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If you’re experiencing success as a business owner, you might be inspired to expand your horizons and increase profits by opening an additional store in a new market. Just be careful to approach the location selection process the same way you did with your first business. If you don’t put a lot of thought into your decision, you may run into issues down the road.
When choosing your next location, there are several things you should think about to set yourself up for success. For instance, do the location demographics reflect your target audience? Are you looking for a large plot for a manufacturing facility or a small site for an office building? Where are your competitors located? By answering questions like these, you can get a better idea of what you’re looking for.
Here are four key considerations to help you choose the best location…
