Are you announcing a second business location in the near future?
Are you announcing a second business location in the near future? Several things to consider: Financial, legal, staff, marketing - It may be overwhelming. This article outlines four most important steps in opening a new business location...
How To Open A Second Business Location Like A Pro
Once upon a time you only had an Ecommerce business. Now you have a physical store. Your business is growing and you are learning how to open multiple business locations. It’s a prime marker of success! But there will be challenges, and factors to consider when opening a new location.
You’ve got a lot to consider, as brick and mortar stores must respond to their locations. To help you out here are four top tips for opening your second business location.
Promote It With Intrigue
Perhaps you’re expanding your business to another city. That’s exciting! In turn, your goal is to get everyone who’s previously shopped with you excited before the opening. You need to create some hype and entice customers in, both old and new alike.
Start by telling your story:
- Where did you come from?
- What did you want?
- Did you have humble beginnings?
Share details to craft a narrative across social media.
As the day gets closer and closer, offer more and more to your customer base. Bigger and better discounts and specials that will be available, and even free food and drinks on opening day.
Write A Logical Supplies & Equipment List
Early on, you will need to determine what supplies and equipment you’ll need. Reserve time to get a jumpstart here. It’s a good idea to brainstorm with your key team members everything your new location will need to operate from day one.
While you’re working out what will be in your new store or office, you can use a rented storage area to keep some supplies safe. For example, if there’s initially not room in your new place for a waiting room sofa, you can keep it stored away. And, if you’ve ordered one too many desks, this will give you some breathing room to rethink the layout or return unneeded items.
Develop A Solid Accounting System
You’ve got more than one location to look after now, so your books are going to take more time and are more important than ever before. This is the time to finally bring that accountant onboard and get them to oversee your business finances.
Aside from that, you may also want to look into automation to link cash flow into your main account.
Expand Your Workforce
You will most likely need to recruit a few more employees. Consider bringing on one more team member than you forecast you absolutely need. Use a temp service. This way, there is no misunderstanding, yet you have the option to keep that person on-staff if it is the best decision.
Don’t be afraid to put a manager in place in your second business location to recruit a new team, so they can take the necessary time in hiring for the right skills. You’re not going to be able to be there all the time for all things!
Final Thoughts On Starting A Second Business Location
If you’re about to open a second business location, get all the ducks above in a row first. Focus first on:
- Financial matters
- Legal matters
- Marketing
Then prepare for payroll demands and physically moving in.
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