This tool reveals the major advantages and disadvantages of eight methods for entering into a new business or expanding an old one. Often used in conjunction with this tool is "New Market Entry Strategies," also located in our Marketing Tools category. (1 page)

Join the LRI Newsletter to receive free tools and expertise to improve your business.

Eight Ways to Expand Your Business

Here are eight ways to expand business:

1. Internal Development

Advantages:

• uses existing resources
• avoids acquisition cost
• (especially if unfamiliar with product/market)

Disadvantages:

• time lag
• uncertain prospects

2. Internal Ventures

Advantages:

• uses existing resources
• may keep talented entrepreneurs

Disadvantages:

• mixed success record
• can create internal stresses

Purchase this tool to download the rest.