We’re often asked, “When can I open my second hospitality location?”
Opening a second hospitality venue is a big step and significant milestone for any business owner. It requires a lot of hard work and dedication to make it a success. However, with the right planning and execution, it can be a great way to grow your business and increase profits.
To increase the chances of success for your new venue and continue growing your business, you should concentrate on your team, product, and maximising profits.
The right financial systems and insights are the foundation of any strong business, and Balance My Books can provide that structure for you.
The first step in opening a second hospitality venue is to stop working in the venue. Instead, focus on working on your venue, not in it. This means working on your team, getting more customers, and making your venue known. Additionally, it is important to work on your product, including food, beverage, and service. This will ensure that your new venue is of the highest quality and attracts new customers.
Before going to the expense of building a second venue, consider how to maximise profits and sales at your current location. Maximising your sales opportunities at your current venue will improve the profitability of your business and the lessons learnt will be the foundation for your second location.
One thing to consider when opening a second venue is whether your team is strong enough to grow the business without you. This includes being able to handle the day-to-day business, hiring staff, and handling administrative tasks. It is also important to have someone on your team who is focused on your product quality and development.
To ensure that your team is customer-focused, it’s important to recruit people who are dedicated to excellent customer service. Additionally, it is important to train your staff to be customer-focused and lead them well.
Having a reliable foundation of robust systems is crucial for any business to thrive. This includes beginning with a strong Point of Sale system, as well as effective training, rostering, and people management systems. In addition, excellent financial systems should underpin these operations with strong weekly insights to help guide decision-making and improve performance.
Strong operational systems are also necessary to ensure smooth day-to-day operations and maintain consistency across all aspects of the business.
Balance My Bookscan help you with expanding your business every step of the way. Our bookkeeping and payroll services can streamline your financial operations, and our weekly reports can give you valuable insights into your businesses performance and guide you towards informed decisions and success.
Take the next step in growing your business and see if we’re the right fit for you by completing this one-minute survey here.
