Starting a brick and mortar business can be extremely difficult, first you need to come up with a business idea which will be able to compete against established businesses in the area, you need to study the demographics and your target market. Once you have a good business plan, the next step is to apply for proper funding in order to get your business started. It is very common for a well-planned business to operate for about a year before realizing any profit at all!
Most small business entrepreneurs can't handle such waiting period and their ventures end up being dismantled. In other words, the amount of capital you are able to invest in your brick and mortar business will determine how successful you can be, as well as how soon you can start getting returns on such investment, the results are also the direct product of your creative and business plan.
Taking all of these factors in consideration, small business owners realize that the fastest way to generate profits and operate your business is by opening your own virtual store or website. Taking your business online means that you can tap into a wider audience which can provide a fast feedback loop for your marketing efforts, the following are a few of the benefits you get by starting your own website compared to a brick and mortar business:
24 Hour Business
Online stores operate 24/7 all year long, this means that your store can earn you money even while you are taking a vacation, sleeping or doing other things.
Small expenses compared to brick and mortar businesses
The investments to start your online marketing campaigns are insignificant compared to those expenses incurred in brick and mortar businesses where you could easily go over 100K without realizing any positive return.
Unlimited traffic potential and customer base
Unlike traditional businesses, websites can tap into geographical regions which are impossible to reach by your brick and mortar business, this means that you will have a wider audience which can be filtered and geo-targeted for better results
Online business sites provide faster returns on your investment compared to traditional businesses. With the proper online marketing campaign you can start realizing profits within 24 hours after your site has been launched, compare that to the average 1 year wait you get with a traditional store.
Today's online business arena is very competitive so you will need to prepare a good marketing strategy to take on similar businesses operating within the same niche you are. Remember to create initiatives, build, test, refine and then test again for optimal results and better ROI.