Does Your Company Need a Physical Location to Be Successful?
Many businesses today operate in brick and mortar stores but also have an online presence. The Internet has opened up a whole new global marketplace where companies can sell their products. In this new online arena, does your company need a physical location? The answer depends on a number of factors that you need to explore further.
Products or Services
If you sell products you are open to having a physical location, an online presence, or both. Those who market services may need to have a physical space. This, of course, depends on whether your services require people to come to your location or whether you travel to them. For example, an appliance repairman typically fixes products at a person’s home and therefore does not need an actual storefront.
Costs of a Storefront
The costs of renting a physical storefront could be prohibitive when considering your options. A good location is necessary to bring in business, yet prime locales are often extremely expensive. Overhead costs to review include rent, utilities, employee wages, signage, fixtures, and other costs. Before you decide whether to open a brick and mortar store you will need to review your financial statement to determine if it is feasible. The potential income from the location would need to be higher than the costs involved in opening and maintaining it.
Having an online presence is almost a necessity for all businesses today. It is important to remember, however, that you will be competing with thousands of other companies who are selling similar products or services. A good marketing strategy is necessary to ensure that you will achieve success online. This includes a professional website, marketing tools, online advertising, and measurement programs that must be properly overseen. Successful companies may find that they need to hire a website specialist to maintain their website.
Expand and Grow
As you expand and grow your business you may find that your company is ready to accommodate a storefront and an online website. If you already have a physical store it is definitely time to add an online website to your business. Give your customers as many opportunities to purchase your products or services as possible, as long as they make financial sense to your bottom line. Consult with a reliable commercial law attorney to discuss your options and ensure that your business decisions follow the legal guidelines. Contact the legal team at Udall Shumway PLC today to schedule a consultation to talk about your business.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Does Your Company Need a Physical Location, or any other litigation matter, please feel free to contact us at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.