While you certainly hoped your business would be successful, you may have been pleasantly surprised at how successful it turned out. You and your staff are busy with customers throughout the week, and sometimes, you may even feel you have more than you can handle. This is why you may be considering expanding your business to a second location in New Jersey.
If the memories of opening your first location are still fresh in your mind, you likely know it is not as easy as signing a lease on a storefront and opening for business. There are many legal and personal matters to consider, and it is wise to take the time for gathering information and exploring all your options.
Clear the way before you forge ahead
Perhaps you already have a commercial property in mind for your second location. Depending on the type of product or service you offer, you may have to contend with certain environmental and zoning concerns that could be an issue. A more difficult factor to consider is whether that location will benefit your company. You may have a solid reputation where you are, but the customers in a new area may not be as receptive or even have a need for your business. Market research is essential before making a move.
The next area to consider is the people in your business, including yourself. For example, ask yourself these questions:
- Do you have enough employees to run two locations?
- Are you prepared to go through the hiring and training process to add more people to your staff?
- Can you afford additional employees?
- Is there someone on your staff who is ready to rise to a managerial position in one location?
- Are you willing to compensate a manager to avoid losing him or her during the stress of expansion and adjustment?
- Are you prepared to give up some of the control of your business to a managerial staff?
- If you are not willing to relinquish day-to-day control, are you prepared to sacrifice a significant portion of your personal time and effort to running two locations?
Expanding your business can be exciting and profitable, but there are many factors to weigh and issues to resolve before taking steps to opening a second location. In any business venture, seeking advice along the way from professionals and experienced business owners is critical to success.