Expand My Store
Forums - Growing A Business
Join discussions with other like-minded business owners and entrepreneurs.

Expand My Store

Landing Page Forums Growing A Business Expand My Store

This topic contains 5 replies, has 3 voices, and was last updated by Avatar of Jason jason 4 years, 6 months ago.

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #4487
    Avatar of jamesreave
    jamesreave
    Member

    I have a flower shop in a Toronto mall. I’ve been thinking about expanding. The store beside me is about to be vacant. The rent is pretty high. I don’t know if I should do it or not. Any thoughts?

    #4506
    Avatar of Anthony
    Anthony
    Moderator

    James,
    You need to look at whether the additional floor space will positively affect your business’ income. The additional rent and renovation costs would need to be considered.
    Have a good reason for moving/expanding and consider whether it might be better to open a second location somewhere else rather than expanding your existing store.
    If you do decide to go ahead, make sure that you have enough time to plan ahead and have made arrangements for any employees who might be affected by the renovations.
    This is the kind of thing you probably want to avoid committing to without carefully examining all aspects of how it would affect your business, its employees, and its customers.

    #4673
    Avatar of jamesreave
    jamesreave
    Member

    My instincts tell me to do it. My family is nervous about it. I would rather expand the space than open a second location.
    Thanks for replying.
     

    #4823
    Avatar of Anthony
    Anthony
    Moderator

    If you have good business sense and you know that this is the right move, then you should be able to explain and demonstrate to your family how this will benefit them in the long run. If your business is incorporated, then your business and personal assets are separate in any case. If things don’t go according to plan your family is somewhat protected. If you are operating as a sole-proprietorship or a partnership, then things could be riskier.
     
    Your family should feel comfortable with your decision, if possible, but you are the one running the business. The final say is yours. Get all of the best information available and make an informed decision. If you don’t feel confident doing the assessment yourself, hire a business consultant who has dealt with these kinds of issues before. Other support professionals, such as lawyers and accountants can also offer important perspectives about growing your business.

    #7999
    Avatar of Jason
    jason
    Member

    Dear James, you can search for any other space is empty in that mall which will be convenient for you and the rent is affordable. And the other shop you find will better for you i mean it may not effect your earning or other. 

    #8057
    Avatar of Jason
    jason
    Member

    Dear James, you can search for any other space is empty in that mall which will be convenient for you and the rent is affordable. And the other shop you find will better for you i mean it may not effect your earning or other.

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic.