Expand Interstate or Overseas
Once you are comfortable and well established in a market, it is time to consider expanding. With the extra working capital that debtor finance can provide, you may be able to do this despite how ambitious it might seem at first.
It is important not to rest on your laurels, your competitors aren’t!
Respond to Your Customers Needs
If you have had interest from customers in different regions and states and were not able to provide your services to them at the time that they needed it, give them a call! For all, you know they could still be interested in your product or service now that you are ready to expand (and they may even know others in that region you can supply).
Keep in mind that if you can’t serve a customer that is also in other locations or regions, the customers business may move all their purchases to a competitor who is able to service their needs in all regions.
However, when you decide to expand an operation it is imperative that you have conducted significant research and put together a comprehensive exporting plan.
Pay Attention to Trends and Changes
You must be prepared to pay as much attention to this new market as you do your existing one. New exporters can easily fall into the trap of not paying enough attention to their export market when their home market is booming, this half-hearted approach will never create any results and in the end, you will be wasting your money.
If you do not have the capital to start exporting to a foreign market by yourself, it could be beneficial to look into piggyback distribution. This is a situation where you form a partnership with a company who is already established in the market you wish to enter and use their distribution channels to enter the markets. For example, if you make printers you would partner with a company that sells computers in your desired market.
Overall, it is important to diversify and expand your market in order to mitigate risk.