Assignment: Small Business Expansion Strategy
Have you ever gone on a trip and wished you could have packed your favorite local small business in your suitcase and taken it with you?
What is so special about this business that it would make you want to have its services or products available to you wherever you are located?
For this Assignment, you will identify a local small business in your area, and develop a strategy for expanding that business in either a regional, national, or global market.
In your 2- to 3-page paper, be sure to address the following:
Identify the business you selected, and provide a brief description of the services provided.
Identify which geographic market you selected (regional, national, or global).
Why do you believe the business could succeed in this new geographic market?
What are the benefits of expanding into this geographic market?
What are the risks of expanding into this market?
What obstacles will the business have to overcome? Take into consideration seasonality and supply chain management (i.e. vendors, raw materials, in-bound logistics).
What strategies will help lead the business to success over the initial year of the expansion? Justify your response.
What strategies will help lead the business to success over the next three to five years? Justify your response.
How will the business maintain its branding while expanding into the new geographic market?