Louisville, Kentucky, is ever expanding. Earlier this year, the Mayor Greg Fischer announced plans of moving forward for a $35 million expansion of Waterfront Park (phase IV) with a 22-acre plan showing an increase in green space and features specifically for people to improve their health and well-being, while becoming a regional attraction for visitors.
Waterfront Park will be joining together Portland and downtown, resulting in economic development for those trading in the business district and surrounding areas. For these businesses, it is important for them to adapt to benefit from such an opportunity in their city, and perhaps consider whether it is time to expand their business for the future?
You Have a Loyal Customer Base
There is little point in expanding if you’re lacking in a loyal customer base. Instead of thinking of opening a second shop or buying a larger property, you should spend your time improving your marketing and customer service.
However, if you do have a loyal customer base, who rely on your support and services, opening a store in a sister location can be profitable. You need to ensure you have repeat customers and an interest wherever you’re planning on expanding to; once you know you have an ongoing demand, you can look to grow your business.
There’s Interest in Future Growth
If your customers are asking for you to expand, this is a great and promising sign. Nearby customers may be asking when you’re going to move to a bigger store so you can stock more products in store, or out-of-town customers may be begging you to open a store nearer their dwellings. Before you open another store, produce surveys to your existing customers asking them what they want to see more of, where they are from, and whether they would use your store more if it was closer. Before you open a store, you need to see where your biggest customer base is, so a lack of research doesn’t lead you to waste your efforts opening a store in a less profitable location from a lack in research.
You Have the Finances
All of the above means nothing if you cannot financially support your move or growth. If it seems like expanding is the next step for your business and you need a little bit extra funding, then consider applying for small term business loans. Sometimes the idea, interest and demand is there, but finances, or lack of them, get in the way. If this is you, then there are many viable means of solving this challenge.
Your Industry is in Demand
Lastly, you need to be in demand if you want to generate more interest in any future expansion. Conduct research such as keeping an eye on business trends, and your own popularity, to find out whether growth is your next move. Investing in a dying industry can lead to bankruptcy, or if your industry’s demand has plateaued, it may be best to stay put and continue generating a gradual revenue until it begins to increase. However, if your popularity is soaring, or your industry is growing, you need to keep up – and investing in the expansion of your own store can be the best way to grow your business.