Business Expansion: 5 Resources You’ll Need for a Second Location


Starting a second location for your business is not that challenging as when you did with your first location. That is not always the case as you will have to spare some time aside for raising capital, developing a business plan and doing market research. The article below will focus on five resources you will need to expand your business in a second location.

Financial Resources

Funding is one of the significant elements you need when expanding your business. Even the primary companies need money to cover for insurance, stock, obtaining the business telephone number and rent. There are many ways in which you can obtain finances, the best being from savings. Other sources include a loan from financial institutions like banks, friends and family, and private investors.

Human Resources

The success of your second business highly depended on your employees. There are various ways in which you can get reliable employees. One is using a stuffing agent that makes sure you get qualified employees for the job ahead. Another less demanding option of finding employees is through recommendations from people you can trust. If you hire highly experienced staff, you are assured that your second business will succeed and the missions and goals of the company will be carried out effectively. You can work with a geotechnical engineer to set up your business premises.

Educational Resources

The growth of any business relies on the knowledge the owner has on their competitors and getting in-depth information of the industry he/she has ventured into. Small business administration, a local chamber of commerce, and professional trade associations are places where educational resources can be found.

Physical Resources

Every business must have the perfect physical resource for it to survive. Your second business location should be secure and easy to access. Your second business will need effective marketing materials, proper information systems, working space, and a working telephone line. You will need to access what your business needs before taking the purchasing step.

Emotional Resources

Expanding your business can be highly tiresome and overwhelming for you as an entrepreneur. To remain motivated and stay sane, you will need a helping hand from people you can trust. It is crucial to have a support team that can comprise of friends, family or professional mentors that will give you the proper guidance and emotional support when needed.

As you can see above, these are the five resources you will need when deciding on expanding your business to a second location. If you have all of them, you can rest assured that your second business will succeed just like the first one.

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.

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