Everyone thinks the next move is a second location. It’s actually the hardest way to grow. Here’s the truth most owners miss: you probably own less than 10% of your current market. Maybe less than 5%. We own under 10% of Indianapolis after 40 years here. Before you chase new geography, own the one you’re already in. That’s the easy button.
@officialchadpetermanTranscript
and two small of a market, should I open up another location? The answer is no, in most cases. There are some markets where, yeah, you're gonna have to expand your service area, so on and so forth. But the invogue thing, the thing that we have done is expanded into multiple geographies. What I will tell you, it's the hardest way to grow. So, if you want the easy button, stay in your market and own your market. If you think that you are saturated, what I will tell you is if you run the numbers, more than likely you own less than 10% of your market. In some cases, you may actually own less than five. Here in Indianapolis, we own less than 10% of the market. Think about that, crazy. There is so much business out there, and it's operationally to so much easier to operate out of one location in one city. When you start expanding, geography is a thing. When you have a branch that's two hours away, how are you gonna control the culture? How are you gonna control the operations? How are you gonna do all of these things? How are you gonna get materials from one place to the other? All of these things that you don't have to think about if you operate out of one location. So again, you're probably not saturated in that market. Setting up another location is very difficult, I speak from experience. And also, your market is probably not as small as you think.
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