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Business: 9 Tips for Opening a New Location

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You started your business with a dream. A vision for the future. And there’s no satisfaction like watching that dream come to fruition.

If business is booming and all your hard work is finally paying off, it’s natural to think about expansion. But how do you know when the timing is right to open a new location?

The truth is, there can be danger in growing your business too fast. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail within the first year. And after five years, about half have closed up shop.

But time isn’t the only factor. Even if you’ve been operating for decades, scaling your business is still a difficult decision. Because a wrong move could jeopardize everything you’ve worked to build.

Are you ready to grow? Here are 9 things you should consider before opening your new location.

How to Expand Your Business to a New Location

Know your objective

Before you get caught up in the excitement of looking for real estate and designing your new space, make sure you have a clear understanding of why you’re deciding to expand in the first place. This may sound like common sense. But you’d be surprised how easy it is to lose focus when adding a new location.

Are you wanting to move into a new market? Or is there so much demand at your current location that you’re unable to capture it all? Your answer to these questions will help you plan your next steps with clarity, enabling you to make decisions without losing sight of the end goal.

Consider the alternatives

These first few tips may make it sound like we’re trying to talk you out of opening another location. We assure you, that’s not the case. However, you should be confident in your commitment to expand before taking on all those extra financial commitments and overhead expenses.

So after you’ve set your objectives, ask yourself if there are any other ways you could meet these growth goals. For example:

  • Online sales: If you have a physical storefront, maybe you could beef up your online sales by investing in a new website and social media marketing.
  • New services: Are you running a successful restaurant? Perhaps additional delivery and takeout services could be the key to increasing revenue without the added risk of opening a new location.

This exercise can help you squeeze the most revenue out of your existing business first. And there’s an added bonus: If you can’t think of less costly alternatives to physical expansion, you can move forward with confidence.

Choose your location wisely

We’ve all heard the real estate mantra: “location, location, location.” And for good reason. Where you decide to open could be the difference between successful growth and a failed investment. Start by doing your research on the general area first. Ask yourself:

  • Is the proposed new location close enough to build on your initial success and brand recognition?
  • Is it far enough away that you can tap into a new market of potential customers?
  • Are there nearby competitors that could threaten your profitability?

This type of market research can help you understand the potential demand before you make any commitments. Then, start looking for a physical space that meets your needs. Be sure to consider:

  • Rental expenses
  • Accessibility and traffic (foot and vehicle)
  • Potential renovation costs

Repeat what works

Opening a new location presents a tempting opportunity to try something new and different. But this type of experimentation has led to many failed expansion efforts.

Remember, your current success – the success that made this growth necessary in the first place – was built off your first location. Change it up too much, and you may lose the spark that made your business such a hit with customers.

Of course, that doesn’t mean your new location has to be a carbon copy of the first. You can always add new products, services or menu items to mix things up a little. Just don’t miss out on the opportunity to replicate your prior success.

Focus on culture

Company culture is one of those things that can be hard to quantify. But we all know a good one when we experience it. And you should never discount its worth. Oftentimes, your culture is defined not only by your vision and values – but by the way you treat customers and employees. To make sure your existing culture isn’t lost during expansion:

  • Take note of what makes your business special.
  • Document important processes and incorporate them into your training efforts.
  • Be sure the managers at your new location understand and embody the culture you’ve worked so hard to build.

Build your brand

If your first location is a success, you may fall into the Field of Dreams trap – believing “if you build it, they will come.” Don’t make that mistake. Never underestimate the importance of marketing and communications in your growth efforts.

Instead, consider ways to get the word out – whether it’s through social media marketing or more traditional advertising efforts. And don’t ignore your biggest fans: your existing customer base. Empowering loyal customers to help spread the news of your expansion is another great way to build awareness and excitement.

Calculate cash flow

Regardless of how much time and money you decide to invest in your new business location, it will probably cost more than you planned. That’s why it’s important to build a realistic projection of your profitability.

Since you’re deciding to grow, we’ll assume your first location is already profitable. But is it profitable enough to cash flow your other location if it takes longer than expected to break even? If it’s not, do you have access to the financing or capital needed to make things work?

If you’re not good with data and numbers, find someone who is. Because a mistake here could mean problems for not only your new location – but the first one, as well.

Find the right people

As a business owner, you know good help is hard to find. But you’re going to need hard-working, dependable employees to grow your business across multiple locations.

The reasoning here is obvious. You can’t be in two places at once. And if you tried, you’d be spreading yourself too thin. So you’ll need to entrust the work of growing your business to others.

Before you branch out, it’s important to know you have others who can manage things in your absence. If you don’t have employees who are ready to take on this responsibility, or if customers insist on doing business with you alone, it may be wise to hold off on expansion for now.

Protect your investment

Here’s another hard truth: As your business grows, so does your risk. And we’re not just talking about the risk of launching a successful business. This also includes risk associated with commercial property damage, workers’ compensation claims, theft and lawsuits.

Before you commit to opening a new location, give your Erie Insurance agent a call. Your agent can help you customize your business insurance policy to meet the exact needs of your growing business – whether you run an auto repair shop, restaurant or construction company.

As an ERIE customer, you also have access to assistance from a risk control consultant who can help you evaluate the potential risks your business faces – and recommend measures you can take to help reduce them.

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Extended Water Coverage

Extended Water Coverage

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We can’t say it enough: If it can rain (or snow), it can flood. Flooding can happen in a matter of minutes, or it may creep up slowly, but either way it can cause massive amounts of damage. Typically, nature handles excess water by sweeping it away into streams, lakes and rivers or just absorbing it into the ground. But we all know Mother Nature can be fickle, so when she opens the floodgates, it can be detrimental to your home, property and all your belongings.

Unfortunately, most people don’t know that their homeowners policy doesn’t cover flooding. What’s more, they usually don’t discover that until after a costly loss. Floods are the most expensive and destructive natural disaster in the United States, according to FEMA, and can occur in every state. At Erie Insurance, we’re here to bring you peace of mind, which is why we’ve introduced our Extended Water coverage.

What is Extended Water Coverage?

ERIE’s Extended Water coverage1 provides protection for your home in the event of a sewer or drain backup, or from flooding such as inland flooding, tidal water, storm surge or mudflow and mudslide. This endorsement can be added to your ErieSecure Home® policy (or bundle) and offers protection for your home, garage or other structures and personal property2— including that stuff you’ve stored in your basement. To avoid losing valuables, make sure you know what not to store in your basement, because there are some things even we can’t replace!

Floods are devastating, they can damage homes both above and below ground, as well as displace families for extended periods of time. Extended Water coverage is designed to help cover things like:

  • Basements and other rooms
  • Water backups from sewers and drains
  • Repair and replacement costs for your home and personal property3
  • Flood avoidance reimbursement (up to $10,000)4
  • Temporary relocation costs, like a hotel or short-term rental5

But Why Do I Need Extended Water?

As we’ve mentioned, flooding can happen anywhere, to anyone. Yet your typical homeowners policy doesn’t cover it and only a staggering 4% of homeowners actually have flood coverage — as estimated by Milliman, an independent risk management, benefits and technology firm.

Sadly, many people assume since they aren’t in a high-risk area it’s not a needed coverage. But did you know that over 25% of flood claims come from individuals living outside high-risk zones? What’s even more earth shattering is just a single inch of water in a home is estimated to cost over $25,000 in repairs. Quite a hefty bill for such a small amount of water.

With the help of Harris Poll, ERIE conducted a national poll to see just how much water people thought was needed to necessitate replacing baseboards and drywall. In the poll, 53% of survey participants stated 5 inches or more would be needed. Sadly, the truth is only 3 inches of water can destroy baseboards and drywall. The cost flooding and other water damage brings to families can be a major financial strain that can hang over people for years. Our Extended Water coverage is here to ease uncertainties and ensure that in the event of a flood, we’ll be right there to get you back on your feet.

A Little Preparedness Goes a Long Way

Let’s say you live in a new development near a stream. After a few days of steady rain, you become concerned about the rising water and buy sandbags to place around the basement door. The stream floods the neighborhood and still makes its way into your home, despite your attempt to avoid it. Extended Water would provide coverage for the sandbags4 plus damage to your home and contents.3

If you’re expecting a large flood or storm to come through the area, we highly encourage you take some flood safety steps to help protect yourself and your family. As always, your safety is the top priority, and in the event of a flooding disaster, rest easy knowing we’ll be there. Ensure you protect your house — above and below ground — and make sure your coverage is up to date.

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IIHS Safest Cars of 2023

IIHS: Safest Cars of 2023

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If safety is a top priority when driving, look no further than the 2023 Insurance Institute for Highway Safety’s (IIHS) TOP SAFETY PICK award list for your next vehicle.

This year’s list of 48 award winners is smaller than previous years, naming 28 models a TOP SAFETY PICK+ and another 20 vehicles as a TOP SAFETY PICK. This is due to tougher criteria and stricter requirements for crash protection and prevention systems.

In the annual TOP SAFETY PICK awards, the IIHS announces which new models performed best in their evaluations. The list is organized by size and type on the IIHS website.

How Are TOP SAFETY PICKS Determined?

Each year, the IIHS, a nonprofit research and education organization, conducts tests to determine how vehicles fair in two aspects of safety: crashworthiness and crash avoidance/mitigation. It also evaluates other elements of vehicle safety, such as headlight ratings.

The IIHS awarded winners in 8 size categories, from small cars to large pickups.

All award-winning models earned “good” ratings in six crashworthiness tests and offer trims (pre-packaged groups of features) with front-crash prevention systems with “advanced” or “superior” ratings. Every winner must also have at least one headlight system that earns a “good” or “acceptable” rating.

This year, IIHS updated their side crash test with an updated evaluation that was launched in 2021. TOP SAFETY PICK qualifiers must receive an “acceptable” or “good,” and “good” is required for the plus category. A new evaluation was added for TOP SAFETY PICK+ recipients: a nighttime vehicle-to-pedestrian front crash prevention test. Advanced or superior performance is required in both daytime and nighttime pedestrian tests for the higher award. Vehicles that received advanced or superior for only the daytime test received TOP SAFETY PICK.

Headlight requirements increased for the base award this year as well. Previously, only TOP SAFETY PICK+ recipients needed to have “good” or “acceptable” headlights standard on the vehicle. Now it is a requirement for both awards. If you’re looking to upgrade your headlights and aren’t sure where to start, check out our guide.

The roof strength, head restraint and vehicle-to-vehicle front crash prevention evaluations are no longer part of the award criteria. This is due to industry progress which has made these tests less relevant. Consumers can expect further changes to award criteria in 2024.

The 2023 TOP SAFETY PICK Winners

This year’s 48 overall picks are true standouts in terms of crashworthiness and crash prevention, according to IIHS President David Harkey.

Toyota Motor Corp., which includes the Toyota and Lexus brands, had the most 2023 awards overall and the most awards in each category — nine TOP SAFETY PICK+ and six TOP SAFETY PICK awards for a total of 15. Honda Motor Co., which includes the Acura and Honda brands, was next with six TOP SAFETY PICK+ and two TOP SAFETY PICK awards. Mazda earned six TOP SAFETY PICK awards.

By class, midsize luxury SUVs earned the most TOP SAFETY PICK+ awards, with nine, and small SUVs earned the most awards in total, with four TOP SAFETY PICK+ and eight TOP SAFETY PICK awards. However, vehicles of almost every size and class made the cut, including plug-in hybrids and all-electric vehicles.

For the full list of winners and ratings, visit iihs.org/ratings.

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Flood Insurance

ERIE’s Extended Water Coverage

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Did you know that most homeowners policies don’t cover flooding? ERIE’s Extended Water coverage is here to help.

We can’t say it enough: If it can rain (or snow), it can flood. Flooding can happen in a matter of minutes, or it may creep up slowly, but either way it can cause massive amounts of damage. Typically, nature handles excess water by sweeping it away into streams, lakes and rivers or just absorbing it into the ground. But we all know Mother Nature can be fickle, so when she opens the floodgates, it can be detrimental to your home, property and all your belongings.

Unfortunately, most people don’t know that their homeowners policy doesn’t cover flooding. What’s more, they usually don’t discover that until after a costly loss. Floods are the most expensive and destructive natural disaster in the United States, according to FEMA, and can occur in every state. At Erie Insurance, we’re here to bring you peace of mind, which is why we’ve introduced our Extended Water coverage.

What is Extended Water Coverage?

ERIE’s Extended Water coverage1 provides protection for your home in the event of a sewer or drain backup, or from flooding such as inland flooding, tidal water, storm surge or mudflow and mudslide. This endorsement can be added to your ErieSecure Home® policy (or bundle) and offers protection for your home, garage or other structures and personal property2— including that stuff you’ve stored in your basement. To avoid losing valuables, make sure you know what not to store in your basement, because there are some things even we can’t replace!

Floods are devastating, they can damage homes both above and below ground, as well as displace families for extended periods of time. Extended Water coverage is designed to help cover things like:

  • Basements and other rooms
  • Water backups from sewers and drains
  • Repair and replacement costs for your home and personal property3
  • Flood avoidance reimbursement (up to $10,000)4
  • Temporary relocation costs, like a hotel or short-term rental5

But Why Do I Need Extended Water?

As we’ve mentioned, flooding can happen anywhere, to anyone. Yet your typical homeowners policy doesn’t cover it and only a staggering 4% of homeowners actually have flood coverage — as estimated by Milliman, an independent risk management, benefits and technology firm.

Sadly, many people assume since they aren’t in a high-risk area it’s not a needed coverage. But did you know that over 25% of flood claims come from individuals living outside high-risk zones? What’s even more earth shattering is just a single inch of water in a home is estimated to cost over $25,000 in repairs. Quite a hefty bill for such a small amount of water.

With the help of Harris Poll, ERIE conducted a national poll to see just how much water people thought was needed to necessitate replacing baseboards and drywall. In the poll, 53% of survey participants stated 5 inches or more would be needed. Sadly, the truth is only 3 inches of water can destroy baseboards and drywall. The cost flooding and other water damage brings to families can be a major financial strain that can hang over people for years. Our Extended Water coverage is here to ease uncertainties and ensure that in the event of a flood, we’ll be right there to get you back on your feet.

A Little Preparedness Goes a Long Way

Let’s say you live in a new development near a stream. After a few days of steady rain, you become concerned about the rising water and buy sandbags to place around the basement door. The stream floods the neighborhood and still makes its way into your home, despite your attempt to avoid it. Extended Water would provide coverage for the sandbags4 plus damage to your home and contents.3

If you’re expecting a large flood or storm to come through the area, we highly encourage you take some flood safety steps to help protect yourself and your family. As always, your safety is the top priority, and in the event of a flooding disaster, rest easy knowing we’ll be there.

Read More
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Why People Buy Life Insurance

Why People Buy Life Insurance

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Before you get life insurance coverage, you should understand why you need it. While there are many reasons to buy life insurance, the most common reasons include:

  1. Final expenses: Final expenses refer to any expenses related to someone’s passing. This can include a casket, funeral, preparations, memorial service, cremation and more. Life insurance for final expenses is worth considering—after all, the National Funeral Directors Association reports that the median price of a funeral with a casket is around $7,850. Families without enough funds are forced to cut back on the service or ask friends and family for donations. Some families have turned to crowdfunding to help cover the cost. A modest term life insurance policy can unburden your loved ones by taking care of these expenses.
  2. Income replacement: Your loved ones depend on your income to meet daily needs for food, medical care, utilities, car payments and much more. There are also future costs like a child’s college education or contributions you would have made toward a surviving spouse’s retirement. If you pass away without a means for replacing your income, their standard of living could be in serious jeopardy. Having a life insurance policy in place can help provide financial security and the ability to maintain your current lifestyle (especially if you stay home with young children). How much life insurance you need is based on two factors: your salary and the number of years until you retire. An insurance agent will also account for any other factors such as Social Security benefits, your partner’s income, your debt and your savings. Always aim to buy the amount you really need—but also remember that something is better than nothing when it comes to life insurance coverage. (Spoiler alert: it’s more affordable than you may think!)
  3. Paying off a mortgage: A mortgage is often the biggest single line item in a person’s budget. Could your family afford your home’s mortgage without your paycheck in the picture? If not, an already sad situation would be compounded by the family possibly losing the house they love. This could also mean your children could no longer attend a school in their current district or maintain the friendships they currently have. Life insurance can pay off an outstanding mortgage so your family can enjoy the home they love without the burden of outstanding payments.

These are the three most common reasons people purchase life insurance. Yet there are many other reasons for buying life insurance, such as building or leaving an inheritance, saving for retirement, protecting student loan co-signers and more.

Life Insurance=Love Insurance

February is Insure Your Love month and the campaign is coordinated each year by Life Happens.

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Help Your House Recover from Frost Heave

Help Your House Recover from Frost Heave

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Frost heave occurs when ice forms underneath soil. As the frozen soil switches between freezing and thawing, it can cause the very foundation of your house to shift since frozen soil has about 10 percent more volume than dry soil. This can lead to serious structural damage to your foundation.

Frost heave can happen in any place that experiences cold temperatures. Yet it is most common when a source of water feeds into poorly drained or frost-susceptible soil like loams and silts. (In general, you can tell if you have these types of soils by touch. Loams are loose and will form a ball in your hand that crumbles when you poke it. Silts are made of small particles that feel slick and sticky when wet; they also resist water, so puddles will often form on top of them when it rains.)

Wall cracks are a telltale sign of frost heave. Cracks are most common on the interior walls, but they can also occur on exterior walls. Other signs of frost heave can include cracked, tilted or displaced concrete floor slabs.

If you notice any of these signs, you’ll want to get in touch with a foundation repair specialist. Some of the long-term steps they can take to help your house recover from frost heave after eliminating any contributing water sources include:

  • Hydraway drainage systems: They direct water away from your foundation. In many ways, they are similar to French drains—but manufacturers often claim they are less prone to clogs than French drains.
  • Helical piers: They act as shafts that bear the weight of your home.
  • Helical wall anchors: They will permanently reinforce the foundation.
  • Soil stabilization: This process involves injecting polymers into the soil so it will resist water infiltration.
  • Soil replacement: This typically involves replacing poor soil with fill sand (a blend of sand, dirt and clay that compacts well) down to frost depth (this varies depending on where you live).

Heaving can also be caused by tree roots or pressure from nearby buildings. To find out what is causing damage to your house, make sure to contact a certified foundation contractor.

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