As a business owner you need to realize that when you take calculated risks there is a possibility that you may fail.
It’s the gamble business people have to take, especially if they want to achieve growth.
Note that I use the word “calculated risk”. It’s calculated meaning you plan and know your numbers. The amount of risk you can take.
On the upside you also have a chance to increase your revenue and profits thus business growth…
Many businesses that have achieved succeess locally find it difficult to venture into new markets overseas in a foreign land.
Many business owners may lack the courage to venture overseas into new markets and yet this is one of the great pathway to business growth.
The overseas market is potentially bigger.
Consider the local Singapore market which has a population of 5 million. And if you were to enter the Indonesia market which has a population of 200 million. See the difference?
200 million divided by 5 million, that is a market 40 times bigger than Singapore. Now you see how your business could massively grow whem you enter the overseas Indonesia market.
The fear is there because the risks involved are high, but the fact is that the higher the risk the higher the returns.
This article is mostly directed to business owners who have succeeded locally and have hedged spreading their investments into new markets.
The best way to do this is making a calculated risk and then plunging into it full steam ahead.
When you enter a new market, make sure you express what makes you different from your competitors who may already be established players. I call this your Unique Value Differentiator (UVD).
Also try to provide an even better service experience than what is currently there. You’ll sure gain some new customers and market share.
As a business owner realize that when you take calculated risks there is a chance that you may fail.
And even if you fail, learn from your failure and get up more wiser and ready for the next business challenge or calculated risk activitity for business growth.
A lot of times, when you venture into new markets you need a tactical marketing process.
For it is in the marketing process that can bring in much needed new leads and sales.
I always teach that marketing is educating because when you educate your prospect learns. And when people learn they have more confidence in using your product and thus buying it.
In my “Double Your Profits” online course , I teach you step-by-step how to build a marketing process that educates and establishes greater confidence in your product.
You can enroll for the course here