This should always be undertaken before choosing a location or before expanding into a new geographic area. The last thing you want to do … Continue reading
There’s a lot and lot of buzz in the business world about geographic segmentation and geographic market, but what is it and what does it mean to your business? Glad you asked. When a market is classified by geographical segmentation it is said to be a geographic market. Geographical segmentation will seek to determine effective marketing strategies that will work … Continue reading
It’s the dream of just about every entrepreneur – to take their business into a new market. It’s a continuous game of exploring new business opportunities to expand beyond where your current market entry strategy exists. Expanding into a new market takes a great deal of work and energy, as well as a number of other important factors that will … Continue reading
Expanding your business into a new geographic area is one of the riskiest undertakings your business can participate in. Did you know that nearly 35% of all geographic expansions do not exist only two years after the expansion occurs? That’s just a little over one third. The good news is that the same percentage are profitable, however to enjoy that … Continue reading
Some businesses are able to grow and prosper by outperforming their competition in a local niche market, or within a specific region. But the majority of businesses look to expand into new markets to grow their business and one of the most common ways of doing that is to expand geographically. If you decide you want to grow your business … Continue reading
Over time, businesses grow and change. Part of that growth often involves entering into a new market. If you’ve decided to go from serving a local market to serving a global market, you’ll find yourself in amongst cutthroat competition. On the other hand, perhaps you’re just expanding into another city or state. Regardless, if you don’t know how to find … Continue reading
If you’ve been thinking about expanding your business into a new market you may be trying to decide whether to go abroad or stay domestic. This can be a complex decision with much to weigh out. Most companies would rather stay domestic if the market share is large enough. After all, it’s far less complicated and less costly to do … Continue reading
An important consideration to the question of why to enter the market focuses on who is selling in that market for your business. If you have a sales team being paid to help you to find opportunities, those people are working to help you to succeed. In other cases, you may find that companies are trying to encourage you to … Continue reading
