101 Opening A Second Location
Opening a second location for your business may not seem as challenging as your first, but it brings with it many of the same obstacles…and some new ones, as well.
The following suggestions, found at allbusiness.com, will guide you through the process of increasing your locales without restricting your expansion.
Easy does it. Enthusiasm for growth is encouraged, but it should not come at the expense of careful planning.
“Too many business owners jump the gun and get that second location off and running without the same careful preparation they used the first time,” says the staff at allbusiness.com. “You should expect to spend just as much time planning your second location.”
Recognizing the signs. Remember, a second location should meet customer demand, not your own desire for greater exposure.
“You should only consider a second store when you see a large enough market to support another location,” the allbusiness.com staff suggests. “Or you’ve found a new market that isn’t yet being offered your type of products.”
Relinquishing control. Keep in mind, a second location will require new management.
“Too many entrepreneurs, in their haste to open a second location, tend to forget that they cannot be in two places at once,” says allbusiness.com. “This means that you need to have a well-trained employee who can manage store number two. It also means changing your mindset from being in complete control to trusting someone else implicitly.”
Growth without the grunt work. Always crunch the numbers before setting up a new shop. And if the numbers don’t line up, don’t worry.
“If a second store is not a feasible solution, try building up your business by selling online,” says allbusiness.com. “Overhead will be lower, and you won’t have the responsibilities that come with two physical locations.”
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