E194: Expanding to a New Region

Grow your business with properly planned expansion.

Okay, you’ve outgrown your market. Now what?

After reviewing your target clients as we talked about you realize you don’t have enough work in the pipeline so you need to expand. You can expand to another region or a different niche. Today we talk about expanding to a new market.

  1. Research and understand
    1. Determine why that region – what is the advantage
    2. What are your strengths and weaknesses in that region
    3. What is the business landscape
  2. Don’t go it alone
    1. Seek help from suppliers, contractors, subcontractors, or teaming partners
    2. Get a coach or consultant
    3. Visit the area and ask questions, when you start there hire some locals
  3. Create your plan
    1. Get a solid plan on how to enter, target clients / projects
    2. Develop contingencies to cover the unknowns
    3. Create the retreat plan

Smart expansion is a great way to grow you business and add new clients. It’s also a great way to lose your butt if not done properly.

Take-Action Items:

  1. Listen to this again when you decide it’s time to expand

  2. Research potential expansion targets

  3. Seek help

  4. Create a plan

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