If you talked about having a business around a decade ago, one of the things that would be considered is where you would have your business stand. Spotting a good location for the business is an integral part in its survival. However, as the years passed things were no longer as cut and dried.
The internet revolution brought about new options to consider for businesses owners. The internet made it highly possible to run a business without having a brick and mortar location. With that being the case, the question is now: which is better?
Brick and Mortar
Having a physical location always carries several benefits and risks:
When a business has a physical location, it is easier for clients to believe in its credibility. After all, opening a physical location takes time, effort, and a lot of money. It is easier to believe that a business is legitimate when they have an actual store to represent them.
Like we mentioned above, physical locations cost a lot of money. If you do not have your own building, you will have to rent out a location. Renting a location means that there will be utilities that go along with it.
It is not uncommon to hear of online stores in the world today. It also comes with its own benefits and risks:
As there is no physical store to announce its presence, online businesses really need to step up their marketing. However, as it is online the marketing should also come a little bit easier with the help of social media.
Online businesses do not have to worry about paying rent. What is need is a place to store the product. Usually these are just kept in the home of the business owner.
Which is better?
To be honest, in terms of practicality it would best to go with an online store. A lot of self-made entrepreneurs have made a name for themselves through online means. What would be wise is to start with an online business and then build up into having a physical store.
After all, who says that you can utilize both?