5 things you will need when expanding your business into a new city
Expanding your business is an exciting time, as it means you have managed to find some success and are looking to grow even further! However, before you can just move to a new city and be successful, there is a lot to consider. You may not be able to just move to a new city and expect immediate success, as things may be different in this new city.
For example, before you rush on over, you will need to ensure you have completed an adequate amount of market research, so that you have more information about the city before you get there. Continue reading as we cover a few topics to help your expansion get off the ground.
An expansion plan
How can you expect to find success with your expansion if you haven’t created an expansion plan? There are a few different things to consider when creating your expansion plan. For one, it should include financial projections, marketing strategies, operational plans, and everything that you believe is relevant.
You should take care to ensure that the expansion plan that you’re crafting takes into account the unique aspects of the new city. In some cases, there may be different regulations and laws in place, cultural differences and local market trends. This may be the case for international expansion, but even expanding to Northern Ireland from England will give you a lot to consider.
If you aren’t too sure what should be included in your expansion plan, then working with an accredited expert who has experience in this will serve you well. You can also get into contact with an independent financial expert who could offer more relevant advice.
Contacts with local experts
While you likely already have plenty of connections from your current city of operations, you may not have any of these connections on hand in the new city. Hopefully, you will still be able to work with the same suppliers for consistency, but if that’s not possible, then you may have to reconsider your approach.
While working with national experts will still be in your best interest, you may find it more ideal to find local experts who can offer local knowledge. The sort of local experts you work with will all depend on what sort of business you are and what industry you’re operating in.
For example, if you are a retail business looking to distribute goods to customers in a local area, then partnering with local courier services could be in your best interest. If you’re expanding into a city such as Cambridge, then working with a same day courier in Cambridge, such as Grabbit and Run, could provide an ideal solution. It’s worth considering the exact services you require for your new expansion before you expand, so that you’re as prepared as possible.
Money ready to invest
Of course, how can you be expected to expand successfully, without the funds ready to be spent? It should go without saying that you will need money to invest so that you can afford certain things ahead of time, and essentially ensure that the expansion runs smoothly.
You shouldn’t rush ahead with an expansion if you haven’t costed and budgeted the expansion, and you feel comfortable with the amount it will cost. Generally speaking, it will be best to budget for more than you think you need, just to account for any costs that are higher than anticipated.
Expanding into a new city can be costly, and you need to ensure you have adequate funding to cover every expense. You should also have a good idea on if you are renting or purchasing property for your expansion, and this should all be costed ahead of time. You should also work out if you need to seek additional funding, such as a loan or investments, to ensure you have enough capital to succeed in your expansion.
Employees ready to go
It is also quite likely that you will need some extra hands to help out with your expansion. It is unlikely that you will be able to just move employees over to your new expansion, from your existing business, as they will already have their hands tied helping out there.
Therefore, it only makes sense that you need to consider hiring new employees to help out with the expansion. At the very least, you may need to hire employees for your previous site, and bring over the experienced staff to help set up the new expansion.
There are a lot of factors to consider here, but expanding into a new city requires a solid team that executes your business plan and represents your brand in a new location. Similar to when we mentioned the benefits of local experts, hiring local employees could be in your best interest, as they will already be familiar with the location and potential customer base, and they can offer you more relevant advice.
Effective marketing strategies
You will be unable to find much success if you don’t market your expansion very well. You should ensure you are shouting about your new expansion before you open the doors, so that people know that it exists! Plenty of different elements should make up your marketing strategy to ensure it is truly effective.
You should take into account many different local elements to help make up your marketing strategies. For example, you should try to incorporate the unique aspects of the new location, including any culture or preferences that are present here. This can help you to understand the customer base here, and help you get started with gaining a foothold.
Your marketing strategy should follow the house style and branding of previous marketing campaigns, where possible. You should utilise modern digital marketing strategies, as well as traditional ones, to maximise your reach where possible. This means using social media as a marketing tool, so that you can reach your targeted audience no matter where they are in the world.