Most business owners have a vision, and usually, if they’re serious, a plan to build multiple locations for their business. Most love duplicating their business coach brand because it gives them the ability to provide more of their product or service to more people. But how do you know when it’s time for a second location? I mean, once you learn the system and create a profitable, scalable company, it makes sense to expand. But… When is the right time? This week in a meeting, the question, “Is it time for a second location?” came up.
Problem: Booked out for weeks and at capacity for any available appointments.
Clay’s Solution: Assuming the hours and shifts are as optimized as possible, there’s one more step, but yes, it’s probably time for a second location.
Great Question: Should the owner work at the new location or the current location?
Great Answer: Both. Work at one location two days a week and work at the other for three.
If you are in the healthcare field, or any type of service-based, brick and mortar business like a doctor’s office, optometry clinic, dental practice, IT Company, veterinary practice, or any other type of industry, this was a good business coach knowledge bomb from the meeting this week. When is it time for a second brick and mortar location?
Your marketing system is finally working. You have more leads than you know what to do with. You’re booked out all the time. Is it time for a second location? Maybe not yet. At this point in your business, you should know your numbers. You should be able to tell what your breakeven point is based on dollars and the number of patients, clients, or customers per day.
So, keep a client list backed out for 2 weeks, make sure you are sustaining that consistently, and then determine the number of customers needed to make a profit for the second location, and if you have that many patients on a waiting list, it’s time to scale. But what if you aren’t to this point. What if you’re reading this, and it’s still a goal for you.
Meet The Keyser Brothers!
Jesse Keyser and Charles Keyser are two brothers who were guests on the Thrivetime Show! They talk about online marketing and the power of Google Reviews. They talk about management and the importance of going over your key performance indicators. If you aren’t at the point in your business for a second location, or maybe you don’t want a second location, there is another way to meet your cash quadrant of a business owner — owning a system that works for you.
Buy franchises, or find franchises that currently do not understand the power of Google Reviews, or a suffering business with poor branding, go in and clean it up. The Keyser Brothers have multiple OxiFresh locations as well as Little Caesars and Sports Clips. Determining whether or not it is time to own multiple locations, or expand your business coach income in other sources is something to consider, but it is definitely possible sooner than you think.
Final Thought for the Day: GOOGLE REVIEWS = $$$
