You’ve put so much thought and effort into selecting your first business location. Why not put that same thought and effort into selecting a second one? The rewards will be pretty substantial. MarketMAPS takes a look.
The three most important things for a business are location, location, location. Location can mean the difference between a successful business and a bankrupt one. If you already run a successful store, you know the hard work that goes into choosing a business site: the tireless hours talking to lenders, analyzing demographics, watching competitors. But if your first location is established, successful, and firmly on its feet, why not start the process all over again?
Many businesses view expansion as an unnecessary risk. Why move on to a new location when my first one is doing just fine? But expansion is part of the life-cycle of every business. Every large chain began with a single store location at one point. And the benefits of expanding a business are quite considerable.
A second store location will better serve your customer base, and even help you find new customers and a new niche. The key: make sure your new store location isn’t too close to your first. Each store location should draw upon a distinct and separate geographic market.
MarketMAPS can help your business expand. We offer the most accurate, up-to-date demographic maps and data, as well as custom maps of anywhere in the US and the world. We can help you plot competitor locations on a map, analyze distances, view customer demographics, and much more.