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The steps taken to identify any new business should include:
· Market research
· Feasibility studies
· Close examination of associated risks
· Etc.
However, considering that this business would be in addition to an existing business, emphasis should be placed on additional items such as:
· Can this business be “complementary” to my existing business? Such as a line of cold storage vehicles to a fruit wholesaler or a hotel purchasing a dry cleaning company to service its own usage in addition to outside clients
· Can this business be “supplementary” to my existing business? This could be useful for a company to avoid risks in times of economic instability, such as an existing business specialising in luxury travels investing in a new business specialising in more affordable holiday packages
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