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Business Expansion = Research = Results

Futurpreneur | November 15, 2011

Cathy Yeomans, Imagine Public Relations, White Rock, BC, imaginepr@telus.net

Almost any business nowadays can operate on a global level. With the use of internet, affordable courier services, and unique products and services, the global market is constantly expanding and niches are created every day. But how do you know if your business can be expanded to such a level and if there’s a need in the global marketplace? First and foremost, you need to do the research.

Primary and secondary research are both valuable in providing a more thorough understanding of your target market. Conducting primary research in another country can be as simple as having interviews with your potential customers or contacting your defined competition for general information.

Secondary research is just as important and will help you to understand your target markets, demographics, spending habits, technological barriers, and much more. Through government websites, university research papers and various other sources, your research will help glean the results you need to make an informed decision. So take the time to do the necessary research to make sure your next step is profitable.