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Should you open a second branch?
Choosing to expand your business by opening a second location can be one of the best decisions you'll ever make, or one of the worst. Before you ....(237).... at a decision, there are several things you should check to see if you are ready to take this big step towards expansion.
Firstly - your cash flow. Like starting up any business, a second location ....(238).... a large initial investment and usually takes a long time to turn a profit. Look at your firm's accounts carefully. If these ....(239).... that you cannot afford a long-term drain on your financial resources, then it is probably better to wait.
Secondly - your personnel and systems. If you don't have a management team ....(240).... place already, you should probably think about establishing one before opening a second branch. The same ....(241).... in the case of operating systems and controls. The better organised your business now, the better organised your second location will be, too.
Also, you need to think about your market. Is your current site doing as much business as it can ....(242)...., or are there ways you could grow without opening a second branch? Try expanding internally first. Similarly, don't ....(243).... that just because your business is successful in one town, it will immediately succeed in a ....(244).... community. Research your potential markets before setting up shop, and ....(245).... your new branch to answer the specific needs of these markets.
Finally, be realistic about the time you need to invest to make a second location work. You don't want to take ....(246).... so much work that you can't honour your commitments. |