Considering New Markets?
When considering new markets answer the following questions:
Does the market have high potential?
Is the market dominated by strong competitors or is it fractured among many small businesses?
Is the market easy to enter or are there strong barriers to entry? Will fresh competition find it easy to attack you ?
What is the profitability in the market? Is it dependent on raw material costs that you have no control over and that cannot be passed on to the customer ?
Right answers to the above will greatly enhance a successful entry into a new market.