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Expansion

August 15, 2008

Women TIES mission is to create a local, state and regional marketplace for women entrepreneurs in New York. The concept of regional expansion is not a new concept, but it is a vital one in today’s economic times. Expanding regionally begins by simply identifying specific cities you’d like your business to have a presence in, and then doing research on whether or not there is a market for your service or product.

Women entrepreneurs might want to research demographics based on their clientele, investigate the number and size of direct competitors in the market and consider how they would penetrate the market with advertising.

By contacting the local chamber of commerce to find out more about the business climate in a particular city is a wise idea. At the same time, learn more about their services and membership. A chamber membership might open the door to meeting new business contacts. 

Also consider talking to some noncompetitive, complementary businesses in the prospective city to gain further insight and make contacts for referral purposes. Don’t be afraid to reach out and make connections before you expand into any new geographical area.

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