Is your business ready to open a new location?

There are many factors that can determine whether or not your small business is ready to expand with a new location. One is simple supply and demand. When a business turns the corner and begins consistently receiving more customer requests than it can accommodate, it could be a sign that expansion is needed, especially when a high percentage of these requests are not coming from a close proximity of the current location.

However, there are several things to consider before expanding:

How strong are your recruiting, hiring, and training processes? Typically, members of the current staff will need to move over to the new location, whether temporarily or long-term, to get things up and running with a solid foundation, as well as train additional employees. Ideally, this process should be underway before the new location opens (preferably with the training done at the initial location) so that a competent staff is already in place from day one. The primary focus at the new location upon opening should be to immediately begin generating revenue, not to hire and train a start up team. 

Secondly, are there efficient, duplicable systems in place at the current location that can be easily transferred over to the new location? One reason why large chains and franchises, such as McDonald's, are able to seamlessly open new locations is that they have rock solid, standardized business methods and practices. Staff members at the new location shouldn't have to "reinvent the wheel" or create new business structure (short of minor adjustments due to market research and demographics as done by management). Again, the primary focus at the new location should be to generate revenue, not to come up with a new action plan.

Also, who will manage the new location? Will the current manager bounce between the two? In order to be most effective, the new location needs strong, experienced full-time management onsite that can figuratively take ownership of the location. Seasoned employees who have been trained and promoted from within are always great candidates for this role (i.e. an assistant manager at the current location), as these individuals will already be accustomed to the systems and procedures that are already in place. This person should show that he or she can successfully manage the existing location for an extended period of time before any expansion begins.

To take a deep dive into what it will take to expand your small business, let's talk! Contact me here.  

Cory Collins

President/CEO
Ample Opportunity, Inc

What Business Should I Start?

As an entrepreneur and networker, I constantly meet aspiring business owners, or "wantrepreneurs". I'm always curious to know why they want to start a business. I ask them if it's because they're really good at something and they want to turn that into a business in order to monetize it, or do they not know what type of business they want to start, but they just love the idea of entrepreneurship in general. It's surprising to me how many people aspire to be a business owner, but are not sure about what type of business it should be.

My advice is to start a business based on two key factors: 

1. A problem exists where there is a huge need for your business's products or services.
2. You have complete competence and expertise in whatever the business entails.

I see a ton of business owners spin their wheels, or fail entirely, because only one or neither of those two factors were considered. Some start a business doing what they are really good at or care about, but there isn't a great enough demand for their product or service in order to sustain a full-time business. Others start a business doing something that they have no real training or experience in, but they feel that it's a "happening" industry or a quick and easy path to success or financial gain. While it's not impossible for either of these approaches to work, it's not the most feasible way to go about starting a business.

For example, I'm able to successfully train people on sales as well as leadership because 1) there is a great need for this service, and 2) I had years of experience in those roles prior to becoming a business owner.

So before you start that business, ask yourself:

A) Is there a real and sustainable need for what you're offering, or is it simply something that you're personally passionate about or interested in? Will that interest apply to a large target audience? 

Do your market and demographics research. There may not be a sufficient enough need for your product or service in your immediate area, but there may be a greater need in another area, city or state. It could be a realistic opportunity for you to relocate, as many entrepreneurs do. Also, if your product or service can be offered online or remotely, then it's probably feasible to move forward with your business idea from where you're already located.

B) Do you have adequate experience or skill in that field, or at least the capacity to get fully trained or educated on it?

If you don't have the experience but are able to get the proper training, make sure that you don't just learn it well enough to perform it. Instead, learn it well enough to teach it. There's a huge difference in the levels of mastery between the two. Even if you don't actually have to teach it, that's how thorough your understanding of it needs to be.

To take a deep dive into coming up with a great business idea or for help moving your current idea along more efficiently, let's talk! Contact me here.

Cory Collins
President/CEO
Ample Opportunity, Inc