Is your business ready for a second location?

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Maybe business is thriving, and you've got been thinking “hmmm, maybe it's here we are at a second location-“. While expanding is awesome, let's go through what you need in position to grow.

  1. How is business?

This appears like a no-brainer however your small business to be healthy. You'll need a large amount of sales, lower cost-per-lead, strong income, capital in the bank, etc. If you've needed to turn away customers due to a lack of space or inventory, it might be time for you to open another location.

Also, will your present business thrive if you step away to handle the opening from the second location?

 

  1. Systems

Back to the last question, a method must be in place for your first location to not skip a beat while you open the second. Do you have managers you trust? Do you have a solid system for inventory and marketing? Before opening the second location, ensure that everything will be smooth sailing while you step off to work on project # 2.

  1. Capital

This is yet another no brainer but strangely enough having capital is something business owners overlook. Location number 1 will need to support location # 2 although it grows. Location A is going to be providing the capital for marketing, inventory, rental space, staff, etc. for location B. Overextending the finances of location A is exactly what leads to a lot of businesses shutting down so make sure the money is available.

  1. Research the area

I've seen Marcus Lemonis' show too much too. In a single episode, a snowboard shop opened another location and also the shop was failing miserably and costing them a lot of money. The problem? They didn't research. They were so looking forward to a second location that they skipped the marketplace research. If location A and B are too close they could cannibalize one another, and if they're too much apart you could spend a fortune. It's all about finding the sweet spot.

 

While we can't discover that sweet spot for you, or place your systems in place, we are able to supply the capital you need to get going on your next location. Click the apply button below to get started today! You might have funding is really as low as Two days.