So business is doing good. Opening your restaurant’s second branch should be a walk in the park, right? Wrong. Things that might’ve worked well in the first location might not work as well with your next one. To make sure you’ve got the bases covered, here are the things you should consider.
You need the funds to start this expansion. You need to consider your options. Are you going to shell out your funds? Raise capital with some investors? Or perhaps you could look into lenders that offer loans for restaurants. You need to weigh the pros and cons of each option.
Restaurant Model Analysis
You need to evaluate your current business model if it’s scalable. Also, check if there are new concepts you can explore. By doing this analysis, you should be able to identify the potential strengths, weaknesses, opportunities, and threats (SWOT) of your new venture. Include this in your business plan.
Careful planning goes a long way, even if you’ve had some success in the past. You still need to put in the work of determining who your target customers are, evaluating your competition, and checking out viable locations.
Now that you’ll be having more than one branch to manage, you need to look into central management solutions so that you can efficiently oversee both branches. This will also serve a foundation should you wish to add more branches in the future.
With a central management system, it’ll be easier to track inventory and sales as well as keep the menu consistent and services.
Pursuing a new venture is exhilarating. You’ve navigated through the challenges of opening a restaurant, and you start a second branch armed with wisdom. However, don’t let that success fool you into complacency.
Previous success doesn’t translate to success in your new location. But, with careful planning and execution, you can improve your chances of duplicating that winning formula.