So your business has been really successful, and you think it’s time to open a new location — perhaps in a different city. It’s great that your business has been doing well, but it’s very important to expand slowly and carefully. You could put your business at risk otherwise!
Read on for tips on how to gracefully and successfully expand your company.
1. Financial Security
Be double-sure that you have the financial security to open up a new location. This may require securing a commercial real estate loan or an SBA loan. What’s important is making sure your business will not topple if the expansion fails.
2. Good Location
If you expand to another city or another state, chances are you might not know a lot about the neighborhoods of the area. Research and find out what’s located where. If your business is an Indian restaurant, you don’t want to open your new location near an existing Indian restaurant!
3. Trustworthy Employees
Since you can’t be in the new location all the time, you need to have trusted employees who are definitely taking care of the business when you’re not around. Be cautious when hiring people. Spending a little more money and hiring older, more trustworthy individuals could be worth it.
4. Test Run
Test the waters before officially expanding the business. If you run a restaurant, consider setting up a table at a food festival or street market in the city you’re hoping to expand to. See how people in the area respond to your food. This is also a great opportunity to talk to residents of the area about how your restaurant would be perceived there.
Biz2Credit can help you figure out the best path to take. Visit the website or call (877) 861-2210 for help.