For a long time, businesses have been drawn to starting their company online because it offers some unique advantages. For instance, online businesses are far easier to operate, cheaper to run and you can recruit staff from pretty much any corner of the world. This opens up plenty of opportunities to invite talented individuals to join you, and you won’t be restricted to your geographical location. This can be a great boon for many people who want to get started with their business.
However, people dismiss starting a brick and mortar store far too much. They think it’s too much work, far too much investment and ultimately a waste of time. On the contrary, there are many advantages to starting a retail startup and it may even be better than starting a regular business if you’re willing to make some changes and adjustments to your business plan. To get you started, here are a couple of reasons why you shouldn’t rule out the possibility of going retail first.
- Digital businesses come with their own issues
A company that runs on the internet has a whole new set of problems to deal with. It could be fixing up your website or using social media to promote your company, but they are all issues that have to be dealt with like any other obstacle that you encounter in the retail industry. This means if you’re starting with no knowledge at all, then you might be underestimating how difficult it may be to actually start an online business. You’ll have to start your own website, you’ll need to manage social media, you need a brilliant logo and plenty of other design elements to even start your company. With all this in mind, it can actually be more overwhelming than starting a brick and mortar store.
- You open up local job opportunities
One of the best reasons for starting up a local retail store is that you open up local job opportunities. If you love the community you live in, then it can actually make you stand out and meet the demand of locals that you’ve grown up with. You can give a part-time job to your nephew, you can provide products for the locals and you’ll be more connected with your audience as opposed to an online business where most people talk behind online personas.
- It’s cheaper than you think
Renting a commercial space to start a retail store is actually cheaper than you think, and setting up a POS system is cheap, quick and easy compared to before. Although everyone talks about setting up an internet business and how quick it is, they often neglect that retail technology has also advanced, and it’s possible to set up a business with a few small accessories and a smartphone. Plus, you’ll usually get hands-on help to assist you in setting it up which can always be a good advantage.
- Your existence isn’t reliant on social media
The internet is arguably a much bigger place than your local area. If you want to start an online business, you’ll need to rely on social media and word of mouth to spread your company’s name. In comparison, a retail store means you catch the attention of anyone walking by, and you don’t need to purposely put yourself out there to get noticed.