Island Savings

New Markets

Having a successful business means consistently making a profit. Market expansion can help you continue to increase your revenue. Consider these tips from our business experts.


Reasons for market expansion

  • If your current customer-base seems to be going stale, you may want to consider expanding into a different market.
  • If your current market is saturated with competitors, expansion into a new market may be necessary.
  • If you’ve already maximized your potential customer-base in a certain market, you may be ready for expansion as a next step.
  • If you’d like to become a multi-regional or national brand, then expansion makes sense.


While developing new markets can be challenging, your introduction to a new market can be an exciting venture especially if you‘ve got a proven track record of bringing a proven concept to a new market.

Considerations before expanding

  • You'll want to make sure that the current success of your business isn’t a short-lived fad, otherwise, expanding into new markets could be a costly venture.
  • Do some forecasting to determine whether the market you want to expand into can support your entrance without becoming saturated. If there are already too many players in the market, you may not succeed in turning a profit.
  • If you’re introducing a new product or service into a new market, make sure another competitor hasn't already gotten the jump on you, established themselves and cornered the market.
  • Do you have the time and ability to oversee multiple locations? If not, you may need to consider hiring managers or moving to a franchise model.


At Island Savings, we can help you determine what financing options are best suited to your business needs for expansion of your company into new markets. Talk to us today!

Approaches to effective market expansion

  • Do your SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) considering both your company and also your competitors. Use your strengths, lessen your weaknesses and act on opportunities, if feasible.
  • Consider hiring a consultant. Setting realistic success metrics based on the Return on Investment (ROI) of the consultant’s services will ensure that your money is being spent effectively.
  • Amend your business plan to reflect the market expansion efforts and create realistic goals for your market expansion.
  • Consider the logistics of expanding. Do you have the capital you need to expand? Do you have enough trained staff to smoothly transition into a new market?
  • Get information on the legal considerations involved in expanding so there are no surprises.

Are you ready?

You also need to consider the added stress on yourself. Is it worth it? Many entrepreneurs have expanded their enterprises only to have their business take over their lives. Unchecked expansion may be great for the bottom line, but what are the other costs? When you first started your business, you probably hoped that one day you'd have more time to spend with your friends and family. By pushing to expand relentlessly, you may find your personal life falling apart around you. Be sure it is right for you both personally and professionally before moving ahead.

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