Expanding to New Markets
Hello Everyone. Today, we’re talking about expanding to new markets. Many startups expand too early, rather than focusing on a niche they can win.
Even if your niche is small, it will serve as a solid platform for your next step and numerous very successful companies adopted this strategy. They win their niche and once most people in that small target market are a customer or have had a chance to say no, then it’s time to expand to a new market.
For example — when Uber launched in 2010, it was a black limousine service only available in San Francisco. Facebook launched in early 2004 but they didn’t open it up to all until near the end of 2006.
Win your niche first, then it’s much easier to expand to new markets.