Everyone knows that the first few years of most businesses are going to be a struggle just to stay alive. You need to first find a product or service that people are looking for in your chosen industry and need to find a way to distinguish yourself from all of the other companies out there to find reliable customers that will continue to come back in the future. This is the case whether you're running a small office or starting a business selling office supplies.
But what do you do once you get past those first few years and have established yourself as a thriving business? You can either continue to provide people with the same services or to sell new products, or you can choose to start expanding your business and bring it to the next level. One of the ways that you can do this is by expanding into another market.
It's a pretty safe bet that you're going to want to expand into an area where you can use the relationships and resources that you have already built for your business. But that still opens up a world of possibilities of where you can go with this growth. If you're running a store you could choose to offer more products and expand to a different location.
There is also the option of widening the range of where your products or services are offered. The same store could create a website where they offer to ship their products to anyone living in Canada. Or, you could open a second office in a new area so that it can bring its services to a wider customer base that way.
When you're looking to enter a different market, no matter what direction you choose to take, you're going to want to start by doing the same market research that you would have initially done for your business to gauge your potential for success. If you're currently running a successful studio for yoga classes as an example, and you want to open another location, you're going to want to make sure that you choose the right location and that there is a good statistical chance that you will get the business that you need to keep your doors open.
You should remember that it should never cost as much or be as difficult to expand your business as when you were first opening your doors and starting from scratch. But that does not mean that you shouldn't spend the same amount of time and effort putting it all together.