If you’re like most entrepreneurs, your creative mind is firing off with so many ideas for business revenue and growth that you just want to put them all into practice at once! The first thing that you see going right in your business has you brimming with excitement! Then after that initial phase, you step into the arena of wanting to see it grow and expand even more.
It very well could be time to consider your funding options to get the working capital for that second location! How will YOU know it’s time to expand your business?
– If you are in a steady industry with a loyal customer base, this is the first great sign! This is showing you that there’s a group of customers wanting or needing ongoing products and services from you, and they are pleased with your business and their level of customer satisfaction. A steady flow of customers and revenue is a great indicator that operations are going right and you really can repeat the same business practices in another part of town.
– Consider your customer’s commentary when they provide it. Do out-of-towners or visitors complain about having traveled very far to get to you? Do you often hear from customers that ‘they wished you were in their part of town?’ This is highly valuable information! A quick assessment with a feedback box (or just collecting the information, making mental notes as you go) can give you the clues and show you where your next location should be.
– Something else to look at may not even necessarily be a second location, but a related product or service instead. A roofer is fixing a necessary part of a home or business, but can also offer painting or window repair services to go with that lovely new roof. A hair salon can offer group facials, waxing and/or massage therapy to match that stylish new do. THAT can also bring in new clientele — and who doesn’t want that?
Any existing staff must be ready for additional tasks as the business transitions and sets up for the new location. You’ll need employees that are willing to step up and take charge to get the second location on it’s feet. With your strategy, proper research and funding in place, your odds of successful business development and expansion will be all green lights!
Freedom Funding can get you the financial backing, products, services and working capital to fund your business expansion. Apply now – this is the first step for a response within 48 hours.