If you own one successful retail business, then owning two stores should be better than one, right? Well, maybe. Consider opening a second location with these tips in mind:
Reason. Be clear about why you are considering opening a second location. Can this new market support your type of business? Are you ready to take on more responsibility or just hoping the kids will take on the stores? Make sure it’s not your ego and you’re ready to grow?
Funding. Opening a second store requires significant funding. You'll need to run the numbers to determine the additional costs of the second location, which include a second lease, more staff, and increased inventory. Can you afford to open and stock a second store without jeopardizing your first location?
Location. Opening a second store is only a practical option if you can find another good location and a location that is far enough that you do not compete with yourself.
Staff. Too many small business owners forget they cannot be in two places at once. Don’t be hasty and open a second location without employing a well-trained staff member who can manage this new location.
