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Planning an Expansion into New Markets

For more than five years, Romeo DiBattista, Jr., has led The Recycling Depot, a water and recycling company based in Vaughan, Canada, as its president and CEO. In this capacity, he manages the company’s operations and finds and maintains clients. Romeo DiBattista, Jr., also guides the company’s efforts to expanding into new markets and territories.

The process of expanding into new markets begins with defining the desired market. Although this may sound simple, many companies ignore this step and instead try expanding in a more general way. Unfortunately, this makes the process more difficult and may even lead to failure. Businesses need to know the specific demographics, location, and interests of their target market so they can tailor marketing and product advertising to a specific group. Once a new market is defined, companies can complete an analysis on the market. Not every market has profitable growth rates or interest in a product or service. By learning this ahead of time, companies can reduce their losses and turn their focus to different markets instead.

Expansion also strains a company as it currently exists, so owners must make sure that their company can handle the stress. Determining this requires businesses to look at their current customers and employees. This ensures that they have not only the manpower to complete an expansion, but also enough reliable profit to make it all the way through an expansion. If capital is a concern, businesses may need to look for financing so that existing operations are not cut to reallocate the funds.

 

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