1 00:00:00,857 --> 00:00:02,880 Business is going well for Mike. 2 00:00:03,261 --> 00:00:04,400 He wants to expand. 3 00:00:04,762 --> 00:00:06,000 What are his options? 4 00:00:06,450 --> 00:00:08,570 Should he expand his product range? 5 00:00:08,635 --> 00:00:09,600 Hire staff? 6 00:00:09,828 --> 00:00:11,640 Start trading internationally? 7 00:00:11,877 --> 00:00:14,080 How about opening a branch office? 8 00:00:14,366 --> 00:00:16,520 Expansion comes with risks 9 00:00:16,537 --> 00:00:18,760 and Mike needs to know what they are. 10 00:00:19,090 --> 00:00:21,400 Is there a market for his new products? 11 00:00:21,540 --> 00:00:25,520 Does he need extra insurance for international business, or permits? 12 00:00:25,617 --> 00:00:28,560 Mike needs a growth plan to help him focus. 13 00:00:28,779 --> 00:00:31,560 He visits Business.gov.nl, 14 00:00:31,915 --> 00:00:34,995 the point of single contact website that offers entrepreneurs 15 00:00:35,011 --> 00:00:38,160 complete and up-to-date government information. 16 00:00:38,216 --> 00:00:40,320 Here he finds all he needs to know. 17 00:00:41,141 --> 00:00:44,840 The market research he has done is the input for his marketing plan: 18 00:00:45,105 --> 00:00:47,785 he knows which products show the most promise; 19 00:00:47,958 --> 00:00:50,920 research into the national and international market 20 00:00:51,016 --> 00:00:53,496 has shown him where to focus his efforts. 21 00:00:53,664 --> 00:00:56,080 Next, he has to think about promotion. 22 00:00:56,668 --> 00:01:00,360 He needs to consider his target market to find the right mix 23 00:01:00,380 --> 00:01:03,080 of traditional and online marketing tools. 24 00:01:04,128 --> 00:01:07,160 Financing is an essential part of growing. 25 00:01:07,480 --> 00:01:09,640 Now that Mike knows what he wants to do, 26 00:01:09,737 --> 00:01:12,680 he needs to decide how to finance the expansion: 27 00:01:12,918 --> 00:01:14,720 go for one source of funding 28 00:01:14,756 --> 00:01:15,756 or for a mixture? 29 00:01:17,461 --> 00:01:20,760 Market research, marketing and finance 30 00:01:20,784 --> 00:01:23,160 those are the ingredients for a growth plan 31 00:01:23,179 --> 00:01:24,179 that will work. 32 00:01:24,591 --> 00:01:26,760 Mike knows how to move forward. 33 00:01:27,924 --> 00:01:29,080 And so can you, 34 00:01:29,229 --> 00:01:30,200 with a little help 35 00:01:30,286 --> 00:01:32,120 from business.gov.nl