Advice for opening a second location?

[MudFire_Dex]

We've been pursuing the idea of a second location since 2018, got spooked during the initial Covid-19 pandemic shut-down, focused, weathered the storm, and came out on the other side with a waitlist 1.5x the size of our current membership capacity. We have money saved for the project, have written a business plan, run the numbers, and know it is the right thing to do but we are still a little nervous. We are about to sign an LOI on a space that we love, and am just wondering if anyone has any tips to get through the unease? Construction and permitting delays related to the pandemic are making us nervous but we are using tenant representation to help discuss those things with our potential landlord.

Any thoughts appreciated 💖

[Thevioletfox]

It sounds like you've done all the right things to me.  Do you have backup plans in place? That might make you feel more comfortable.  Like if one thing doesn't work out according to plan, then we'll ______________. Having a fallback plan is always smart. If the timeline is delayed because of construction and permitting delays, is there a contingency plan for that? Those plan B's and C's would be my only suggestion 🙂  Good luck!

[MudFire_Dex]

Yes - we are brainstorming on backup plans and our tenant rep is trying to build in a lot of protections for delays in construction and permitting due to Covid-19. Thank you 🙂

[BofBArtStudio]

The other thing to consider is demographics.  Make sure that your new location has the right demographics to support the revenues that you have laid out in your business plan.