Over the past several years, the licensed funding specialists at Synergy Merchant Services have discussed numerous options with their clients concerning ways to use their merchant cash advances. Quite often, they will hear advertising, renovations or buying new inventory as ideas. These, of course, are all great.
Some business owners are interested in getting money to open new locations for their stores. Expansion, of course, is a very popular way to grow one’s business. But it certainly isn’t the easiest task to pull off. Sure, you definitely need some money to do it, but it also requires a great deal of planning.
Entrepreneur.com notes that expansion is one of the most significant ways to grow one’s business. On the website, Karen E. Spaeder places opening a new location at the top of her list of ways to gain a wider customer base. She quotes small business consultant, Frances McGulkin when offering up a few tips for anyone thinking of opening a new location.
The first is to “make sure you’re maintaining a consistent bottom-line profit and that you’ve shown steady growth over the past few years.” Naturally, it makes sense to conclude that your business is providing the public with something they want and that increased success can be achieved in a new area.
With that being said, McGulkin advises that you “look at the trends, both economic and consumer, for indications on your company’s staying power.” Obviously, you will want to make sure that your new location is somewhere where there is a need for your products and services. A site where the population is growing is likely ideal.
“Make sure your administrative systems and management team are extraordinary – you’ll need them to get a new location up and running,” encourages McGulkin. As a business owner, you are likely very aware of how important it is to have a strong team. The saying “you are only as strong as your weakest link” certainly applies here.
You will need team members who are adept at completing business plans that will be integral to the success of your business at the new location. This includes obtaining financing. As always, our licensed funding specialists are happy to discuss your options with you. We look forward to helping you expand your business soon!