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New Markets

April 13, 2006

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An existing business can expand by entering new markets in a variety of ways. Such an expansion absolutely triggers the need for some serious business planning. In order to reach most new markets, you will have to face many of the same issues that you addressed when you first went into business. In fact, you'll also have to deal with the fact that you have to divide your time between your ongoing business and your venture into a new market. There are three common ways to enter a new market:

• expand your operations to include a new geographic market
• reach out to new customers in your existing geographic market
• employ a new distribution channel to reach another market segment

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