INSURANCE AGENCY NETWORK Blog
Business expansion is a sign of progress. As your business succeeds, growth is inevitable. It is actually a great sign that your concept is sustainable. The big question here is determining when is the right time to expand. Will it help your business grow? Or is it too soon and might negatively impact your operations? Here are the essential things to consider.
Is The Current Store Working Well?
What is the condition of your current location? Is there a steady stream of customers? Has it been growing continuously? Take note of the things that work, and those that not. Bring over to the next branch those that work, and improve on things that do not. How will it be affected if you open in another location? Will it have a positive or negative impact on it? Will it give you access to new customers that can help expand your business?
Can It Be Duplicated?
Is your concept viable for another location? Can two simultaneous locations be feasible for the type of work you do? These are the considerations you will need to think about. For example, if you are so vital to the operation and you cannot be replaced, then it is not viable since you can not be in two places at once.
Is It Financially Viable?
Have you planned out how to finance two locations? Of course, an initial capital will need to be raised, but the same is true for all of your other resources. This is true for your time and the people you will need. All will need to be doubled. Is it something you are already ready for? Is the timing right?
Have You Considered Other Alternatives?
Before you give your final decision, have you exhausted all other options? Expansion does not always mean the second location. There are many other means to expand your operation. For example, if you have a food business, other methods of expansion can be considered. This will include delivery, additional seats, extended hours, etc. All of these will give you access to additional customers. Maybe you have not exhausted all possibilities from your current location. With a relatively smaller capital needed, you may even profit more with other options.
A second store does seem like a good idea for expansion. However, make sure you consider all alternatives and carefully study the impact on your current business. On top of everything, ensure your business is protected from unforeseen and many risks. At Insurance Services of the West, LLC, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.