Deciding whether you should have a brick-and-mortar business or not can be difficult. However, it boils down to what you think would be more practical, mainly based on your business wants and needs.
Here, I have a list of some pros and cons for an online and in-person business that will help make the choice easier overall.
The Benefits Of An In-Person Business
Being an in-person or brick-and-mortar, business can be great! It gives you a chance to meet your customers face-to-face, creating a more personalized connection that will help build a more loyal customer base.
Also, having a physical business can give window shoppers a better chance of noticing your store than trying to find you among millions of other similar companies online.
If you are specifically a product-based business, people will be more willing to buy because they get to interact with your inventory in person. This leads to less confusion and dissatisfaction with purchases and fewer returns.
The Disadvantages Of An In-Person Business
Although there are many more advantages to being an in-person business, there are still some disadvantages.
The biggest problem is how expensive a brick-and-mortar business can be. You need to pay maintenance, insurance, rent, salaries, and benefits if you hire employees; the list goes on.
Another downside is that you still need to have an online presence. I have often said that if you want people to know your business exists, you need to be constantly updating on social media. Word of mouth from your customer base can only go so far.
So this means you need to still have the bandwidth to stay visible online! If you won’t be able to have this, it’s best to wait on a brick and mortar until you do!
The Benefits Of An Online Business
One of the best advantages to having your business online is less cost! It’s inexpensive to buy a website than a building, saving money for other things that’ll help your business like marketing.
Not only that, but being online allows you to reach a much larger/broader audience that you may have never known before—creating better chances of finding new customers who might become loyal to your business.
Another benefit is that you don’t have to worry about any hours of operation, while physical stores are more restricted. You are providing your customers the opportunity to buy from you anywhere, anytime!
The Disadvantages Of An Online Business
As I was talking about with in-person businesses, customer service can be more challenging for online businesses because you aren’t able to help or speak to your customers face-to-face.
It also means having to deal with more competition. With so many businesses in the same industry, it can be challenging to have your business stand out. However, if you have good marketing strategies, it is possible.
Although it is essential to know these pros and cons, it’s also critical that you add in other important factors such as your financial situation and the products/services you want to sell in your decision. If you can, you can do both! I used to only be an online business until January of 2022, when we moved into our first “real” office.
It has allowed us to expand in our online communities and expand locally! This has been a dream of mine come true, and I love to be able to see the benefits of both sides!