If you own a brick and mortar business in the modern world, business is certainly a scary place to be. Not only do you have to contend with the rapidly changing trends that are facing the business world, but you also have to deal with those nagging voices in your corner that are telling (and compelling) you to do everything differently. Rather than paying attention to those nagging voices, it's important to understand that having a brick and mortar small business in 2017 is actually good, bad, and ugly in various ways. Here is what you need to keep in mind.
The good news about having a brick and mortar business is that it's unique. Yes, you read that correctly; it's unique. While everyone is moving to an all online world, it's important to understand that by having that brick and mortar business, you're really maximizing everything you could otherwise hope to have without the distractions that modern businesses bring. With your business, you can boast about the personality, the warmth, and the fact you actually keep the values that customers have in the forefront of your business model. With more technologically inclined businesses, they might not be able to make the same claims.
One of the bad things you'll have to keep in mind is that you might only appeal to a very niche audience. For example, older folks that are unwilling to accept the changes of the coming technological tides. Also, you might appeal to young hipsters that are eschewing the new technologies as impersonal and disingenuous. While this might garner you a lot of new customers, it may not be a sustained economic model for long-term profitability. Regardless, if you plan to own a locally owned small business, this is something to keep in mind.
With a brick and mortar small business, you'll have to deal with the obscene cost of rent in a day and age where it's sky high. As a brick and mortar, you will also realize that while you may be a local shop, people may be tempted to go with the multi-billion dollar retailer. Undoubtedly, if you're a small business owner, having people that shop small and shop local is a plus, but ultimately, you may find that you'll have to adapt to the change in technology as an independent small business, whether you like it or not.
For more great locally owned, small business boosting tips, check out our knowledge center.