Outside Contributors

Are You Ready To Open A Second Business Location?

Are You Ready To Open A Second Business Location?

Choosing your first business location is tricky enough, but choosing a second to expand your business with? It feels next to impossible! But when you reach a stage in your career where you’re experiencing an influx in custom, and you’ve got the resources available, opening up a second location is a good way to cover your market. 

But are you at this stage yet? Could you open up a new location and bring in more profit, rather than have to balance the scales more precariously? Let’s examine your current standing with the points below.

You Know Who to Talk to

When it comes to physical expansion in this manner, it’s going to be hard to manage alone. You’re going to need Business advisors, local experts, and those with the financial knowhow on your side. No matter where it is you want to go, or what location you’re trying to target based on previous data and current market research, you’ll need someone on the ground smoothing the operation along. Which means you need to make some connections; the right people in the right place is always the best way to get something working. 

You’ve Got a Loyal Pool of Non-Local Customers

Your first business location is going to serve a mostly local clientele. However, if you’ve also got a website you sell through, there’s a good chance you’re attracting people from all over the country and overseas. And that’s always a good sign for expansion! It’s clear your products and services are wanted in more than just one place, and it’s this clear market attraction that’s going to seal the deal for you. Take it seriously and move where you’re wanted; a second location will thrive if there’s a portion of customers already waiting for it. 

You Know How to Maximize Productivity

If you know how to best run your business, based on the success you’ve already experienced over the past few years, it’s going to be a lot easier to run a second location. After all, you know how to get things going and get them done by the time 5pm rolls around! Your day to day operations are what keep things turning over, and greasing these wheels early on will help to keep your profit lines expanding. So, do you have a good handle on it? You’ll need to be sure of this first. 

You’ve Got the Cash

While it’s often easier to attract investment funding for a second location than it is a first location, you’re probably at a stage now where you can put up the funds yourself. And when you want to maximize your return from the market, it’s best to try and control the financial reins yourself. So this is the final thing to make sure of. Having the right amount of cash behind you, which includes emergency buffers, means you can rest easy during this risky time. 

Are you ready to open a second location? Tick off this checklist first.

Are You Ready To Open A Second Business Location?

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