This could be the right time to expand the marketplace you serve.
It really could.
But often when a business owner explains their scenario and asks for my advice, the solution is not to expand. Their marketplace tends to be big enough.
Usually, the answer is for them to make their prospects more interested, engaged and reliant upon the products or services the business provides.
This means pumping more great value into their offering. It means looking at every detail of their product or service, for opportunities to massively improve it. It means building the “wow!” factor into it, so it’s compelling enough to attract attention and create the essential word of mouth publicity they need.
If you’ve been through this process already, and seen a significant increase in your market share. Then it’s time to either look for additional value you can add, or expand your market.
However, if you haven’t yet given your products or services a radical review and implemented the improvements, consider doing that first.