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If your business is doing well, you might be thinking of opening a second location. Opening a second location means doing the same things you did when opening the first location. Instead of using guesswork that might lead to failure, it is important to have a good plan.
Here are the things you need to consider when selecting a second location for your business. Make sure you pay close attention to it because it will help your plan to succeed.
Budget
No matter how great your current location is doing, you still don’t know what to expect from the other side of the world, so you should work with a budget. When creating a budget, you should have the maximum amount of money you can use to put up the second location.
There is no need to expend huge sums of money to open another brand when you are still not sure how it will perform. Thus, you want to start small and increase things as your business starts doing well. Ask a financial expert to help with budgeting.
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Accessibility
There are many ways to gauge the accessibility of a given location. First, the transport network around that region should be developed. Your customers will only be happy to visit your stores if they can easily gain access.
Internet connectivity is another way of ensuring the accessibility of your second location. If you intend to undertake some activities online, then a strong internet connection can help clients and potential investors find you easily.
Your second location should not be hidden in an overcrowded place. The area should be open and located in a serene environment that encourages business activities.
Parking and Accessibility
If your business gets enough customers in the second location, they will frequent that place. For each individual who will be visiting your stores, there need to be enough parking spaces. If the location is near a busy street, it would be much easier for vehicles to access and leave the parking lot.
Suppose you want to occupy an office building, there are times when the premises will remain closed. Find out if the people in charge can let you stay with the keys for the duration when the main doors are closed. But if the premises remain closed on weekends, and you will be working then, you might want to look elsewhere.
Competition
While competition should be viewed as a positive factor that keeps businesses on toes, you still want to play it safe and do your homework. Before you make up your mind, find out if there are similar businesses in the area and how established they are.
If there is none, then that is a great opportunity for you. If some businesses are already running in the same location, come up with some techniques to give them a run for their money. You can still succeed if you identify a market gap and provide the necessary solutions.
The Legal Process
In the US, each location has legal processes for licensing companies and businesses. Therefore, find out everything that the local government will ask for to let you operate smoothly. You can still learn more by searching the internet or asking individuals with similar or related businesses in the area. If you learn that the process is too complicated for you, it is okay to look elsewhere.
Closing Thoughts
Note that even if your current location is going great, you are not guaranteed success in the second one. Therefore, do everything right and develop your business from the ground to the top. Avoid making mistakes that could land you into trouble with the relevant licensing board.