Home » Business » Small Business

Is It Time For You To Open Your Second Store?

Jan 25, 2008
Okay, so you already have a store open and it seems to be doing well and you are thinking it may be time to open a second store. After all, two stores are better than one, right? The answer to your question is maybe. Or maybe not. There are some things to carefully consider first. Before you jump the gun and decide to open this second store you need to know if it is the right time for you to do so. This way you will have two stores that are successful rather than one store draining the profits of the store that is doing so well.

More often than not, business owners open their second store without realizing that they need to put just as much thought and effort into that one as they did with the first. A second store will be just as time-consuming as the first. Most people open a store expecting to eventually open a second and maybe even a third store. Be sure that you are opening the 2nd store for a good reason. It should not be because you just want to feel better about yourself or to give a close friend or relative a desperately needed job. You should really only think of the important factors when planning to open a second store, like when you find a new market that isn't being offered in your type of products.

When planning to open store number two there are several questions you should ask yourself before doing so.

* Do you have enough capital? This second store will take quite a bit of money. Make sure that you have enough cash to cover the costs of a second location, more staff, and a bigger inventory. You must also think about any repairs or renovations that may be needed. There can be many extra expenses so it is good to look ahead and be prepared.

* Is there another good location available? Be sure that you put the second store far enough away from the first so that you are not in competition with yourself but be sure that wherever you put the store that it is busy and the product or service you offer is needed. If you do not take these steps you may run in to problems. This is exactly what you do not need when trying to establish another store.

* Do you have another person to lead the store? Remember that you cannot be in two places at once and therefore will need someone you can trust to run and manage things while you are away.

* Can you diversify? This is an age old question because even though a new store in a new location attracts new customers, some of the people who visit your first store frequently will want to stop in and check out the new place. Carrying some different items in each store will help to increase your sales volume. For instance you may want to carry women's clothing in one store and accessories and shoes in the other.
About the Author
Mark Stewart frequently writes on topics in the home business and Internet marketing industry. Finally learn the truth about how you can launch 6 streams of automated affiliate income streams in just 24 hours. For more information visit: Home Based Business Ideas
Please Rate:
(Average: Not rated)
Views: 148
Print Email Report Share
Article Categories