TRADITIONAL BRICK AND MORTAR BUSINESSES
Traditional brick and mortar businesses are companies that solely rely on an offline presence or shop front. These companies differentiate between online companies (e-commerce) or those that have both an internet presence and a store front (brick and click). These types of companies are less common than they used to be, but they can still be an invaluable part of a community.
What are the Pros of a Brick and Mortar Business?
A brick and mortar business is fronted by a property or shop in which customers go to purchase their services or products. This is a traditional method of servicing and is now frequently used in conjunction with e-commerce, also known as brick and click. While this method may seem somewhat outdated, there are some benefits to a traditional setup.
- Many people still trust and respect traditional shops, often favoring them
- A shop front gives the illusion of financial stability and long-term investment
- Walk-in traffic generates instant sales with a face-to-face retention opportunity
Brick and mortar setups still have a place in our society. Certain establishments such as banks, realtors and lawyers benefit from a shop front and may choose to supplement this with an online presence. However, these sectors see substantial success in simply using the traditional methods and are fantastic examples of community orientated networks.
What are the Cons of a Brick and Mortar Business?
The biggest problem with renting or owning a brick and mortar business is the cost. Commercial space ranges from $12 – $40 per square foot and can be considerably more in high-traffic areas such as malls. Along with the elevated cost is a potential of signing a two to five year contract. If your business does not go as planned, you may be stuck regardless.
In order to achieve success, you must research your market. Unlike internet marketing, brick and mortar businesses have a different method of working and can only really be applied to specific styles of business in order to find and maintain success.
- Restricted to a geographical area
Brick and click is an ideal solution when seeking expansions within traditional brick and mortar companies, but true brick and mortar companies do not use the internet or online tools. In fact, some may sell there property and move into a virtual capacity only.
What Type of Company Should I Start?
The way the market is going, our world will remain predominately online and shows no signs of slowing down. This means almost any type of company can be run solely online to help maximize profits. If you feel that traditional brick and mortar businesses are important to your company, ask yourself a few questions to establish it’s merit. The answers will become much clearer after this quick exercise.
- Do you really need a shop front? Why?
- What are the advantages to having a shop front?
- Can you sell your product or services online?
- Does your company really merit an expensive shop front or is that just an illusion?
- What makes better business sense to you?
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