Owning a business in itself is an impressive and proud achievement. Whether you are an established business, a small one, or are merely setting out on the first few steps of the journey, you have already achieved so much. However, for those of you with established businesses, you have probably considered at some point or another how you can branch out even further and continue to develop on the work that you have already completed. If you are finding yourself in this position, it is well worth considering the idea of opening a branch of your business in another location.
Whether you own a retail shop, workshop, garage or office, these are all viable businesses that are transferrable; they can be opened in another location without needing to jump through too many hoops. So, where do you start? What do you have to do and know for opening a branch in another area? We have just the solution! Below is a helpful guide on things to remember when opening an extension of your business in another location. Remember to take notes to look back on during your process and read on for more!
Scoping the Location for Demand of Products and Services
This is the first and most crucial step when expanding your business to another location, mainly if you have already been successful in one area beforehand. You don’t want to be randomly selecting a site and having the attempt flop; this could undo the hard work that you have already done up until this moment and potentially cause some financial issues concerning the income going into your business. Ensuring that you do your research beforehand will make sure that your efforts come to fruition.
Conducting market research in a particular area – and even on a specific demographic – will make sure that you have all the knowledge and tools needed to make the opening as successful as it can be. What’s more, it could even inspire you to create new products or services within your business! Making sure that you choose the right location is the most crucial step, and once this has been done, the rest of the process is sure to be seamless.
What Will You Need to Run Your Business?
Another critical question, and one that is quite difficult for those who are just setting out on their entrepreneurial journey. If you are in the position where you are already a successful business owner and are looking to expand, you should already have some sort of idea as to what you will need at this new branch. When considering the question, it is merely down to what industry your business lies in. If you own a stationary supplying company, you will need some sort of warehouse or shop and the necessary equipment and supplies.
The same can be said if you are a business which owns company cars. You will undoubtedly need the vehicles themselves but will also need to make sure that you have the necessary car insurance as well. If you are in a position where you need vehicles to ensure your business’s safe running but are uncertain about the prices or deals that you can get for your business, consider using an insurance comparison service, like that from Compare NI. Whether you need car insurance NI (Northern Ireland) or beyond, they will help you with any personal or professional quotes that you may need.
Will You Be Offering Flexible Working Options to Staff?
When opening a branch of your business in another area, it is no surprise that you will certainly have to hire a group of employees from that specific area, mainly if it is some distance from where you are based. You cannot properly manage a business from far away with no one on the ground to manage the day-to-day workings! As and when you hire staff to manage your business, you will need to consider the basis for hiring these people; will they require specific qualifications to work at your company? Will you offer internships or any voluntary options for those looking to gain experience in the sector you are in? These are but some of the essential questions that you ought to be thinking and considering when opening your business further.
In line with current government restrictions worldwide, people are being advised to work from home wherever possible. This is something that you will need to consider during these unprecedented times and in the future moving forward. Will you be offering your employees the opportunity to work from home for part of their week? Will you be hiring people who will be working remotely for the whole of their time with your business? Ensuring that you offer employees some sort of flexibility with their working options is vitally important; experts believe around 30% of workplaces will be remote following the pandemic. Not only does this reduce the amount of space that will be required as a workplace, but it will save your business money too.