Congratulations! You’ve taken the plunge and are expanding your small business. An additional location for your business can provide a valuable opportunity to increase sales, reach more customers and grow your overall operations. Although there are many upsides to opening another location, you’ll need to ensure that your business can handle the added responsibilities.
In this post, we’ll share some necessary do’s and don’ts to follow when it comes to opening a second location.
Do: prepare a budget
Prior to launching your latest location, examine your budget to confirm that you can afford the added expenses that come with a multiple-location business. Once your new establishment is up and running, make sure that you follow a budget so that you don’t over-commit yourself financially. Detail how much you’ll need to spend on paying employees, purchasing inventory and any other consistent costs your business will require. By sticking to this budget, you’ll lessen the likelihood of overspending.
Don’t: neglect existing locations
It can be an exciting time to open an additional location. You’re likely spending a lot of time and energy in order to guarantee that your space is ready to serve customers. But remember: your existing locations are still a reflection of your business, too! If you’re inattentive to your existing establishments, you may lose customers, which could negatively affect your business’ future.
Do: stay organized
Now that you have the responsibility of overseeing multiple locations, it will be pivotal that you stay as organized as possible. You may need to delegate some responsibilities to your employees, so that no aspect of your business gets ignored. If productivity and planning aren’t your strong suits, it may be time to get rid of bad habits in the best interest of your business.
Don’t: forget to advertise
Make sure that customers know about your latest venture! Share the news on your business’ social media platforms, website and through marketing collateral featured at your existing establishments. If you’d really like to reach as many people as possible, consider executing a paid social campaign that will reach other locals. Spread the word as much as possible, so that when opening day rolls around, you’ll have patrons ready and waiting to check out your newest space.
Do: focus on bringing traffic to your additional location
Once your location is up and running, you should make efforts to bring in as much traffic as you can responsibly handle. As we mentioned, make sure that you’re advertising your new location, so that you can bring in as many new employees as possible. If you start off strong, it is likely that the amount of customers visiting your business will continue to grow over time.
Don’t: expect traffic to match existing establishments
Understandably, you’ll want your newest space to be as lucrative as your other locations. Don’t get discouraged, as it may take time for your latest location to get up to speed. Your already open locations likely have loyal customers, so your new location needs to be promoted for it to get to that level.
Do: make sure all locations are well-staffed
Hiring enough staff members to accommodate all of your business locations is crucial. Without well-trained employees at each and every one of your locales, your business will suffer. Invest in training employees and hiring positions that your business is currently lacking. Your employees greatly impact the success of your business, especially when starting a new venture!
Don’t: forget to enjoy it
Opening another location for your small business is an accomplishment to be proud of. Although it can be stressful to oversee multiple operations, if you follow these do’s and don’ts, all of your business establishments will likely be a huge success.
Are you a veteran when it comes to effectively opening an additional location? If so, we want to hear from you! Share your best tips in the comment section below.