Knowing how (and when) to expand upon your brand is crucial for long-term success.
Before implementing plans to open a second restaurant location, owners and operators need to secure a successful restaurant expansion strategy that utilizes the resources outlined in their comprehensive, targeted business plan. Hint: every owner and operator should have a focused business plan in their back pockets, on the ready for making business decisions.
1) Initial Research. Using your business plan as the ultimate growth guide, here are some tips for initial expansion research:
- Research: conduct demographic research to target areas of growth ripe for expansion.
- Future Location Market Analysis: local area exploration, targeting top locales.
- Competitive Analysis: what will set you apart?
- Detailed, Professional & Investor Oriented Business Expansion Plans: assess and streamline all acquired elements to date.
- Incorporate Technology & POS Tracking Systems: look for technology and POS systems to best serve your business and ultimate growth goals.
2) Implementation. Why your restaurant business should consider expanding. Once your initial research is in place and your decision to expand is a clear yes, dig into your research and start building your expansion timeline and strategy.
*5 Things You Need To Figure Out Before Opening A Second Restaurant Location:
- Funding/Capital: wow investors and secure expansion capital with a dynamic investor pitch & presentation.
- Location: set your sights on your perfect location/space, utilizing your Location Market Analysis.
- Restaurant Business Expansion Plan & Strategy: now’s the time to implement your targeted business plan, streamlined elements, and timeline.
- The Right Management & Team: narrow down who you want on your team; begin focused recruiting
- Multi-Location Reporting & Integration: prepare your bottom line and strategies to account for a secondary location, building out for other possible locations to follow.
3) Best Practices. A great restaurant business plan and streamlined strategy can put you on the path to expansion success, and help you avoid pitfalls.