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Expanding a small business is a tried and tested way of earning more money. This is how Starbucks grew out of Seattle to conquer the world and how the likes of McDonalds, Coca Cola and other global giants are now present in most countries on the planet.
Yet, it doesn’t always work out well, as firms like Target, Wal Mart, Mattel, and Tesco have all discovered the grass isn’t always greener elsewhere. Poorly executed planning when expanding can ruin a business or at least set it back considerably.
These notable failures haven’t stopped many entrepreneurs from dreaming of cracking new markets, but they do make it clear that success isn’t guaranteed when expanding. Dealing with new cultures and new ways of working can lead to massive problems as easily as it leads to increased income and valuable new customers.
The Founder of YourBusinessCoachingClub, Craig Ridley, said today that, “the very first step is to work out whether to expand in your current market or else look abroad for fresh opportunities.” This can be done be assessing the competition and the level of demand both at home and abroad before making any firm moves.
Mr Ridley continued by saying that, “expanding to other countries is now easier than ever before, thanks to the easy availability of new technologies. However, business owners should avoid the temptation of thinking that this is automatically a gateway to riches.”
When done in the right way, a business expansion can be a smart move that leads to new opportunities to help the company to grow. However, it isn’t something that is to be taken lightly or carried out without the right research and preparation work.
YourBusinessCoachingClub is a global business coaching club that offers powerful coaching sessions as well as a large network of entrepreneurs. The benefits of the YourBusinessCoachingClub site are multiple in nature, with a low membership fee allowing new business owners to learn new skills very easily.
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