Considering a Second Franchise location

Considering to open a second franchise is the best solution if your are contemplating the expansion of business. It is completely possible to open another outlet of the brand. However, it requires a little bit of research work. Read on to further clarify some basic points you need to consider before opening a second franchise location.

HOW IS CURRENT BUSINESS DOING?

If you are considering to open a second outlet, it is safe to assume that the first outlet was a success. If you are not able to accommodate all customers, who you very well could, opening  a second outlet makes sense. Your business needs to be stable for you to be able to open another franchise.

IS THERE ADEQUATE FUNDING AVAILABLE?

There will be a lot of extra expenses that are required in opening a second location even if the first business is doing well. You need to be doing well enough to be able to afford the big costs like more rent, more equipments, payroll for the new staff and the list goes on. Don’t forget that a business loan can help you fulfill the dream even if you don’t have enough capital on hand. Be careful to spend judiciously.

MARKET RESEARCH DONE?

Location and some other factors also have an impact on the day to day business apart from your services. So it is necessary to do some research about your next location of the outlet. Be updated with the needs of the customers and learn the competition. After selecting a location, keep it in sync with the neighbourhood, however, don’t lose your trademark look.

READY TO DELEGATE?

It won’t be possible for you to be in two places at once. Therefore, you will have to delegate the running of second business to someone else. This can also be a great opportunity for you to promote your most hardworking and talented staff to a managerial position. Or you can hire an outsourced manager. It is important for you to have trust with your new partner. You will need to manage the second location at first, to work out any problems. This way you can help the new manager understand better how to run the business.

DO YOU HAVE EXPORTABLE SYSTEMS?

If you are willing to open another location, you need to have consistent systems in place that can be exported to the new location. Having one system for multiple outlets will help you simplify running the business. The billing system will also be simplified. Similarly, the training and the quality of services will also be uniform throughout locations. Opening another franchise is an exciting way to expand your business. The idea to be successful franchise owner is never to stop dreaming. Franchising Roots understands all the various needs for franchising a business. Franchising Opportunities in India are endless and on boom. Contact us to open a top franchise and become successful franchise business owner.