Whether you are currently running a successful online enterprise, or are looking to directly take the plunge onto the high street, it would be fair to say that there are a lot of myths doing the rounds about why you shouldn’t take such a route.
There’s no doubt that the internet has opened up a lot more opportunities for businesses and in some ways, it’s far easier, and cheaper, to operate from an online storefront which doesn’t require the annual rent or taxes that brick and mortar establishments require.
However, before you immediately discount the offline option, we have put together today’s guide which scrutinizes some of the truths behind all of the misconceptions that arise from brick and mortar stores such as if they will survive in the digital era. Let’s take a look at the three main ones to balance out the viewpoint, somewhat.
Myth #1 – Payment processing systems are expensive
Setting up a website and accepting payments is something that has become incredibly simple over the last few years. It may have once involved complex technology, but services are out there which can be comfortably built-in to an existing platform. Considering the fact that you don’t need to buy a physical device to facilitate such payments, this is regarded as a major advantage by a lot of business owners.
However, the merchant services industry has come on leaps and bounds in relation to brick and mortar stores as well. These payment processing systems tend to operate on a transaction fee basis, meaning that you will only pay when a customer makes a purchase. This is comparable to many of the systems that are made available to ecommerce stores.
In short, you don’t have to worry about paying for expensive hardware anymore.
Myth #2 – Retail space involves long, costly contracts
Again, this is one of those “once upon a time” cases. Several years ago, retail spaces might have involved long and costly contracts and in truth, if you were to cast the net over certain areas of the country, this might still prove to be the case.
In general, the retail space has become much more flexible though. This is partly due to less competition, with malls having to make space available for “pop up” shops which tend to sit in the walkways and offer shorter-term contracts to businesses. For those who are looking to dip their toes in the water for the offline world, this is something that can work particularly well and obviously doesn’t involve exuberant costs.
Myth #3 – The high street is dying
Finally, we’ve all heard about the so-called “death of the high street” but this isn’t necessarily as true as some sources say. Is popularity dwindling in brick and mortar stores? To some extent, yes. Has it completely vanished? Not at all.
Sure, the footfalls we saw several decades ago might not exist, but that doesn’t mean to say that opportunities aren’t there. It’s all about choosing the right location and working out whether or not your business is suited to a brick and mortar store. In some cases, it won’t be at all, but in others it might transform your fortunes.
