Sure, the number one factor in determining if you are ready to open a second studio location is money and your access to it. How much will you need to spend to purchase equipment, put a deposit on a space, do any possible renovations and outfit the location with appropriate technology? Before you spend a dime, do an estimate of total costs. Then, figure out how much you expect to make per week in the first few months of opening the location. How soon can you recoup the capital expenses? If you don’t have the cash flow to pay for start up costs, create a clear projection of when you expect to be able to pay off any debt and calculate the interest.
