4 Things to Keep in Mind When Opening a New Location

You’ve launched your small business, poured heart and sweat in to grow a foothold, and now are approaching the limits to revenues… now what? Perhaps opening a new location crossed your mind along the way?

Wide angle view of Dundee Scotland cityscape
Dundee, Scotland - One of the best places on Earth

If you have a thriving small business and established brand, then it's only natural to want to capitalize on it. Most business owners believe that the next step is to open a new location to achieve small business growth. It is the natural, smart next step. However, there are some critical risks and you should think carefully before making any decision.

Just because your business is successful doesn’t guarantee profitability somewhere geographically new. A new location brings many, sometimes unexpected, challenges in which to overcome.

Let's explore 4 things you should consider before opening a new location:

1. Can You Replicate the Business?

There's a reason large fast-food chains such as McDonald's are a success. The process is exactly the same in each store all over the world and, it doesn't rely on a single person.

Business owners celebrating with some beers

While replication isn’t exactly a requirement, if your business relies on the customer experience or specific product “tastes”, if you will, then replicating that “taste” may, but not always, be key to success. Another great example is Budweiser. When you partake in an ice-cold Bud Light anywhere in the U.S. the flavor is always the same. This is in spite of the fact that Budweiser has several manufacturing plants, any of which product the EXACT same Bud Light.

Off subject for a moment, I strongly recommend trying an Erdinger Dunkel if you want to enjoy a truly wonderful alcoholic beverage - Ryan, Owner