You’ve heard the phrase, “If it isn’t broke why fix it?” In business, that’s a conservative approach. But there’s another phrase that’s also fitting: “Nothing ventured nothing gained.” There are two important questions most Florida businesses face. Is my Orlando Commercial General Liability policy adequate to protect my business? Is it time to expand my business? If you’re wondering about when to open a second location, consider these questions.
How will location one fare when your open location two?
Will location two compete with location one? Will customers of your flagship location feel let down when you’re at location two? Can your first location survive and thrive if you’re not there in person?
Do you have a perfect location for location two?
It makes no sense to expand your business in a way that creates competition amongst your two locations. Does your potential second location have a great potential clientele, visibility, and demographics in its favor?
Can you make location two stand out?
Customers love doing business with a business’s flagship location. If you add a second location, you’re able to incorporate the latest bells and whistles including new technologies, conveniences, and perks. Make sure to give patrons a very different yet equally compelling reason to patronize locations one and two. According to the National Federation of Independent Business, fear of weak sales is a top reason many business owners opt not to expand.
Can you afford it?
The last thing you want to do is water down location one’s profits to keep location two afloat. Make sure you have independent financing options (banks or investors) to bankroll your expansion.
Regardless of how many locations you have, if you want to make sure your insurance policies for your business is sufficient and competitive, contact us at Newman Crane & Associates Insurance at (407) 859-3691. Our business is to make sure you have the ideal insurance to allow your business to thrive.