Every business needs to expand at one point or another in order to grow. Opening your office or warehouse in an all new location can help you reach out to more customers in a locality your business hasn't explored yet. This gradually leads to increase in sales and the growth of overall operations. However, every business has its own share of challenges, and the rules that might apply to one business might not apply to another. If you are thinking of expanding your business to a second location, follow these dos and don'ts to avoid making fatal errors.
Plan and research
Expanding your business requires extensive research. A lot of skilled planning is involved to make sure that the expansion is a profitable move. Financial advisors can help you make a comprehensive plan of the investment that will go in getting the new place up and running. They will also inform you about the tax implications of the new office. Therefore, it is important to hire experts and do your research before you make the down payment on any property.
Keep reasonable distance
While expanding, make sure the distance between the two locations isn't too much or it will make commuting to and fro a problem for you. The offices shouldn't be very close either or they will eat into each other's business. Also, you can't be at both locations every day, and therefore it is important to hire staff and train them. Relinquishing control to your employees might be difficult in the beginning but it is imperative to hand over a few responsibilities so you can concentrate on your company's future plans.
Spread the word
Use social media and your current business to advertise the expansion. Put up notices and billboards saying you are now open in an all new location. This will not only help spread the word and attract new customers, but it will also help you find reliable employees who are looking for a job similar to the one you are offering.
Don’t let quality suffer
Don't let the quality of your products and services suffer during the expansion. You will be tempted to focus all your attention on the new location, but neglecting your flagship store will put off existing as well as new customers.
Don’t ignore cultural differences
If your new business location is in a different part of the world, be mindful of cultural differences. What may have worked for you in one location might not work for you in the second location if the two countries have major differences when it comes to operating and running a business. Overlooking language barriers and the differences in communication will only spell doom for your new location.
Don’t forget to market
Today, every business is helmed by advertising. Don't forget to market your new place. Try to reach your target audience as best as you can because when opening day rolls, you want patrons ready and waiting to check out your new store.
Opening your office at an all new location is an accomplishment you should take pride in. Enjoy the process and don't let stress bog you down. If you follow these dos and don'ts while expanding your business, you'll find success in all your ventures.