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Of these three main strategies above, there are many more that fall into these as subcategories. For example, to create a partnership to expand, one could also create an acquisition with another company. An acquisition is a process of a company buying most, if not all, of another companys business to take control of. This will allow that business to gain cost reductions, greater market share, as well as have the opportunity to expand overseas.
Should I Expand
As stated earlier in the article, entrepreneurs are adventure seekers and look for challenges to conquer in their lives and their businesses. To decide whether expansion is a good idea for you, do what you have done to get you in the position you are in today. Follow your gut and look at the growth you have made so far with your business. Use your business instincts and conquer the challenges in front of you and you will be successful.
