The Shop Management Show, AutoLeap’s flagship podcast, returns to cover a topic on the minds of many successful shop owners: multi-location expansion and management.
How should you evaluate when it’s time to open a second location? What level of research and planning should go into this process?
We connected with an industry expert to explore this subject in detail.
Recap from episode 33
In episode 33 of The Shop Management Show, I was thrilled to be joined by Greg Marchand, COO of ShopPros.
Greg and I discussed:
- Finding a mentor with multi-location experience
- Gathering objective feedback for your shop expansion
- Overcoming operational challenges as you launch a second shop
- And much more
Let’s get into some takeaways!
Evaluating when it’s time to open a second shop
How can you know when it’s the right time for a second shop expansion?
Greg covers this topic in detail on the podcast, encouraging you to evaluate your management situation before moving forward. Do you have the management picture solved?
Beyond profitability, Greg mentions that you’ll need a proven process for hiring and developing employees well. Many other considerations exist, but these management skills are significant factors.
Greg also mentions that adding a second location can feel like dealing with a constant fire drill. But if you have a strong management strategy and a healthy financial picture, you’re good to move forward with research and planning.
Researching and planning your multi-shop expansion
Greg says understanding your “why” is essential to research and planning.
Your goal should extend beyond owning multiple stores for bragging rights or industry standing. And it’s also OK if your why differs from other shop owners! You may place a high value on the real estate appreciation this move will deliver. Or maybe you’re looking ahead to attracting future acquisition opportunities.
Regardless of the reason, Greg recommends evaluating your why, understanding your exit strategy, and beginning with the end in mind. Find a mentor who can provide an objective perspective on what you’re thinking. Then, determine what you want out of all this before moving forward.
Closing thoughts
Subscribe to the Shop Management Show today! The podcast is available on Apple Podcasts, Spotify, and other popular streaming services.
