5 Tips for Small Businesses Looking to Expand into New Markets
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Conduct market research to deeply understand the new market before entering it, like analyzing demand and competitors.
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Set goals for small progress rather than waiting for the perfect plan, and adjust as you go. Start with a small step like opening one location.
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Collaborate with other SMBs, even competitors, to lower risks and costs when entering a new market.
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Stay visible and build your network in the new market to gain opportunities and increase brand awareness.
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Avoid copying your current business model directly into the new market. Stay adaptable to overcome unforeseen challenges.