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Five Tips For Expanding Your Business

By Alaa Aly

 Five Tips For Expanding Your Business

Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this.

 https://www.entrepreneur.com/

 Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this. Here are five tips for entrepreneurs ready to expand into new markets in 2020 and beyond.

  1. Market knowledge Developing a clear understanding and respect of the local culture of the market in which you want to expand is critical. This means becoming familiar with local customs, governance, and legislation, working practices, and the way in which business is conducted. The best way to do this is to physically spend time in the market or markets you have identified for growth.
  2. Understanding the opportunity Having acquired knowledge of a new market, you should be in a position to understand and identify the real opportunity for your company, based on the cultural and business mindset. This is the time to evaluate your product.
  3. Develop a network of influential decision-makers Securing the right partner or partners in your new market is important– chances are you can’t expand alone, and working with someone that has “been there, done that” could fast track your growth. You’ll also be wise to rely on local talent with knowledge and experience of your market. They can read between the lines of that culture, helping you once again with knowledge and understanding. Visibility is also important, via your involvement with local media, events, and business communities.
  4. Patience, patience, and more patience As all entrepreneurs know, growing your business is inextricably linked to having a clear vision, and committing to plans that directly support and achieve your goals. If expanding into new markets is an integral part of how you will deliver your vision, you will need to be steadfast, patient, and resilient.
  5. Show your long-term commitment to the market All of the above approaches combined will help to demonstrate an unwavering, long-term commitment to your target market. Successful expansion relies on the adequate allocation of time and budget to travel to the market, enabling you to get involved with the local business community.

Reference:-

https://ar.wikipedia.org/wiki/%D8%AA%D8%B3%D9%88%D9%8A%D9%82
https://www.entrepreneur.com/article/348388

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