Tool Box

Issue No. 15 - February/March 2004

Taking Your Business Beyond its Boundaries

by Michelle LeCornu

Thinking about entering interstate markets? Here’s some things you should consider:

Size of the market & competition

Before you make your decision to enter a new market, invest some time and money in research. It can save you a lot in the long run. Some of the information that you might need to know includes:

• How many potential customers for your business are there in the new market? To know this, you will have to decide who is in your target audience.
• Are they currently using one of your competitors? If so, are they happy or are they looking for an alternative?
• What would convince them to try someone new to the area?
• How much can you possibly make in sales and profit from this market? Weigh that up against the cost of entering the new market: research, advertising costs, sales, set up etc. Are you going to make a good return on your investment?

Test the Market

Before you make the bold leap, it can be g...

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