Expanding to New Markets
One way to quickly grow your business is to expand to new markets. If you're looking to bring in new clients for your business, check out our tips for finding and securing new markets today.
How to Find and Secure New Markets
One of the most effective ways to expand your business is to explore new markets. However, you have to be careful to find the right market, and enter it at the right time.
It's not enough to just know what market you want to enter. Once you've found an opening for your business, you'll want to perform market analysis, so you know exactly what the market is looking for. Be sure to consider how fast the market is growing, who your competitors in the market will be, and if there are any barriers to getting started.
Find Your Place
Once you've defined the market you want to break into, find the best way you can fit their needs. Once you have a sense of your ability to solve the market's problems, you can more easily find your place. Be strategic about your fit, and don't be afraid to consult with experts in the industry to figure out the best way to advertise your services to your new demographic.
Build an Entry Strategy
Determine your best entry strategy into your new market, and don't be afraid to think big. Do your research. It may be that a joint venture or acquiring another company with more experience in the area is your best bet for growth. Or, you might find that organically investing your marketing and sales power into the market would be a better way to reach potential clients. Plan carefully, and then make your move!
TOP 3 THINGS YOU SHOULD KNOW ABOUT EXPANDING TO NEW MARKETS
It isn't enough to just save your money. After all, you're saving to invest in your own future, so why not make investing part of your plan, too? Many corporations are switching from guaranteed pensions to plans that require you to make contributions and choose investments. The better you manage your dollars, the more likely it is that you'll have the money to make the future what you want it to be.
How should I allocate my assets?Over 90 percent of investment returns are determined by how investors allocate their assets versus security selection, market timing and other factors.* Use this calculator to help determine your portfolio allocation based on your propensity for risk.
Balanced Investment Strategy
An investment approach where the goal is to balance risk and return. These portfolios often are equally divided between equities and fixed-income securities.
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