Our planet abounds with options. You may find an opportunity to penetrate a new neighbourhood, a new city or a new country. Regardless of the target market, you have to plan your project carefully if you want it to succeed.
In order to better understand your clients’ needs and ways, carry out a technical and commercial validation or have a specialized consultant do it. A specialist can diagnose your business’ strengths and weaknesses in the areas of production and human/ financial resources. This will help you make strategic decisions that will improve your chances of success. You can also turn to organizations like Développement économique – CLD Gatineau for advice.
Mathieu Poncelet
Business developement advisor
DE – CLDG
“The validation stage is critical when developing new markets. Essentially, technical validation will give you the rules of the game you should follow, while commercial validation will tell you what you should do to achieve your objectives more quickly and effectively.”
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Are you looking for some strategic advice?
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Pratical information
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Reduce your market risk
If your income sources are concentrated in one single territory, you are dependent on its economic cycles. Diversifying your markets geographically will give you the stability you need to keep growing.
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Diversify your client base
If more than 25% of your sales are tied to a single client, you are exposed and vulnerable in a relationship of dependency. Find other clients so you can increase your independence.
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Find economies of scale on your fixed costs
Generate new income and reduce your fixed costs per order by relying on new clients.
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Improve the business’ asset value
Being present in several markets will expand the network and improve your chances of growing and of securing funding. This is worth a lot to anyone looking to buy a business.
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Grab opportunities before anyone else
Markets get saturated more and more quickly. It is important to develop new markets before the competition does.
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Stay within budget
Be sure to finance your project properly and to stay within budget. Set up a reserve for cost overruns to avoid having to cover these out of your operating budget.
- « DE – CLDG is there to serve entrepreneurs who have a business idea. For additional information, call 819-595-8002. Our services are free and confidential.
