In this tough economy, should I add a second retail/service location?
I currently have a small computer business with one location. We are getting by with a slight profit. However, there is a competitor 12 miles away going out of business and I have the option to get take over that building and phone number.
The landlord is willing to give me a great rate for a month-to-month lease. I have enough working capital for three months if I expand to a second location. Should I take this risk with the bad economy? My business attracts walk ins for PC repair and some b2b customers.
The only reason to consider this is if they get great walk-by traffic. Otherwise, you would be better off to buy the data base from the business and incorporate that into you own operations.
Given the nature of the current retail environment -- this option would probably be best for you.
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.