Go Legal Yourself!, 2nd Edition

CHAPTER 8How Do I Enter New Markets?

Many companies dream of expanding their business into new markets, which can be an effective way to leverage your established reputation. Once a business is established and thriving in its home market, it is often seen as the right time to branch out into a new market. If a company enjoys strong sales, has great brand awareness, and the business is stable overall, it may be the right time to take the plunge.

I have helped some of my clients who were in the Established phase evolve by entering into new markets, buying out their competition, or merging with strategic partners, allowing them to retain their competitive edge. The second most frequently asked question in the Established phase is how to enter new markets.

How Do I Enter New Markets?

At this stage, I'm assuming you have established your business within your industry and now are looking to expand your market. Just because you are a small business does not mean you should not be thinking big. Business owners usually start doing business in their own state and then expand to other states. Sometimes it may make sense for the business to be ambitious and consider expanding globally.

Whether you are expanding nationwide or globally, it takes a disciplined process to accurately assess the new market. Investing in the appropriate level of resources in market analysis, market selection, and market entry method can create a foundation for success in the chosen market. But first a lot of ...