Description

This tool reveals the major advantages and disadvantages of eight methods for entering into a new business or expanding an old one. Often used in conjunction with this tool is “New Market Entry Strategies,” also located in our Marketing Tools category. (1 page)

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Eight Ways to Expand Your Business

Here are eight ways to expand business:

1. Internal Development

Advantages:

• uses existing resources
• avoids acquisition cost
• (especially if unfamiliar with product/market)

Disadvantages:

• time lag
• uncertain prospects

2. Internal Ventures

Advantages:

• uses existing resources
• may keep talented entrepreneurs

Disadvantages:

• mixed success record
• can create internal stresses

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