When does it make sense to open a second location for your business?
When does it make sense to open a second location for your business? What business metrics should you achieve? My business has been picking up, but I don't want to pull the trigger too early!
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Two immediate ideas pop in here. One: when you can afford to open and maintain your second location. Two: When your customer base expends to a level that means loss of a customer if timing, employee production, good will and common sense, urge your doing so.
Simply amplifies here are your employees having difficulty in properly handling you customers, is the good will you give your customers being seriously strained, how long have you been open in the original store to build your return clientele, are you customers traveling uncomfortable distances to the point of loosing them. Then lastly would a larger location suffice as to oppose a second location.
It make sense to open a second Business Location,the moment you feel the Business has picked well and you have a wide range of clients who comes from different regions,Your second Location will serve as a base for that region hence you get closer to your customer,increase your earnings as you gain more customers with easy access to your services
Only if there is a real advantage to physical connection and human interaction or distribution of goods.
Great question. I suggest that you read the book, "No Man's Land" by Doug Tatum. He does an excellent job answering this question. Good read and definitely want this in your library.
I appreciate the judiciousness in your approach towards opening second location for your business.
Your present business at its present location has four stages: Introduction, Growth, Maturity, and a universal truth Decline (because of growing competitors or obsolescence the takers of product/ service assign it). Decline stage can be be converted into another life to the life of present business through timely innovations halfway past the stage of Maturity.
Now, for your business at second location, you should not venture while the present business is at Growth Stage. Halfway past the Maturity stage you will have to concentrate on innovations for the present location. So the best time wouId be about one-quarter way of Maturity Stage of the business at present location.
You said your "business has been picking up". It is a period ahead of 'business is picking up', and short of 'business has picked up'. The day you say "my business has picked up" without waiting further start venturing into business at second location.
You would need to consider a lot for the choice of second location, and models/ modalities for the same. But that is not your specific question. Your question is "When" which has been answered, and not "What all or How", as you already are a master of this business having grown it at present location.
I wish you the very best for your business at present location, second location, and many more locations thereafter.
- Dr. D.S. Narban
Ph.D. (Psychology), MBA
Carrie the very short answer is this: once you have the first location nailed and it is able to operate without your full attention. In my experience many folks have failed because they are opening the second shop before the first one is working. I'd be happy to chat off-line if you like. This is a topic that deserves very careful consideration.
Carrie, congratulations on what you have achieved already. Some great answers here already. I am only going to recommend you read the " E-Myth " by Michael Gerber. Combined with the great answers you have already recieved, this should assist you to see the way forward for you and your business.
Do some research for areas where your competitors are not so strong and the demand for your products is good. When sales growth in your original area begin saturating and/or distribution becomes too diversified, pool the trigger.