20 Truths You Must Know to Scale Your Business
Ready to scale your business? Here are 20 things you’ll want to take into consideration.
Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M.
Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market, there’s a lot to cover on assessing new market.
While the basics of market research remain the same, companies should also look towards opportunities to creating a new market. Something along the lines of what Apple did with the iPad. As an entrepreneur seeking to expand your business by tapping into new markets, you should understand that the assessment of market-growth opportunities requires considerable thought and effort.
To help you out, here are eight pertinent questions that you should ask when assessing a new market:
As you can see from these insightful questions, its imperative that you have a clear understanding of what your company will be bringing to the market. Moreover, you should understand the market’s external forces.
In addition to common sense, critical thinking and analysis goes into a sound market assessment. Having said that, don’t over-think your decision to enter a market. The fact remains that it’s practically impossible to know each and everything about a certain market.
The key is to ask the right questions and spend appropriate time and energy to obtain the answers. Once you have the answers, review them and make an informed decision.
Fatima Mansoor is a writer at Aepiphanni, a small business operations and strategy consultancy that exists to help small business owners CREATE | DESIGN | BUILD extraordinary businesses. She is a freelance blogger, specializing in business & entrepreneurship, digital marketing, and health & fitness. Her focus is on creating compelling web content for small and medium businesses form diverse industries. She mostly writes for entrepreneurs and marketing agencies across the US, Australia and UK.
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Ready to scale your business? Here are 20 things you’ll want to take into consideration.
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