Tag Archives: expanding your business

What to Know When Expanding to a Second Location | Business

After your business has seen success, a natural step is to consider expansion. When that expansion includes a possible secondary location, then there are more questions that need to be asked. What do you need to look for in a location, for instance? How much of your time will setting up a new location take? What do you need to know about communicating ideas or processes?

To help you with all of these questions, and others, we asked members of the Young Entrepreneur Council (YEC) to share what they think you should keep in mind when considering expanding to a second location. Here is what they said:

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  Moving, Expanding for Love | Getentrepreneurial.com

moving-office-locationsYou know how important it is to do what you love. So what do you do when what you love makes you really successful? Do you stay a one-person or one location operation? Of course not.  You expand!

Well, it isn’t exactly that easy. Deciding that expanding is a good idea and actually making it happen for your sweet little enterprise is something else entirely. Still, if it’s what you think is best, here are some tips to help you do it.

Look at the Numbers

There’s a difference between doing well and doing well enough to expand. A lot of entrepreneurs and small business owners move too quickly with this. They think that a few months of ending in “the black” means that they are ready to take on the huge expense that is opening another business. Don’t make this mistake! Instead, wait until your business has built up enough of a reserve to keep your current operation afloat for at least a couple of years as well as fund the building, staffing and marketing and running of a new location for the same amount of time–yes, even before you try to talk to a bank about loans.

It’s a good idea to talk to your accountant as soon as you make the decision that you want to grow and expand your location. You can start setting aside funds for expansion. This way you won’t be tempted to spend them building your current location.

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