Should I open an online business or a “brick and mortar” business (Storefront) ?
There are many reasons to open an online business or a brick and mortar business. The best option for you will depend on your individual circumstances and goals. Here are some of the top reasons for opening each type of business:
Online Business
Lower start-up costs: Online businesses typically have lower start-up costs than brick and mortar businesses. This is because you don't need to rent or buy a physical space, and you can often get by with a smaller team of employees.
Global reach: Online businesses can reach a global audience, which can help you grow your business faster.
Flexibility: Online businesses offer more flexibility than brick and mortar businesses. You can work from home or anywhere else with an internet connection, and you can set your own hours.
Brick and mortar businesses (Storefront)
Customer interaction: Brick and mortar businesses offer the opportunity for customers to interact with you and your products in person. This can help you build relationships with customers and create a sense of community.
Brand awareness: Brick and mortar businesses can help you build brand awareness in your local community. This can be helpful if you're planning to expand your business in the future.
Impulse purchases: Brick and mortar businesses can benefit from impulse purchases. Customers are more likely to buy something if they see it in person and can take it home with them right away.
Ultimately, the best way to decide whether to open an online business or a brick and mortar business is to consider your individual circumstances and goals. If you're looking for a low-cost, flexible business with a global reach, then an online business may be a good option for you. If you're looking for a business that allows you to interact with customers in person and build brand awareness in your local community, then a brick and mortar business may be a better option.
Here are some additional things to consider when deciding between an online business and a brick and mortar business:
Your target market: Who are you trying to sell to? If your target market is local, then a brick and mortar business may be a better option. If your target market is national or international, then an online business may be a better option.
Your budget: How much money do you have to invest in your business? Online businesses typically have lower start-up costs than brick and mortar businesses.
Your skills and experience: Do you have the skills and experience necessary to run a successful business? If you're not sure, then it may be helpful to get some training or hire someone with experience to help you.
No matter which type of business you choose, it's important to do your research and create a solid business plan. This will help you increase your chances of success whether it is online or a brick and mortar (storefront).