Go on a scouting trip
Thursday, December 9, 2010/
If you were going to expand your start-up geographically, which market would you target?
Would you look to the resource rich states of Western Australia and Queensland? Or is there an underserved regional market that is ripe for the picking? Or do you already have a customer base in one city that could easily be expanded?
These are the questions you should answer before you head off on a scouting trip to look for your next big market. You’ll be talking to industry groups in that area, active and potential customers, suppliers and perhaps even local government officials.
Your mission will to be try and decide whether this is the right spot for you to grow into, and when.
Now, I realise that you are probably having enough fun getting your start-up off the ground in one area and are far too busy to think about growing into another.
That may be so, but eventually your business is going to be looking for ways to expand, and it is the prepared entrepreneur who is ready to take the business to the next level.
Heck, you might even learn that you’ve started up in the wrong place, and need to move.
Get it done – today!
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