When should I move my business from home to a retail location?
Your business needs should dictate when you move from your home to a retail location. It’s best to anticipate such a move in advance and incorporate it into your business plan from an early stage, so that you can develop a set of clear criteria to test whether it’s the right time to relocate, and to have a good idea from early on how this will impact your overhead costs.
You’ll need to take into account the costs of renting a retail space, paying for services and utilities, and moving your stock. You should also consider the cost and time of having to commute each day. Balance these factors against your need for a professional location, more space, a suitable base for employees and the marketing benefits of a customer-facing site.
When should I open another location for my business?
There are a few things to consider before opening a new location for your business.
- Is your current location running smoothly?
- Do you have the time and cash flow to set up in another location?
- Is there a need for your product/service in the new location?
While your business doesn’t have to be raking in the cash to expand, it should be profitable and running without any problems. Opening a second business will require a lot of your time and money – think about how it will affect your current business. You should also check out your competition and demographics in the new location. Success in one area doesn’t guarantee it in another.