
4 Steps to Opening a Second Business Location
Your goal is to open a second location. Before embarking on the road to another grand opening, ask yourself if you’re ready and what the potential competition looks like elsewhere. Focus on what your location will offer the community. Follow these steps to learn how to open a second location
Evaluate potential markets
The first thing to do before settling on a location is to assess the potential market. Look for ways to move your business to a thriving market that may have a similar store nearby.
Focus on costs – managing costs at the first site can be tricky, but this time should be different. Consider that taxes and fees may increase in other areas. Work with a real estate agent to find safe and affordable locations with enough residents living there for your business to thrive.
View the competition
The other thing is competition. For example, let’s talk about retail. Many large and small companies sell similar goods, but they offer at least one thing to set themselves apart – what’s yours?
Document the closures and ups and downs of your business. See how they handled setbacks and decide how you will handle pitfalls in future store spaces. Also, make sure the name you choose isn’t hard to remember.
Find the ideal location
Now that you’ve worked with an agent to figure out the best place to open, you’ll need to choose the final location. Depending on the area and condition of the store, you may need to look at other elements, such as renovating the space and finding building codes.
Consider a soft opening
A trial run means inviting close friends and family to celebrate your opening and conducting a test run of your operations. During a test run, you can identify mistakes, fix them and retrain staff if needed. In addition, you can get a better idea of which organizational spaces are right for your layout.
Soft openings also help in learning how to dispose of waste. If you find yourself with more trash than you know what to do with, consider the benefits of renting a dumpster for your business site. Every new business location needs to follow the proper steps before opening. Use these tips to set up your second location for success.
Your goal is to open a second location. Before embarking on the road to another grand opening, ask yourself if you’re ready and what the potential competition looks like elsewhere. Focus on what your location will offer the community. Follow these steps to learn how to open a second location Evaluate potential markets The first…