How to Reach New Markets
Want to bend your business in a better direction? Try a new market.
Imagine you're the owner of a 7-year-old business that markets security camera systems to small retail stores. During a meeting with your advisors and senior staff, you decide it's time to expand. But how? You could market more expensive items to existing customers, or widen your service area by hiring more employees and adding another location. But it's possible your customers wouldn't be able to afford the pricey upgrades, and adding a new office would just be too costly. However, there's one solution that can significantly propel your company forward without any exhorbitant expenses: adapting your product line to a niche market.
Going after a different niche is a tried-and-true method of expanding a business. Although it's not risk-free, it can be safely accomplished if you follow these four important steps:
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
-
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
-
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
-
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.
-
How One Woman Turned Pandemic-Induced Boredom and a Makeshift Garage Art Studio Into a Thriving Franchise
-
Use These 4 Self-Care Rituals for More Resilience and Less Depletion
-
Shark Tank's Barbara Corcoran Wants to Invest in 'Someone Who Probably Needs a Good Shrink Instead of a Business'
