Expand Your Business

It’s sometimes hard to know when to open up a second location. 

When you’re a brick-and-mortar business, you might be considering opening up another location. What an exciting time to be thinking about this process. It should be easy, right? Since you have all the processes down and you know how to generate a good revenue through your first store, opening a second shouldn’t be that hard.

Opening and operating a second location takes just as much thought and work in to opening your first initial location. Well here’s a few things to consider when adding another location:

1.Where do you plan on opening your next location?

2.What’s your business plan on launch and expansion?

3.How do you plan on finding your new location?

4.What’s your estimated inventory for the new location?

5.How will you secure funding?

6.What’s your competition doing?

7.Who will you have for staff in the new location?

8.What’s your marketing strategy?

9.Do you know your estimated financials for the new location?

10.Are you ready to commit yourself to running two locations?

How to know when to expand your business to a new location.

Opening your next location is a huge decision, and you want to make sure that it’s the right decision not only for your business, but for you as well. If you don’t create a plan for operating multiple locations you will be setting yourself up for failure. 

Here’s a few indications that your business could expand to a new location:

-Not able to meet customer demand. You’re business has become so successful, but your current location just isn’t able to take on new clients. It’s time to open up a new location. You shouldn’t have to continue turning away clients. 

-Your SOP’s (standard operating processes) can be duplicated. If your SOP’s are documented this will allow you to mirror your systems and help train staff at the new store. 

-You are limited on space for inventory and customers. If your store feels too crowded with customers and finding it hard to store incoming inventory, it might be time to expand to another location. If you’re feeling the crowdedness, so are your customers.

Who should I connect with when I want to open up another location?

The best place to start is connecting with your local commercial real estate agent. Your agent should not only be able to help you find your next location but help guide you through:

-knowing the current market

-showing you the risks on certain properties 

-help negotiate and conclude on transactions

Thinking opening another location is for you? Let's connect!

cassiewells.com | cassie@cassiewells.com | 501.993.1973