Entering new markets can represent a significant growth opportunity for your business – but the road to launching your business into new, undiscovered territory can be challenging and somewhat daunting. It takes time, resources and patience to see a return on your investment.
But with the right action plan and professional advice, you can turn your business growth idea into reality.
Here are six things to know when preparing and launching a go-to-new-market plan for your business:
1. Know your market
Be realistic about market opportunity and your ability to gain market share – stray away from Hockey Stick Projections and be realistic with your assumptions. Think beyond your direct competitors and consider a broader view of your market including the impact of technology advances and innovation.
Be proactive and plan ahead. Remember to evaluate your business and seek external feedback. Be aware of any blind spots or areas of improvement and implement solutions before you execute on your expansion plans.
2. Execute strong marketing
Marketing and sales are intertwined when it comes to successfully growing your business – you want to ensure they work together! Invest early and often in your marketing team. Hire proactive leaders who excel in problem solving and can deliver your message to the market.
Make your business stands out by utilizing effective marketing resources and tools that work for you. Survey your competitors and rise above the status quo. Entice your audience with your market offering in a way that outshines the competition. It’s not about reinventing the wheel – just put your own spin on it.
3. Cash is king
Expansion can be costly. Don’t be under-prepared when looking to explore new markets. Raise enough financing before a growth spurt and allow room for unexpected costs. Financial flexibility is crucial to executing a disciplined business plan while allowing you to take advantage of new opportunities.
4. Tap into your resources
When you look for it, you’ll find inspiration in the most surprising places! Rely on your network and other sources to learn from other entrepreneur’s success stories. Tap into social media and events. Attend events specific to your industry and take it one step further by hosting your own! Hosted events are a great way to reach out to like-minded entrepreneurs and build further connections in the business community.
Sponsorships can be another great way to build onto your existing network. Select programs that fit your target market and are connected to your expansion strategy. Some examples may include The Business Transitions Forum or ACG Capital Connection. Use these as a platform to gather insights from entrepreneurs who have walked a similar path.
5. Set goals
It is easy to get sidetracked by this new and exciting venture. Set goals and objectives in advance and use measurable KPI’s to track your progress towards them. Having a vision of what you are trying to achieve will help navigate new challenges and ensure you are on the right path.
6. Don’t forget the foundation
You are ready to launch new markets because of what you have built. If you are building up or off an existing, established business, don’t forget to look after what you have work so hard to create.
Growth in action
Meet AlterG, a California-based company and creators of a NASA-developed Anti-Gravity Treadmill®, which reduces impact and pain during conditioning and physiotherapy – a new market technology, leading to rapid growth and expansion opportunities.
Ready to expand, AlterG delivered results before we funded their growth plans. They successfully navigated a strategic transformation with the addition of new management, streamlined operations, marketing and distribution channels.
Find out more about how we helped launch AlterG into new markets.
About First West Capital
We provide innovative junior capital financing to mid-market businesses across all industries in Canada. We’re passionate about helping you grow, acquire or transition. We understand the unique needs of entrepreneurs and their businesses. Because it takes one to know one.