Bootstrapping 2nd Location?
Throwaway account…My question is has anyone bootstrapped a second location? If so, what would you prioritize spending your limited funds on to get a place open? Any thoughts, ideas welcome.
Background: Our first bar location is taking off (we’ve been in business 4.5 years) and we have another year on our lease. We hope to renew the lease at our current spot when the time comes.
Last week a customer who is a local developer asked us if we’d be interested in renting in another building he just bought in a different (higher foot traffic) neighborhood. We were thinking of a doing a second bar with a different concept while keeping the first location humming along.
The second space is partially built out (was a kava bar) we’d need to add some sinks and a walk in, do some new light fixtures and furniture mostly. Mid size New England city. Approx. 2400SF
We’ve always planned on a second location down the road but this offer kind of fell into our lap and we don’t want to pass it up, but we also don’t want to take out any major loans. We’re owner operators. Husband and wife team, 5 part time employees, no investors. We funded the first location with a home equity loan.
Long time lurker on this sub and curious to hear your thoughts!