New Business 2022: Online Store vs. Physical Store
Which one is better for your business; a Physical Store or an Online Store?
Ok, this sounds like a dumb one, but really stay with me a second. A lot of people want to start businesses and think that they either have to have a physical store front or they have to be online depending on what they are selling. The truth for many people is actually the opposite of what they think.
So, how do you know if you if your business should be online or physical. Answer the following questions to help you decide which might be best for you.
Do you like talking to people face to face?
Is it important for customers to see your business as a staple in your neighborhood?
Is your business something that many people would be interested in?
Does your business sell a physical good or service that is generally better done in person?
Is your product or service considered an impulse buy? (Example: You drive past a store selling pizza and decide to go inside even though you were not thinking about pizza all day)
Do you sell niche products or services (things that only specific people would buy)
Is your product or service something that most people don't need to see or touch in person in order to be comfortable buying?
Do you prefer not to see your customers face to face?
Do you want to reach a national audience with your business even if your local neighborhood doesn't know about you?
Is your product or service something that people would have to think about before buying?
Questions 1-5 pertain to physical storefronts and questions 6-10 pertain to online businesses.
Physical Store - You may prefer a physical store if you answer yes to more question 1-5 than 6-10.
Online Store- You may prefer an online store if you answer yes to more question 6-10 than 1-5.
Many people think that owning a business is just about making money. Now assume that it is, do you think you would make more money if you operated a business that you ran in a way that made you happy or in a way that made you frustrated. Operating a physical business or online business has to do with what is best for the business but also what is best for you. So keep all that in mind when deciding where you want to place your business.
There is much more to say on this subject but for now think about these questions and wait for more posts from us on this topic.