Your current location is booming! This could be the first sign that you are ready to expand. This certainly tells you that there is a demand for your products in your current neighborhood. So before making the leap, take a look at other options for maximizing the impact and revenue at this location. Could you expand store hours to

accommodate a different type of customer? Do online sales make sense for your product? Or, should you simply begin adding more inventory? Bringing your current location to peak performance is a much less risky approach to expanding your business.

You are clear about WHY you want to open a second location. Knowing why you want to expand is crucial to being able to set goals. Those goals will guide the decisions you make about location, employees and product.

You know your business can be replicated at a second location without compromising quality. Do you have employees that are reliable and can manage one location on their own? You’ll need that type of trust if you want both locations to succeed. In addition, having processes that transfer easily is essential. Does your point of sale system have the capability to track each store separately? Can daily procedures be used exactly as-is or will they need to be tweaked for the new store? Does your chosen location have all the attributes of the original such as a desirable demographic, high visibility and a neighborhood vibe that matches your brand? These are all questions you should be asking in order to determine whether or not your business can be easily replicated.

You are financially healthy. Expansion is expensive. Whether you’re going to bootstrap the expansion or take out a loan, make sure that you have options. Risking your entire business if the second location fails is not a position that any business owner wants to be in.

You are well-informed about industry trends and your competition. Set up Google alerts (www.google.com/alerts) for your competitors so that you are immediately aware of the activities that could influence your business. Use a tool like Alexa (www.alexa.com) to analyze your competition’s website performance. Attend industry conferences to stay on top of trends and talk to your suppliers about what is popular to give you insight into what your competitors are ordering.

If you’re seeing the signs for a second location, the team at Marketing 360 Payments can help you set up or replicate processes that work for your expanding business through your point of sale system. We are here to help your business grow richer. Schedule an appointment today or call your current customer service representative to get started.