There are many different ways that a business can grow. The U.S. Small Business Administration's website lists some of the more common methods for expanding a business. At the top of this list is a business growth strategy that many business owners use: opening up a new location. This business expansion strategy will be the focus of our post today.
Opening up a new branch is no small step for a business. There are many important things for a business owner to think about when starting up a new location, including:
- Where to have this new location.
- Whether to buy or lease the property that will house the new location.
- What kind of workforce to have at the new location.
- What sorts of advertising to do for the new location.
- Whether the business operations at the new location will be similar to the business' preexisting locations or if different sorts of work will be done there.
Also, many legal issues can come up in relation to opening a new location. This includes commercial real estate issues, like matters involving property purchase agreements, lease agreements, land use or zoning. It also includes employment law issues, such as matters involving employment agreements for the individuals hired to staff the new location.
How the opening of a new location goes can have major effects on a business' overall expansion plans and its overall health. Thus, how the various different practical and legal issues related to the opening of a new location are handled can have considerable implications for a business. Consequently, when considering opening a new location, a business owner may want to bring in a skilled business law attorney for guidance and legal support.