A small business is very successful and the entrepreneur wants to open a new location in another state using the same business model. What might be the most appropriate strategy for him or her to consider?
a) Expand the existing business by opening multiple locations in the same state
b) Franchise the business to allow others to open new locations
c) Research the target market in the new state and adapt the business model accordingly
d) Seek investment to fund the expansion and hire a team to manage the new location