Since the birth of online shopping, hundreds of aspiring entrepreneurs have found themselves facing a “Bricks versus Clicks” dilemma of whether to open a physical or digital storefront for their small business. With each option presenting their own distinct set of pros and cons, how do you determine which venue is right for your specific business? Relax. As challenging as this question might seem, the answer ultimately comes down to the types of products and services you wish to offer. In episode #138, Gene Marks and Elizabeth Larkin discuss how to find the most compatible storefront for your small business.
1:34—Today’s Topic: Should Aspiring Entrepreneurs Open a Physical or Online Business?
2:57—When deciding between a physical or online storefront, business owners need to consider which venue will allow them to access the most customers. Retail or product-based businesses can reach a larger client based using an online storefront, while experience or community-based businesses will fare better with a traditional brick and mortar store.
3:53—The pros of an online business include low overhead and less initial investments. Online businesses also have the capacity to reach a wider audience.
6:18—The primary drawback to running an online business is that it requires an extensive knowledge of digital expertise to execute it properly.
7:31—One of the advantages of running a physical business is that it enables you to have face-to-face contact with your customers and sets you up to build a tight knit community. You are also less likely to be imitated by other businesses.
10:48—If you decide to open a brick and mortar storefront, you need to assure your potential landlord that your business is capable of sustaining itself in the long run.
15:06—Gene encourages business owners to find someone who can serve as a mentor and guide you through difficult decisions.
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