Taking your business further afield

ASK AN EXPERT

Last updated 05:00 25/06/2012

Relevant offers

Small Business

Wellington mum to serve high tea to the rich and famous at Oscars event Wellington's Aro Video saved from closure Christchurch streets 'a tough place for girls in high heels' Hawke's Bay company Giblin Group to expand business in Australia Annual reviews for early stage CEOs – trying not to get in the way The Cheese Platter set to bring New Plymouth residents cheesey tastes from around the globe Hastings free city parking not working, says restaurant owner Aaron Wheadon Marlborough venture capital company a 'catalyst' for growth Construction work to start at The Loft in Marlborough Invercargill's Bell & Wyatt 'a bizarre barrage of bits and bobs beckoning to be bought'

I'm thinking of shifting my wedding photography business from Auckland to a provincial area. How should I research the market opportunities and the impact of relocation?

A: As a first step you should fully retest your business model in the new location.

You will need to determine whether there is sufficient demand in your new location. Consider whether you will need to broaden your service offerings to ensure you can generate sufficient revenue in a provincial area.

Determine where your business will sit in relation to any existing local competition. Perform some high level research on competitors via the internet and other local media sources such as local newspapers.

Often business in provincial areas is by word of mouth and local knowledge and you may have to get out and about and talk to local conduits such as wedding celebrants, function venues etc.

Determine where your current price point sits with local competition and your strategy for building reputation in your new place of business.

Depending on location is it still possible to maintain networks in Auckland so you can still pick up larger assignments? This may assist your transition as you look to build up your business.

- Andrew Hawkes is a partner of KPMG Christchurch.

A: Perform a scan of the competitors in the areas, you will need to offer something significant to break loyal local connections.

Do not underestimate customer loyalty and personal connections in regional areas.

Sign up some customers and fly in and out now to begin to build a local reputation, before committing to the change.

As a services business you need to be aware that it will take you three years to transfer your brand and reputation into the new market.

Begin networking and building a referral network well ahead of moving there. Look into doing a deal with a venue, caterer or some other non competing business to help supply deal flow.

- Mark Robotham is an SME business adviser. Website: growthmanagement.co.nz

If you want to ask a question of either of of our experts, please email jenny.keown@fairfaxmedia.co.nz

Ad Feedback

- BusinessDay.co.nz

Special offers
Opinion poll

Do you feel better off than at this time last year?

Yes

No

In some areas yes, others no

Vote Result

Featured Promotions

Sponsored Content