If you have a prospering business the thought of expansion has probably crossed your mind. While very few businesses can expand to a second location and still thrive, there are cases where the expansion is necessary and beneficial to the company. If you think that your business can thrive in a second location then there are some things that you need to think about.
Make sure that you can still maintain a consistent profit. Just because you are doing phenomenally well at one location does not mean that you will continue to do well at another. You need to be able to consistently bring in the income that you have been bringing in at your first location at your second. Expanding your business means that you need to make what you were making at one location at both locations. It does not mean that you split the profit between two locations.
You need to consider trends for both locations economically and based on consumers. Look at the area that you are considering moving in to. Does the space have high traffic? Did the business that was there before you go out of business because it did not have any customers? You need to make sure that your new location is best for customers not just for your wallet. You need to consider if the area you are looking at could sustain what your business offers.
You also need to remember that just because this is not your first rodeo does not mean that you can skip steps when getting financing. Just because you have been successful once does not mean that you will again. You will need to consider how to obtain financing and you will need to complete a new business plan to go with the new location.