The real truth: Why are brick and mortar businesses failing and what to do instead.
Aspiring entrepreneurs should start an online business instead.
Entrepreneurship can be a very rewarding career choice. Many entrepreneurs have succeeded opening a brick and mortar business in the past. But with how things are today, brick and mortar businesses are not doing as well. Not to mention many are failing. An owner of a failing brick and mortar business feels stressed, worried and sad. Worried about covering expenses, keeping the business alive, the never ending work hours. Stressed from sky rocketing expenses and little to no revenue. Sad when the brick and mortar business fails crashing the entrepreneurial dream. As a result, aspiring entrepreneurs can be intimidated by the existential threat brick and mortar businesses face. But what if I told you, there is a way to be successful as an entrepreneur without the headache of owning a brick and mortar business.
You don’t need to have employees, an office or own product to start an online business and be successful.
There are several reasons why brick and mortar businesses are not working anymore:
The internet keeps evolving. As a result, more and more people have access to products and services they never had access to before. So, it makes sense that online businesses are growing. Online shopping can be done from the comfort of your home. Customers have access to a wider variety of goods online than can be found in a brick and mortar store and without leaving their house. They can avoid disappointing trips to the store where they do not even find what they need. As a consequence, brick and mortar business have started becoming redundant.
Physical location expenses
Buying or leasing a location to use as a storefront can be expensive. As it is not the only expense involved. You need to pay for service charges, taxes, utilities, cleaning, maintenance to name a few additional expenses.
If a store owner expects their store to grow, then they know they will eventually, have to hire employees. That means they will have to pay a salary and provide benefits to the employees. The cost aspect of hiring an employee, is not the only drawback. An employee needs to be onboarded, trained and supervised on an ongoing basis. This involves a cost both in monetary and time terms.
Why online businesses is a better option than brick and mortar businesses
Nothing is more stressful than coming home after a long day at work or school and still having to go out to the store. Driving through horrible traffic to a crowded store. Finally, getting to the aisle only, to find out that product they want is out of stock. Instead of this, people turn to online shopping. Customers can sit at home, avoiding terrible traffic and get everything they need online. Shipped right to their front door.
Business owners no longer have to pay for expensive rent or high mortgage rates. They no longer have to keep up with the maintenance of the brick and mortar store or pay for utilities and cleaning. They no longer have to hire employees. Instead, owners of failing brick and mortar business can switch to a fully online business and work remotely using their laptop enjoying freedom and flexible work hours. You can even work from home in your pyjamas or the coffee shop down the street for example. Any location can be your office. No more wasting valuable time driving through traffic to get to work being stressed. Online business owners can work whenever they need to. Their workday is under their own control. Furthermore, their pool of customers is no longer limited to the residents of their town or whoever happens to be traveling through. An online business can reach anyone at any time. There are almost no limits. Stress is limited as you no longer need to worry about keeping stock onsite to meet demand. Online store owners do not have to worry about keeping everything in stock. Imagine that a brick and mortar business sells shoes. They have a selection of shoes. But they do not know what customers want. So they have to keep a certain number of each pair of shoes in stock for anyone who comes in. But if they sold their shoes online, they would not have to worry about keeping a certain number of shoes in stock in a physical location. That is why more and more brick and mortar business owners are switching to online businesses.
The are many benefits involved with owning an online business instead of a brick and mortar business. They include working from literally, anywhere, being location independent, and at any time you want making your own work schedule. You can even automate your online business and make money while you sleep. You don’t need to have employees, an office or even your own product to start an online business and be successful. You can now better understand why brick and mortar businesses are failing and replaced by online businesses instead. Aspiring entrepreneurs are choosing to go online in order to avoid all the unnecessary risks and expenses and reap all the benefits.
What is your brick and mortar business story?
If you are a brick and mortar store owner who is struggling with their store or this article relates to you in anyway, maybe you shut down your store already, then please leave a comment below to share your brick and mortar business story with us. I personally, used to own a gym in Central London which, I had to shut down due to the coronavirus. You see owning a brick and mortar business that generates no revenue as it has been forced to shut down, while having to pay rent, employee salaries and benefits, utilities and other expenses no longer makes any sense. Starting an online business instead was the best decision I could have ever made!