Signs Your Business Doesn’t Actually Need An Office
While having a physical location for their business is a long-held dream for many entrepreneurs, in this age of advanced technology, opening a brick-and-mortar business could be a mistake.
Assess your current situation carefully
If your business already operates in comfortable and serviceable conditions, think about what advantages a brick-and-mortar location could provide. Do those advantages outweigh the potential inconvenience of an additional location and the higher costs that come with it?
Determine what percentage of your revenue comes from online activity
If you already conduct the majority of your money-making activity online, it may be wise to reject the idea of a brick-and-mortar location. For many businesses, online activity generates revenue to support day-to-day activity and growth. Costs associated with renting, buying, or maintaining a physical location could hurt the business in the long run.
Would the cash you have on hand be better spent on developing your online presence?
If your website needs some attention, think about how it would affect your business if you spend money on upgrading your brand online. Here are some things to consider:
- Is your website optimized for mobile?
- Have you consulted an SEO expert?
- Would hiring someone to handle your business technology needs free up your time for other business development tasks?
Opening a retail location for a business that is currently succeeding without one may not be the best way to allocate resources for overall growth. Understanding whether a retail storefront or physical location dedicated to your business will increase awareness among your target market is crucial.
If your customer base would benefit from seeing your products in person, or if it would increase your sales to offer omni-channel marketing experiences, opening a brick-and-mortar location could be a great move for your business. In most cases, if you decide to open a storefront, it’s important to also have a strong web presence.
In fact, one of the first things to do when opening up a physical location for your business is to make sure that your business is registered correctly with Google. Being easily discoverable by current and future customers is crucial to future growth.