{"id":6039,"date":"2020-01-14T10:39:47","date_gmt":"2020-01-14T02:39:47","guid":{"rendered":"https:\/\/midcoastpartners.com.au\/?p=6039"},"modified":"2020-01-14T10:39:47","modified_gmt":"2020-01-14T02:39:47","slug":"how-to-open-new-markets","status":"publish","type":"post","link":"https:\/\/midcoastpartners.com.au\/how-to-open-new-markets\/","title":{"rendered":"How to open new markets"},"content":{"rendered":"<p>Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.<\/p>\n<p>We\u2019ve put together 4 articles full of ideas to help you grow your business.<\/p>\n<p>The 4 key areas are:<\/p>\n<ol>\n<li><a href=\"https:\/\/midcoastpartners.com.au\/how-to-increase-your-customers-in-2-key-ways\/\">Increase your customers<\/a><\/li>\n<li><a href=\"https:\/\/midcoastpartners.com.au\/how-to-get-a-bigger-slice-of-the-market\/\">Find new markets \u2013 with existing products or services<\/a><\/li>\n<li>Develop new products or services \u2013 to open new markets<\/li>\n<li>Improve profit<\/li>\n<\/ol>\n<p>Here\u2019s the third area&#8230; <strong>How to open new markets with fresh new products<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h2>Develop new products or services<\/h2>\n<p><strong>Conduct customer research to identify new ideas<\/strong><\/p>\n<p>Ask your customers about what new products or services they would like to see added to your range. Brainstorm ideas with your staff, along with which new markets to target. This article has some advice on how you can unlock innovative ideas.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Check financial feasibility of any new product or service<\/strong><\/p>\n<p>Calculate whether you can make a profit from your planned new product or service. Carry out some market research to be sure of demand. For example, if you\u2019re a manufacturer of sports goods and you\u2019ve created a prototype for a new style of cricket bat, get opinions from a whole range of cricketers, from kids up to professionals.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Test new offerings with your customers<\/strong><\/p>\n<p>Before introducing your new product or service to the market, make sure you test it first. Listen to consumer responses and take on board any advice before going to market.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Protect your Intellectual Property<\/strong><\/p>\n<p>Once you\u2019ve developed some intellectual property (IP), it\u2019s vital you protect it. Have a look at the <a href=\"http:\/\/www.ipaustralia.gov.au\/\">IP Australia<\/a> website for detailed information on what you need to do to protect your business ideas.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Licence other products<\/strong><\/p>\n<p>Consider licensing another business\u2019s products or services as a way to extend your product or service range. It\u2019s especially effective if they\u2019re complementary to your own offerings. Read our article about some other profitable ideas you can learn from larger companies.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Look to joint venture with other businesses offering different products<\/strong><\/p>\n<p>Keep an eye on other successful businesses within your industry, or those targeting markets that you\u2019re interested in, and look at how to develop a strategic alliance.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Import products unavailable in Australia<\/strong><\/p>\n<p>Search out products that aren\u2019t available or are difficult to obtain in Australia, but will potentially open up new domestic markets.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>NEXT STEPS<\/strong><\/p>\n<p>Why not book in for a 30 minute meeting with one of our accountants to brainstorm the above ideas and create a tailored Action Plan to help you unlock your innovative ideas \u2013 leading to more profits for you and increasing the value of your business!<\/p>\n<p>&nbsp;<\/p>\n<p><em>This article is for use of a general nature only and is not intended to be relied upon as, nor be substitute for, specific professional advice. No responsibility for loss occasioned to any persons or organisations acting on or refraining from action as a result of any information or material on our website will be accepted. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. We\u2019ve put together 4 articles full of ideas to help you grow your business. The 4 key areas are: Increase your customers Find new markets \u2013 with existing products or &hellip; <a href=\"https:\/\/midcoastpartners.com.au\/how-to-open-new-markets\/\">Continued<\/a><\/p>\n","protected":false},"author":15,"featured_media":6040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to open new markets - Mid Coast Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/midcoastpartners.com.au\/how-to-open-new-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to open new markets - Mid Coast Partners\" \/>\n<meta property=\"og:description\" content=\"Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. 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