{"id":5061,"date":"2022-06-02T08:13:48","date_gmt":"2022-06-02T08:13:48","guid":{"rendered":"https:\/\/businessner.com\/?p=5061"},"modified":"2023-08-11T08:07:50","modified_gmt":"2023-08-11T08:07:50","slug":"quick-guide-to-starting-a-brick-and-mortar-business","status":"publish","type":"post","link":"https:\/\/businessner.com\/quick-guide-to-starting-a-brick-and-mortar-business\/","title":{"rendered":"Quick Guide to Starting a Brick and Mortar Business"},"content":{"rendered":"
If you believe some narratives to come out of the pandemic, you’d think that brick and mortar businesses are essentially dead. However, it might surprise you that eCommerce only accounted for <\/span>13% of retail sales<\/span><\/a> in the 2nd half of 2021, which was essentially the height of the pandemic. So, while more and more people are shopping online, there is still a place for brick-and-mortar retail businesses.\u00a0<\/span><\/p>\n There are several reasons for this. For one, there’s nothing better than to be able to see and feel a product before making a purchase. You can try clothes on, for example, and get a real sense of something’s actual color and size. In addition, many shoppers prefer dealing with someone in person instead of messaging with an unknown entity that could be located on the other side of the world.\u00a0<\/span><\/p>\n While many businesses went under during the pandemic, there is now an opportunity that you can leverage. Opening a brick-and-mortar business<\/a> is still a great option, but you have to be smart about it. Nevertheless, you can find success and build the business you’ve always wanted by taking the proper steps. Here is a quick guide to starting a brick-and-mortar business.\u00a0<\/span><\/p>\n While brick-and-mortar as a concept isn’t dead, it’s still more challenging than ever to find success. You can’t do the same old thing and expect the results you may have gotten 10 or 15 years ago. With so much competition from online companies, local markets are small. There may not be room in your area for more than one business that sells the same things. Your idea for a business must have a place in your market and must be potentially attractive to a wide enough customer base to make your business sustainable. It can be a new product, an improvement on an old product, or it could be more about having an attractive brand. Whatever it is, make it unique and make it inviting.\u00a0<\/span><\/p>\n Any potential business needs a business plan. As you develop your project, you can get a realistic sense of whether your business is viable and where you can cut costs or make changes to get a better return on investment. In addition, your business plan will provide you with a guide for running your business. You can map out every aspect of your business, from suppliers to costs, marketing, and shipping. Then, as you launch your business, you can use your plan to keep you on track and prevent you from reacting too strongly to quick success or difficulties. You will also need your business plan to get any government grants or business loans, so it must be well-developed and accurate.\u00a0<\/span><\/p>\n You need to make sure that you have enough funds to launch your business and keep it running for months afterward. If you don’t have that cushion, you will find yourself in trouble if you don’t reach some of your revenue targets right off the bat. Of course, you can self-finance if you have the savings. However, you may be able to access government funding and business loans to get your business going. There is also the option of finding investors to help you.\u00a0<\/span><\/p>\n Brick and mortar businesses have increased risks when compared to eCommerce ones. For instance, having customers come to your workplace means there is always a chance of getting injured or having their property damaged. Plus, buildings get damaged from the weather, vandalism, or any number of possible calamities. To have the right <\/span>business owner’s policy, you need<\/span><\/a> to ensure that you are covered for all potential risks your building might face. Include things like commercial property coverage, automobile coverage if you do deliveries and workers’ compensation. Having protection will help you sleep at night, knowing that your business is covered.\u00a0<\/span><\/p>\n1. Have an Idea<\/b><\/h3>\n
2. Have a Plan<\/b><\/h3>\n
3. Get Your Financing<\/b><\/h3>\n
4. Get the Right Insurance<\/b><\/h3>\n
5. Location, Location, Location<\/b><\/h3>\n