Owning a business is a lot of responsibility, but also more opportunity. Some of the deciding factors for the option are the way the business operates, the number of employees, sales or services provided along the status of the competition. These exciting options that can be changed at a current location may also be impacted by expanding a business to a new location.
Owners of businesses know from experience things change. When looking at a new location, the operations and procedures may need to be different. Here are tips for a business that is opening new locations.
1. Current Management
The current business has been running with direct operations management from the owner, and that has made it a success. However, if there is going to be another location, the manager can only be in one of the two locations at a time. Therefore, looking at current personnel and the possibility of hiring an assistant manager may become necessary since the owner can only be at one location at a time.
2. Estimate the Time and Costs Necessary
When starting a business, the amount of money and time investments are unknown. Estimates of funding can be figured and inflated. These costs can be adjusted based on the construction used like metal roofing, different window styles, and the types of siding. Issues can cause additional expenses or more time, check for financing and personnel that can cover the time that will be necessary for the owner at the new location at the original location.
3. Status of Current Business
Check to see that the current business can take the impact of the changes and the money restructuring. Check the different types of construction that are available and that are popular in the area. At first, the income from the current business may need to be used to start the new location.
4. Expanding Goods or Services
Goods and services always change. Look and see if the current location should remain the same or if it should change with the expansion. Maybe some of the current goods and services should be grouped with the new goods and services together at one location and the rest at the other. This may mean moving goods and services from and adding to the current location while also expanding to a new location.
5. Website
Websites can offer direct links to financing offers and suggestions. The additions to the website may show that there is a need for a larger, more complex website. There could also be a need for more supplies, storage space, or employees.
6. New Customers
Check to see the population in the new location. See if the location of the building is more modern, the residents are younger new family areas, or older generations that don’t have a lot of youth. Target the goods or services, the building decorations, and landscaping to be appealing to them and the surroundings.
7. Check Competition
Go to the competition business. Look around to see what attracts customer attention and what doesn’t. See if all the goods or services offered are the same or if there is a way to customize for new or different customer attention. Check the customers there to see what they are looking at and asking questions about.
Expanding a business and moving it to a new location is a big decision. It makes changes not only for the new owner but its employees in the prior and new business and all those customers and the new customers to come. Be that little fly on the wall that sees and hears what customers like about a store and what they would like it to have or change. The happier the customer, the more they return.