One of the most exciting parts of running your own business is realizing that you are finally at a point where you’re able to grow and expand. Once you do start to develop your company and grow it, you will be able to benefit from increased profitability and you might even start to attract a few more investors.

There are various ways you can grow your company but one really great idea for those of you who have a physical store is to open up a second branch. That will put your business on the map in a new location and open you up to a new customer base. Plus, you will have two locations that you can run at a profit.

So, are you ready to open up your next branch? Here are some tips that you need to read first.

Double Check the Market

Firstly, it is always worth reviewing how the market is currently doing. If things don’t look too good and other businesses in your sector are struggling, then it shows that this could be a difficult time for the market. It might not be the best time to open a new branch as there is no guarantee that it will be such a big hit like your current location. The issues within the market might make things worse for it. In this scenario, many experts would recommend that you bide your time and wait until things pick up in the market.

Choose a Good Location

If you decide that things look good to set up a new branch now, you can start to look for an appropriate location. Ideally, it needs to be far enough from your other branch so that the two stores aren’t competing with each other. Your second branch also needs to be somewhere where a lot of passersby will walk by. That can help to increase the chance of foot traffic, and you should also be able to gain some new customers who may have never heard of your company before.

Make Sure They Look the Same

To prevent any customer confusion, it’s essential that your two branches look similar. You need your company’s branding all over them and try to create the same layout as well. If you invest in the same retail shelving units then this shouldn’t be too difficult to achieve. When you decorate, it’s also a good idea to use the exact same colors as in your original branch.

Set up Some Marketing Campaigns

Now it’s time to start some marketing campaign so that everyone gets excited about the opening of your new branch! Make sure you create a buzz on social media so that as many people hear about the opening as possible. You might even want to run a Twitter or Instagram competition to make sure the buzz is as big as can be!

Opening a new store branch can really take your company places. Just make sure you use these tips so you get it right!