Understanding Your Current Market Position

Before diving into new expansion strategies, it’s crucial to thoroughly analyze your current market position. This involves understanding your strengths and weaknesses, identifying your target audience and their needs, and assessing the competitive landscape. Are you a market leader, a niche player, or somewhere in between? What are your current market share and growth trajectory? Honest self-assessment is the foundation for effective expansion planning. Consider using SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to gain a clearer picture of your business’s current state.

Identifying Untapped Market Opportunities

Once you have a firm grasp of your current