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Let us look at the factors that can help you decided whether to expand or not.
- Increased customer base. You will know you need to expand when you see that customer from far locations are going to your place just to buy your products or service.
- Maintaining your lead. If you are the first mover in the market and you want to maintain your lead over your competitors, it is best that you expand aggressively so that it will take some time before your competitors can catch-up with you.
- Market saturation. When you have saturated a particular market or area, it is time to venture and look at the possibilities of opening new stores or shops in other locations.
In the next few blogs, I will write about what are the things you will need to consider when expanding in a new location or market.