Business is good and you are considering opening another location. Great, but there is a lot to consider before you expand so you can make the best decision for you and your core business.
Can Your Business Run Without You?
When your primary location is profitable, and you are confident that the steps you took to find success can be transplanted, you may want to consider expansion. However, the most important question to ask yourself is whether your presence is critical to the success of your business. If your customers don't require doing business directly with you, expanding to a new location may be beneficial.
Financing a New Location
Opening a new location will require financing, but do not count on your existing location for any funding; rather, consider the new location as a separate business. Be certain that you have pre-arranged, adequate financing for the proposed new location. This may include funding sources such as loans, outside investors, and your own personal capital. Read our tips on financing your business as a refresher.
Choosing a New Location
You already chose a great location once. Review our tips on how to choose a location to help you identify new target markets and assess the strength of demand for your services.