By Kim T. Gordon

Picture this. You're the owner of a seven-year old company that markets security camera systems to small retail stores. In a meeting with your advisors and senior staff, you decide it's time to expand, but how? You could market higher-priced products to existing customers, or widen your service area by adding staff and another location. However, it's unlikely the small retailers can afford pricey upgrades and adding a new office is just too costly. To significantly propel your company forward, you decide to adapt your current product line for a new niche market -- an expansion strategy employed by many successful companies.

Taking on a new niche is a tried-and-true way of expanding a business. Although never risk-free, you can safely accomplish your goals if you follow these four important steps.

Retool your product or service.......[read more after logging in]

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