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New location

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This topic contains 1 reply, has 2 voices, and was last updated by Avatar of Anthony Anthony 4 years, 2 months ago.

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  • #9150
    Avatar of Robert
    Robert
    Member

    We have a question from a client:

    I am planning on opening a second location for my clothing store. All of my friends and family advise against it. I am breaking even but I think a new location will help build the business. What do you think?

    #9182
    Avatar of Anthony
    Anthony
    Moderator

    If the people advising you have a background in business management, it would be a good idea to get some more  details about why they are concerned about the idea of expanding into a second store. They may have some very valid points. If what you are experiencing is an emotional reaction from people who care about you and want to protect you, but they don’t really have the credentials to advise you one way or the other, then you have to determine what is best for the business and for your family. The main thing you want to make sure of, if you are planning on doing something a bit risky, is that your business is incorporated. This way there is a buffer between your business and your family if things do not go as planned. This way your personal assets would be protected, and while you might lose out on some income, at least your personal real estate holdings, vehicles, etc. would not be at stake. As you appear to have decided already, breaking even is simply not good enough in the long run, and you have to be forward-thinking with your business model. If the planning is good, then you need to make sure that the timing is right as well. Expand at an opportune moment. If that is now, and you have taken all of the necessary precautions to protect your family, then go for it.There are other options for increasing revenue that do not entail the expense of additional locations and the requisite staff. For instance, an effectively-marketed online store can be an excellent source of sales. As a business-owner, do what is right for your company.

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