First, one sees signs of construction. Perhaps a building unit is being remodeled or a new building is being built. Individuals throughout Maryland and surrounding areas begin to wonder what new business is coming, which creates excitement and conversation amongst residents.
Recently, a burger chain restaurant known as Smashburger announced plans to open additional franchise locations. These initial locations are outside of the Maryland area; however, the company also announced plans to add additional locations throughout Maryland. These new businesses in Maryland and surrounding areas will work together to build name recognition and customer loyalty for the company.
Smashburger has been in an expansion mode over the past year. Their business plan calls for 30 percent growth in business units throughout 2014. The majority of these new locations will be in the East and Northeast; however, the company does plan to add a few locations in the South.
Many companies find that establishing new business locations can eventually end up adding to their bottom line. The reason for this is that customer familiarity with the company's product can increase significantly. This name and product recognition can create substantially more business for the company over time.
While new business development can be exciting, it also comes with a variety of paperwork, contracts, permits and the like. Franchise agreements must be negotiated. Furthermore, business locations must be leased or purchased. The paperwork and details can appear to be endless at times. Many Maryland business owners may find it beneficial to seek professional guidance in navigating the legal contracts, permits and paperwork involved in their new business ventures.
Source: commercialobserver.com, "Smashburger expands franchise agreements in Manhattan, Queens", Gus Delaporte, May 21, 2014