Image by Gerd Altmann from Pixabay

By James Daniels

It is a familiar tale. You started your small business with high hopes, and those hopes were duly met, thriving in your neighborhood and perhaps even outperforming the expectations you had set.

You had always dreamed that, perhaps, your idea would be so successful that you could open up a second site. However, now the time has come, you are not sure if it is the right move to make.

The risks are high, but the potential rewards are even higher. Here you will find a short guide to taking that decision and how to navigate the road ahead once you have done so.

Running a small business

The basics of running a small business are not necessary to run through if you are in the position of potentially opening up a second location, though scrolling through some tips by high-performing small businesses could be worth your while.

Providing for your customers and clients is what you do best and, naturally, want to do more of. Expanding your business by opening a second site would allow you to do that on a larger scale, but any expansion you do commit to should be manageable and gradual. Always remember the benefits of expansion to keep motivation levels high while you are taking risks and making investments.

Benefits of expansion

The benefits of expansion include, but are not limited to:

-Increasing resources

-Finding new customers

-Diversifying your products

-Reducing reliance on one income stream

-Hiring more staff

-Beating your competition

Within your team, calculations should be made as to the likelihood of these benefits being met in the manner you would wish them to be, before balancing them against the risk involved in chasing them.

Whether you can find the right location, afford the increased staff numbers, and take the hit if the move does not pay off should all be huge considerations, too.

Initial steps to take

The first variable is whether you can find the right location. Once you have achieved that, seek out a reputable and highly professional company such as Lidoran to aid with the construction or renovation of your premises. Using a commercial construction contractor with decades of experience is a wise move for ensuring a smooth transition into a new location.

Once your new premises are ready, set about implementing your business plan for the new staff. Make sure the core values of your business are ingrained into them so that your second site is as likely to be as successful as your first, without disappointing excited and loyal customers.

Risks you should manage

The risks and challenges associated with company growth are varied and should be managed along the way. In terms of opening a second location for your small business, these can include encountering new competition, the cost of staff training, and the necessity for a contingency plan.

If moving to a new location entirely – rather than simply opening a second branch a few streets away – consider contacting business advisors, friends, or family in the new location so you are not investing in somewhere that is unfamiliar to you.

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James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.