Growth Strategies For Retail Business
Ready to invest in your second retail location?
Here at CBSF, we know that leaping from your first retail store to your second is a big step. That’s why we’ve created a quick video with key info you need to be informed about your next move; the questions you should ask yourself before investing any money so you can be confident in your expansion plans.
Don’t worry if you need help figuring out where to start – these simple tips will show you where to focus.
In this post and the video above, we share the three questions you need to answer before investing a single dollar:
- How strong is your business now?
- Can your business run without you?
- Do you need more space?
WANT TO LEARN MORE ABOUT SCALING YOUR RETAIL BUSINESS?
Having delivered for 10,000+ locations and 200 million+ sq ft of retail space over 15+ years, we know what it takes to grow a retail business.
Here are two resources that will help you prepare for growth:
In this whitepaper, we walk you through how each of the three key challenges keeps you from scaling and the one major aspect of your retail business that will make or break your ability to scale successfully.
While some big retailers are closing stores, small business is booming. Here’s what you should know if you’re considering retail expansion.
GROWTH STRATEGIES FOR RETAIL BUSINESS (VIDEO TRANSCRIPT):
Expanding from your first retail location is a big move. And in this quick video, we’ll share the three questions you need to answer before investing a single dollar.
Question number one: how strong is your business now?
Before going all in, take an objective look at your business. Are your sales growing year over year or up because of a short-term boost or a busy season? Are your customers travelling great distances or going out of their way to buy from you? Is your current location’s cash flow positive? Before thinking about expansion, your sales should be growing consistently for an extended period.
Question number two: can your business run without you?
Think back to when you open your first store and how busy you were. Do you have time for a second location, or will you bounce between them? Do you plan to have a team member manage one of them? Is your current location running smoothly, including employees, vendors, inventory, and operations? Before adding another location, you need established processes and a trustworthy team.
And question number three: do you need more space?
Are you running out of floor space, warehousing or inventory space? If so, that may be a sign that your next location will be a success but you also don’t want to cannibalize your original location so carefully consider if your market’s large enough to support a second location, or if you’re moving into a new market, that you truly understand it. For a retailer, growth shows shoppers that your business is thriving and expands your reach. Just make sure you do your due diligence and face growth objectively.
WE KNOW WHAT IT TAKES TO GROW A RETAIL BUSINESS
At CBSF, we know what it takes to scale from 1 to 2 stores…to 10…to 50…and beyond.
There are common challenges all retailers face, which keep far too many retailers from scaling successfully.
We want to help you execute your growth plans using our years of expertise and knowledge.