Estimating Expenses for a New Location
Estimating Expenses for a New Location
Businesses often massively underestimate the costs of a new location. Once they’ve made the major investment to open the location, they find out it’s much less profitable than they thought. Is there a way to better project expenses for a new location? In this video, I’ll:
- Identify sources of information for new locations (some of which are free and available to the public)
- Explain how to project complex staffing costs
- Recommend how to reflect expenses of the new location and the cost impacts on the rest of the company.
- Point out both direct and indirect marketing costs that need to be modeled
- Reveal the one major expense line item that every new location projection needs that’s often forgotten