July 22, 2008, 9:16 am
Expanding a niche business
Ricky, Orlando, Fla.
I am looking to buy an out-of-state business. The company currently handles hotels and transportation bookings for airline crews and a few corporations. I would like to open an office in my hometown and focus on the film industry and engineering companies who have extended stays in many cities. How can I expand the category of business? What should I expect with this challenge?
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You may want to partner up or hire someone who is experienced and resides in the target states. You can create a new entity with an written agreement. In such case, you will have to give up equity or develope a profit sharing program. Or if you have the funds, try buying into the desired market buy aquiring an existing firm.