The Midlands have a lot of potential for running a business. You have major cities such as Birmingham, Nottingham, Wolverhampton and, of course, Leicester. Leicester may not be as big as Birmingham, but it offers a great chance to expand your business into a new area without busting your budget. However, you need to consider a few things before doing this, which we will explore below.
Where Will You Be Based?
One of the first things you should think about when expanding into Leicester is where exactly you will be based in Leicester. There are many lucrative opportunities within Leicester. Your business may suit being in the city centre, around Highcross, or it may be that a surrounding outside village could be better.
Areas such as Hinckley, Narborough and Oadby have the potential for business expansion. You may need to work hard to get your business’s name out there. This could involve you engaging in marketing copy. Overall, you need to ensure the place you are expanding to is aware of who you are and that they are even interested.
Is There Demand For Your Services?
Before bringing your new business over to the heights of Leicester, you should ensure that there is suitable demand for your services. This means you need to do some key market research to find out if there is anyone offering what you do or if it is something that people would be interested in if not.
You can conduct various surveys across the Leicester area so that you can gather as much information as possible. The more information you have regarding this, the better informed you will be to decide and plan forward.
You can use a polling platform such as Vevox that allows you to receive instant engagement and feedback. You can also use tools that allow you to create quizzes and run Q&A sessions. This can give you more insight into your customer base. This could also be done to your team, allowing you to find out what they think, and help prep everyone for the big expansion.
Will You Need To Hire Locally?
Once you’re aware of the demand in Leicester, then you will need to think about who you will need to employ potentially. Expanding your business to a new area such as Leicester will mean that you need local help.
While you may be able to bring your employees over from your current store or location, it will be in your best interest to hire locals. This will be more convenient and allow you to gain more useful and relevant information from potential local experts.
How Will You Source Funding?
It will likely be costly for you to expand your business into a new area such as Leicester. As such, you will need to work hard to source funding. This funding could come from you directly, or you could be looking for angel investors. Angel investors have money that they are looking to invest in growth opportunities and are a vital source of funding for many businesses.
You should also consider geographical sources of funding. As you will be looking to expand into Leicester, you could find business grants specific to this area. If you don’t look around and ask, then you won’t be able to find out. You may also partner with pre-existing businesses in Leicester that can help you gain a foothold.
