Your business is doing well, thriving, even. Everyone is telling you that you need another location. Are you prepared for the challenge of owning and operating multiple locations?
Expanding to a second (or third, etc) location is not as simple as turning the key and opening the door. Growing your business must be carefully planned, or you could open yourself up for failure.
Before you consider scaling up your business, it’s important to fully understand the scope of what you are about to do.
Scaling your business-grow well, not quickly
Every business situation is unique, which is why it is absolutely critical to develop a thorough understanding of what you are trying to do. Just because you have one successful location does not mean you’ll have two. If you want to successfully grow your business, this guide will help.
- Focus on where you want to be
By staying present and not getting lost in the details of what you are currently doing, you can focus on your goal and begin to plan accordingly. Create a timeline of when you will take certain steps and stick to it. Don’t lose sight of your goal.
2.) Make sure you are fully prepared to scale
I cannot stress this enough. Oftentimes, business owners who franchise end up getting in over their heads. Small weaknesses that might be manageable with a single location might not be manageable anymore.
3.) Build a great team
Without good employees, even the most successful business is doomed to fail. Invest time in building the best team possible, with like-minded employees who care about the company’s success. Create a good culture, and set standards that everyone has to follow. If everyone has the same vision, the business will do well.
4.) Identify your weaknesses
If you struggle in one particular area of your business, it’s important to identify that area to see where you need to improve. For example, if you struggle with accounting, it’s better to know that before you try to take on more accounting work. Find where you struggle, and if needed seek outside help.
5.) Never compromise on quality
This is perhaps the most important rule of growing and sustaining any successful business. If one store supplies quality items, the others should as well. This is known as the Starbucks model, you want every location to be identical to the original in terms of quality and expected output. Do not sacrifice quality as a means of cutting corners or saving money.
If you’re considering expanding your business, you’ve got a lot to think about. Be flexible–adapt to the situation, and carefully weigh your options before opting to scale. With a thorough plan, you’ll ensure your business’s success.
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