Opening Another Location: Is It the Right Way of Business Expansion?

Well, this might not be your best choice for business expansion always, but yes in some cases. Opening another location is something that comes to mind first for so many entrepreneurs while considering expansion.

To be precise, "Physical" expansion isn't always the right growth strategy. It needs careful research, planning and above all the "number-planning".

So, if you are really concerned about the growth in right direction and opening another location is at the top of your list, consider the following points before going further.

1. Make sure you're maintaining a consistent bottom-line profit and that you've shown steady growth over the past few years. 
2. Look at the trends, both economic and consumer, for indications on your company's staying power. 
3. Make sure your administrative systems and management team are extraordinary-you'll need them to get a new location up and running. Prepare a complete business plan for a new location. 
4. Determine where and how you'll obtain financing. 
5. Choose your location based on what's best for your business, not your wallet.

The above five tips are taken from the expert advice of Frances McGuckin, a popular small business speaker, writer and consultant. To have a more clear understanding do follow Startup Guys' How to grow a small business faster; a detailed guide that covers 5 major areas of a small business startup. The guide will definitely help you decide the better growth option and right strategies for the same!