A recent article, 5 Things to Consider Before You Open More Locations by Kyle Zagrodzky says that running a successful business is quite hard. Yet, once you have proven that your idea works then opening one or more locations is tempting. Opening more units can mean more profits if it’s done right.
How can you tell when you’re ready to take the plunge and open another location? Here are some tips to consider before you make a move.
- Why do you want to expand?
Don’t be misled by believing that more is always better or that more locations will promise more income. Before you make such a big decision, ask yourself why you really want to expand. If you are seeking continued success or more money, you might be able to attain that through a less risky venture. Opening a new location will tax your strength and your finances, so be sure you know what you’re doing before you do it.
- Put the right team in place
Before growing, ensure you have the right team in place to take over some of those major roles you’ve always handled, and whether you can transfer the success of your first location to the newest one.
- Reflect on your existing processes
Your business processes should be efficient and streamlined so that employees know exactly what to do and everything runs pretty well even with minimal supervision. If that’s the case, opening doors to a new location is feasible. If you’re targeting a new market in Lake Mary, you can consider renting a space in Lake Mary Staffed Flexible Offices or Lake Mary Full Service Virtual Offices so your team can easily access potential clients and start to explore.
Get ready and make your move
If you’re confident that you have done all your homework and balanced your finances, then you might just have what it takes to launch a new location. YourOffice at Lake Mary/Heathrow provides fully serviced individual and executive offices, team spaces and virtual office solutions. Inside you’ll find everything you need to stay connected and stay focused on your business.