175- Business Expansion Strategies- What Works
Update: 2025-05-30
Description
This discussion emphasizes that expanding a business by adding new products or services should be approached cautiously. The hosts advise considering factors like timing, potential impact on the core business, necessary resources (like labor and insurance), and whether the new offering logically fits within the existing brand. They stress the importance of due diligence, including researching market demand and the competitive landscape, and suggest that emotional reactions or "shiny object syndrome" should be tempered with practical evaluation and sufficient time for reflection before committing to an expansion.
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