What are some untapped ideas for startups
Open up new markets with expansion
Expansion of the business idea at a glance
Expansion means expanding in the course of an economic upswing. The expansion is characterized by growing production and increasing capacities in the company. This usually goes hand in hand with the creation of new jobs, an increase in corporate profits and further investments. In retail, one usually speaks of expansion when it comes to the search for additional locations where it can be assumed that new purchasing power will result from new target groups. The theme of expansion can be transferred to several dimensions and has different tasks and effects in each area.
Find new markets for your business idea
In order not to enter into direct competition with existing offers, you can address new, previously untapped target groups or completely new markets. This strategy, in which an existing product is introduced into a new market, is called expansion according to the Ansoff product / market matrix. The following strategies for expansion are conceivable:
- Expansion of the target group
Your business idea may not yet be known to potential target groups due to a poor marketing strategy. Find ways to reach these audiences (e.g. through targeted advertising). Very often an existing product has to be slightly adapted (modification) in order to address the new target group precisely.
Example: At the beginning of the mobile phone age, the elderly were neglected as a target group by the mobile phone manufacturers. There are now cell phones that are specially tailored to the needs of the elderly.
- Regional expansion
Your business idea may not yet be known in some regions. Find these as yet undiscovered sales markets and use them for the success of your business idea.
Example: Many products are initially only offered in the big cities. This offers opportunities for those who care about the rural areas.
- Business idea from abroad (import)
When you import a business idea, you are introducing a product or service that has already established itself abroad but is not yet offered here. For example, what have you seen on your vacation trips but have never been able to buy here in Germany?
Example: Many innovative, new business ideas from America have also been able to assert themselves in Germany. More about the special features of the import.
- Expansion abroad: export your business idea
You can also offer an existing product abroad. However, you should then analyze the market situation and buyer behavior in particular before entering the market. A good example of this is the triumphant advance of the German bratwurst in Asia. About the special features of the export.
With our business idea check, you can analyze not only your idea but also the possibility of opening up new markets.Continue reading
Avoid mistakes when expanding the business idea
If you are looking to expand, it is best to think carefully beforehand about the issues that could cause you to fail and prepare yourself properly to counter them.
- Premature megalomania
A few positive impulses and the knowledge of establishing yourself in your own country are by no means a guarantee for an equally great success abroad with your own business idea. It is reckless and naive to cross national borders before you have fully exhausted your own market, or to hire new employees without the previous ones being fully utilized. A running company can also initially serve to work out a financial buffer to absorb any difficulties that may arise during expansion. The second step before the first often goes wrong.
- Lack of knowledge of the new market
What works in the country in which the company was founded doesn't have to work everywhere. Rather, each country has its own culture and, accordingly, different purchasing powers based on different needs. With the help of a comprehensive market analysis, you will get to know the foreign market better and learn more about the country-specific conditions, the competitors, the market entry barriers and the market dynamics.
Who can expand?
To find out whether a company is ready to expand, founders should ask themselves whether they can answer "yes" to the following questions.
- Has the company been able to establish itself in its own market?
- Can a market and competition analysis be carried out?
- Are the competitors known in the new market?
- Was it possible to uncover the new target group including purchasing behavior?
- Is the demand for the product / service stable?
- Can a price adjustment be made to the respective market?
- Is it possible to maintain the previous quality standard abroad as well?
- Can any financial difficulties be absorbed?
- Is the equity large enough to cope with an expansion?
- Are reliable sales partners and suppliers available?
- Are there enough staff prepared for the expansion?
- Do you have experience in planning and implementing an expansion?
- Do you have consultants who specialize in the expansion?
- Can the marketing concept be adapted?
- Are there also plans in case of failure?
The more often the answer is positive, the more likely it is that entrepreneurs are ready to expand. However, this small test does not replace the necessary extensive advice from a consultant who specializes in the topic.
You can find a consultant in the consultant network who will discuss your options for expanding your business idea with you.Continue reading
the next steps
Regardless of whether you want to lead your start-up to success in the context of innovation, product modification, market penetration or expansion. First, you should check the business idea for its feasibility and analyze whether your project has sufficient economic potential. Then you write the business plan that is the basis of your independence.
As editor-in-chief, René Klein has been responsible for the content of the portal and all publications by Für-Gründer.de for over 10 years. He is a regular interlocutor in other media and writes numerous external specialist articles on start-up topics. Before his time as editor-in-chief and co-founder of Für-Gründer.de, he advised listed companies in the field of financial market communication.
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