Prepare to grow your company with these helpful tips.
If you’re planning to open a new location for your business, it’s essential to make a careful analysis and take time to prepare before committing. Below we’re sharing some essential tips for opening a new location to help your business grow!
Have clear objectives in place
There’s a lot of work that goes into opening a new location, and it doesn’t make sense to put that work in if you don’t understand your reasons for doing so. There are a few common reasons for considering opening a new location:
- To satisfy an increase in consumer demand
- To enter a new market
- To gain access to the talent available in that area
- To increase brand awareness and prestige
- Because you’ve outgrown your current space
If your goals match any of the above objectives, make sure that you have completed a detailed analysis to ensure that your location will be properly supported in the area and that the initial investment will be recouped.
Figure out your cash flow
Make sure you have the funds available to open in a new location without relying too much on expensive debt financing.
You want to make sure that the funds you have available will support both your original location and the new location until it finds its footing and begins generating its own revenue. This may take a few months or up to a year in some cases.
Estimate your inventory needs
As you open your new location, it is common to need to increase your inventory to have enough retail products and equipment to operate successfully (not to mention new staff to run the location).
Either way, you will most likely need to increase your inventory. Make sure you have the cash flow on hand to do so and that your suppliers can fulfill your orders on time to ensure that stock is available before the new location’s opening.
Along with inventory comes making sure your new staff has everything they need to work productively at the new location. That includes personalized products like name tags and business cards with your new address on them — you can stock up on these important items in our online store!
Evaluate the competition
When opening a new location, it’s vital to evaluate your nearby competitors to determine whether your business will attract new customers.
Your new competitors may be different than the ones that you have at your original location. It’s important to make sure that you understand why their business succeeds and what its drawbacks are. This analysis is a great way to optimize your business to capitalize on areas that others aren’t serving yet.
Prepare your marketing campaigns
Opening a new location won’t succeed without a strategic marketing campaign. A good marketing campaign should involve a grand-opening kickoff as well as great personalized branding products.
Your kickoff can offer new customers marketing swag, such as decals or pre-printed items such as pencils, pens, or other inexpensive items that have your company’s name, logo, and contact information on them.
Custom outdoor signs can also help drum up business and alert customers of your new location and any specials you have going on to celebrate its opening.
Opening a new location in 2022?
Check out our online store to see our selection of products that can help make opening a new location or branch easy!