As your business grows in St. Mary Parish, you might find yourself at a crossroads where your current setup just isn’t enough anymore. Many local business owners reach a point where expansion seems like the next logical step.
This decision isn’t one to take lightly; it requires careful planning and consideration. For St. Mary Parish business owners looking to grow, there are two main paths you can explore.
Open Up a New Location
Have you noticed customers traveling from neighboring parishes to reach your business? Maybe you’ve heard people mention they wish your services were available closer to them. These could be signs that opening a new location might be worthwhile.
Starting another location is almost like launching a brand new business. You’ll need to dust off that initial business-planning process you went through when you first started.
Begin by drafting a detailed business plan for the potential new market. This helps ensure you truly understand what you’re getting into before making any financial commitments.
Once you’ve created your plan, take a hard look at your current finances. Be honest about whether expansion is feasible right now. If you’re concerned about funding, the local chamber of commerce might offer some guidance or resources.
Don’t forget the paperwork! Each location has its own requirements for licenses and permits. These vary depending on what kind of business you run, so research is key.
And while it’s not the most exciting part, make sure to factor in the tax implications for your new location. This can sometimes catch business owners off guard.
Read more: 7 Proven Strategies to Grow Your St. Mary Business
Franchise Your Business
A different approach to expansion is franchising your business model. This route allows others to operate under your brand name and follow your established procedures. But, not every business makes a good franchise candidate. Those that succeed typically share these traits:
- They offer something special, such as products or services that really stand out
- Their business model and operations are straightforward enough to teach to others
- Their concept can be replicated easily in different markets
The franchising path often involves less daily operational work since the franchise owner handles much of the day-to-day running of the business. However, the upfront work is often substantial. You’ll need rock-solid systems, operations manuals, and strong branding before you can begin offering franchise opportunities.
The legal requirements are another hurdle. Both federal and state governments have specific regulations regarding franchising. These can be complex and confusing for the average business owner. It’s worth investing in a good attorney who specializes in franchise law before pursuing this option.
Read more: Tips for Small Businesses Ready to Expand Locally in St. Mary
Each expansion method has its strengths and weaknesses. What works for one St. Mary Parish business might not be right for yours. Your decision should be based on your specific circumstances, resources, and goals.
If you’re in need of some expert advice on expanding your St. Mary Parish business, we offer free, confidential business counseling services. We can guide you through your options or connect you with helpful resources and partners. Reach out today to book your consultation!