Three Steps to Follow When Opening a New Location
Opening a new branch can be exciting! It also comes with risk. Rushing into expansion and opening a new branch can do more harm than good if you’re not careful can do more harm than good. Increase your chances of success by following these simple steps.
- Do Your Research
Deciding where to open a new location for your business should go past finding a lease that is affordable or is on a hotspot for business. Just because you are successful at one place does not mean that you will be successful at another one as well. Find a location where your product or service is needed but where you won’t face stiff competition. A nearby competitor shouldn’t be a deal-breaker, but it should get you thinking about how you can convince potential customers to choose you over them.
2. Test the Waters
If you can, test your product or service in the area you are considering for a new location. Think mobile, low-investment ventures such as food trucks or kiosks. These can both increase your brand’s exposure in the new area and give you a chance to test responses to your company. If the public responds positively to your business, it may be time to set up shop. But if you didn’t get the response you’d hoped for, solicit customer feedback to learn more, and carefully consider other locations.
3. Put the Word Out
Opening a new location doesn’t guarantee immediate success. The key to a successful opening is to create a marketing strategy that will alert potential customers to your new location. Foot traffic is great, but it can only do so much. Work with a marketing specialist to maximize your exposure at your exposure at your new location. It takes time to build a neighborhood reputation. Expect to invest in marketing while your new site is getting established.
A new location for your business can be a profitable venture if you are strategic and prepare well. Following these steps can reduce your risk of costly mistakes and free up your time and creative energy to can hit the ground running toward great success.
If you are ready to open a new business location, start by sitting down with one of our Access Business Lawyers. As your Access Business Lawyer, we will guide you in making the difficult decisions you face every day as a leader in business, including when and where to open a new location. We look out for your business’s legal and financial future so you have time and energy to focus on growth and expansion.
While being a successful business owner, you don’t want to get caught up in all of this legal mumbo jumbo stuff! Lucky for you, we have created something called the Access Plan, which helps business owners protect their legacy. We can schedule a free Shatterproof Session to get you started!