Online vs. Brick and Mortar Business

Question: How do I know if I can conduct my business online vs. brick and mortar?

Answer: The answer is dependent on what the products and services are and how they are purchased. Before going the online route, one has to remember:

  • Less than 2% of visitors to the site actually purchase, especially if touching and feeling is an important part of the buying
  • There are low barriers to entry. Therefore when someone else sees your offering, it would not take much effort or investment to replicate the
  • Online customers have high expectation and are not tolerant of complications and will leave as fast as they arrive. Start-up costs are much lower for online business, and your market is not limited geographically. Just as your customers can access you from everywhere, you can do business wherever there is an internet connection. There is an advantage of offering 24/7 access that is not available in brick/mortar businesses – always open for

Source: Simple Steps for Starting Your Own Business – SCORE/BoA

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