I'm Expanding into New Markets

You are entering new markets using your established reputation, capital base and financing strength. You may initially 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. Whatever your expansion, there are important things to watch for to make it work.

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