Your business is healthy and you’re looking to expand to another location. This decision should be easy but choosing the right instasculpting location is important. It not only affects the new branch but also the health and reputation of your business as a whole.
What factors should you consider before settling on where to base the new branch?
Business Expansion Tips: What to Consider When Selecting a New Location
Your Company Brand
59% of customers prefer to buy from familiar brands.1 Creating a different image for the new location would mean missing out on business.
Your brand represents the customer’s perception of your company. This is more than your logo or company colors. Choose a location that embodies your client’s existing image of the company.
The Competitor’s Location
The location of your competitors should affect your decision on the new location. 2
Being close to other instasculpting businesses means more competition for the clients. This reduces your overall sales and profits and increases your marketing budget.
Basing the branch very far from the competition is, on the other hand, not also a good thing. This is because being near similar businesses comes with advertising and networking advantages.
A lot of customers value convenience and are likely to go to businesses closest to them. This is why your new branch should be easily accessible to your customers. They should be able to come for a session without any major inconveniences.
This is therefore an effective way of increasing your clientele as other people around your location will be attracted to your business. A location with secure parking, wheelchair ramps, etc., also improves the location’s appeal.
Your Cash Flow
Premium locations often cost a lot more than standard places. They however attract more and better-paying clientele, increasing your projected revenues.
A balance has to be struck between the cost of the location and its financial benefits. As you calculate the costs you should consider the rent and other related expenses. These might include parking fees, utility bills, the cost of food for the employees, etc.
Area’s Laws, Rules, and Regulations
If you are opening a branch in a new state or country, it is important to look over the location’s legal requirements. Not performing proper due diligence may lead to fines that may affect the company’s success.
Use These Business Expansion Tips When Opening a New Branch
Opening branches in new locations is a great way of driving business growth. You however have to choose the right location for maximum success.
The five considerations above can guide you when making this difficult choice.
Links to External Sources Used
- Global Consumers More Likely to Buy New Products from Familiar Brands – https://retail-loyalty.org/en/news/global-consumers-more-likely-to-buy-new-products-from-familiar-brands/
- The Where Factor: Location Intelligence and the Competitive Edge – https://www.forbes.com/sites/forbesinsights/2015/04/22/the-where-factor-location-intelligence-and-the-competitive-edge/