When business is booming, the idea of opening another outlet can begin to form. It can exciting and scary, and it is hard to know when the time is right. Can the business handle it? Can you handle it? Is it needed? Would it bring in new business or split what is already there? There are so many questions it can be confusing and overwhelming. These guidelines help with the why and how of opening a new business outlet.
Success is First
If your first outlet is successful, then it could bet time to start thinking about opening a new outlet. When you do start considering the possibility, take a look at your customers. Are they all repeat customers from the same area? That is fine. If people are interested here, you may find interest in another area as well.
However, if you see the occasional customer or even repeat customer that travel from a little further, talk with them. Find out what brings them to your location. Do they think there may be interest closer to where they are located?
Next, do your research. Market research is an imperative step, and hiring a professional is prudent. This can help you find the appropriate location where a new outlet can be as successful as the first.
Remember Your Roots
Remember that a new business outlet does not equal a new business. Do not forget why people love your business to begin with. If you try to change too much with a new location you will defeat the purpose.
If there are new products or services you want to try, introduce them in the established outlet first to see how it goes. Don’t forget who your target audience is.
Spread the Word
How do you let those in the area of the new outlet know that you are there for them? There are a lot of options. Put up signage at the existing storefront. Spread the word via radio. And utilize social media.
Social media is a big one in this situation. It can function as “word of mouth” advertising as current customers comment and share, and it can be a catalyst for this type of advertising in the real world.
Spread the word about your grand opening, services, and any special events, discounts, or giveaways that will be happening in conjunction with the opening. Offering discounts or giveaways for “likes” and “shares” can also be helpful.
Biz2Credit can help you find the financing you need to get your new business location up and running. Whether you need real estate financing or start up support, our network of lenders has a broad range of small business financing products to fit a variety of situations. Visit Biz2Credit.com today to find out more.