You’ve got your sights set on opening a second location. Before going down the path of another grand opening, ask yourself if you’re ready and what the potential competition looks like in other places. Focus on what your location will provide to the community. Follow these steps to learn how to open a second business location.
Evaluate the Potential Market
The first thing to do before securing a location is to evaluate the potential market. Look for ways to slip your business into a thriving market that may have one similar shop nearby.
Focus on costs—managing costs at the first site may have been tricky, but this time should be different. Consider that taxes and fees could increase in other areas. Work with a real estate agent to find locations that are safe and affordable, and have enough residents living there for your business to thrive.
Check Out the Competition
The other thing is competition. For example, let’s talk retail. Many bigger corporations and small companies sell similar items, but there’s at least one thing they offer to set themselves apart from others—what’s yours?
Keep a record of businesses that shutter and have ups and downs. Look into how they’ve handled setbacks and decide how you’ll approach pitfalls in your future shop space. Additionally, ensure the name you choose isn’t difficult to remember.
Find an Ideal Location
Now that you’ve worked with an agent to find out the best places to open up, you need to pick the final location. Depending on the area and the condition of the store, you may need to look into other things, like renovating the space and looking up building codes.
Consider a Soft Opening
A soft opening means inviting close friends and family to celebrate your opening and perform an operations test run. During the test run, you can identify mistakes, fix them, and retrain staff if needed. Additionally, you get a better idea of what organizational space works for your layout.
Soft openings also help with learning how you should handle your waste. If you notice that you have more trash than you know what to do with, consider the benefits of a dumpster rental for your commercial site.
Every new business location needs to follow proper steps before opening. Set your second location up for success with these tips.