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Picking The Right Markets: Bigger Isn’t Always Better
When choosing which markets to expand or export into or seek investment from, most often people choose the big ones (i.e. New York, San Francisco, London, Dubai, Toronto). Sure they have big airports, big talent pools, big infrastructure, big prospective customers, and big funds.
But does bigger mean better? Not usually.
Bigger also means more competitive, more expensive, and more complex. Size should not be the determining factor in market selection.
Criteria
It is important to also consider taxation, regulations, labour relations, business culture, accessibility, livability, and customer/investor intent. Entering a market is like entering a business partnership, or even a marriage. It’s a long-term commitment and you want to be sure it’s a values and cultural match, not just financially beneficial, or it could end badly.
Also consider what other factors uniquely matter to you, your community, or your business. Is inclusion, environmental stewardship, or volunteerism important to you? Factor that in.
It’s about choosing a market that will welcome you, where your value proposition will resonate, and that shares your values and business culture.
