Once a business owner has a successfully running business they decide on opening a branch. Especially business like restaurants and it is usually a good choice to open multi location business once you are ready to expand and the first business gets successful to a level when the other business can be started.
If you think your business is ready for another location or its time to expand you might want to consider some things before you are completely sure about your decision.
Here are 6 things you need to consider before opening a multi location business:
- Situation of the current location
This is the most important point, you might think your business is running successfully but just having a good sale cannot determine that the situation is ready for another business. See if the targets are meeting every month and if the profit level is getting better each month and each year. Are you ready for handling another branch and what is the guarantee for the current location’s business.
Your current business might be doing well, but it could be because of where your current business is situated. Think about which location will be accessible easily and where your target audiences will be able to reach you. Make sure your location is in a market area if necessary or in an area where the demand of your kind of business is high or your type of business is needed but is not available, in this way can check off a point from the list of one of the smart moves to make profit.
- Market trends
Learn about your current market trends. How is your type of business doing in the market, is the demand for your product strong and if it is necessary for you to actually start another branch for your business. If the demand of the market is low and you are still adamant on starting another business you can decide on its size and investment accordingly by taking help from the market trends.
- Get the right team
To start another project you need the right people who will help you execute this plan. Getting the right team to work on who understands your type of business and has idea on how to start a multi location business or is experienced with this business will make your decisions easier. Choose the people who will be trustworthy as you won’t be able to visit the locations on daily basis hence you can leave the business in their hands for awhile when you are not around.
- Secure budget
Your current location could be running smoothly but think about your budget, will it be able to handle one more business’ expenses. Look for affordable options if you are adamant about your choice. But it is safer to calculate the pros and cons by keeping your budget in focus. If your budget is really enough to support another business. Because a business at times is a hit or miss so it is always safe to think about your budget’s capacity.
Before starting a multi location business, get introduced to a system that helps you manage multi location business. A cloud based ERP software will help you manage your business even if you are not able to visit the locations daily. It will update the record of your accounts in real time and keep you well informed about all your business and departments.
ERP software is an artificial intelligence that helps you presume your expected profit and helps you make right decisions for betterment of your business with the data collected and information provided to it. Therefore you can manage your business better and can expand after an accurate calculation of profit and outcome of each project.
Reach ERP is a cloud based software that manages your entire business even when you are not in office hence it is perfect for a multi location business since you need to keep an eye on your business all the time but it is impossible when it is a located in multiple areas.
With the help of Reach ERP you can get all your updates in real time therefore you receive all your accounts immediately without having to wait for it to arrive at your desk or your email in the end of the day.
The dashboard in Reach ERP shows the profitability, work progress and expenses graphically so you can spare yourself from the daily to and fro, from main office to branch and vice versa. It is accessible from any place and is also mobile friendly hence you can easily check your updates and track everything from anywhere you like, even when you are on a vacation.
The features of Reach ERP are:
- Project management
- Expense management
- Inventory management
- Bulk messaging
- Lead management
- Mobile app