How much time do you spend online? Not just your computer, let’s think about your smartphone too? Does your TV stream Netflix and YouTube from the internet? How much time does your spouse spend online every day? And your kids? Now let's think about how much time the customers for your small business spend online.
I recently read this article from Business Insider that says that Facebook users are now spending over 50 minutes per day on that one social platform alone! What that means, is that no matter what kind of business you run, your clients are most likely already online. And a lot of them spend a significant portion of their day on social media. According to TechCrunch.com U.S. users are up to 5 hours per day with mobile device usage.
Now you may be saying, hold it right there, you don't understand my business model. I can't go online! I'm a service provider who needs to physically be in the same room with my clients. And if your service requires you to physically touch people okay. I won't pretend that you can give a massage, do a facial, or perform a manicure virtually. But the truth is that there are very few business models (including those just mentioned) that can’t be drastically enhanced by having a strong and strategic online presence.
This is where people’s attention is at these days!
I recently spoke with Chris Baden (Chris “TheIdeaGuy”) who has been on both sides of the entrepreneurial divide. For years Chris ran a credit card processing business where he got an inside look at the financial workings of more than 200 brick and mortar businesses. Chris later owned an insurance agency and was faced with the marketing challenge of earning new prospects’ attention.
“I’ve seen hundreds of local business models looking to grow but are stuck from not adapting to our changing economy. None of these models come even close to the online model.”
Experiencing this himself, Chris took the leap and transitioned into launching his online business.
After 7 months his business was a full time profitable business. After 10 months he had reached a personal record monthly high! Now his focus is scaling to hit the million dollar mark for 2018.
According the Chris, here are the top three reasons brick and mortar businesses need to get online:Lower
- Overhead and Startup Costs: Starting online is a breeze compared to what brick and mortar businesses are accustomed to. No build out costs, no lease payment, no payroll, no cost of goods, a fraction of the cost for marketing and vendor contracts. If you have been feeling “stuck in the grind” or have been considering investing in a business you might want to avoid the headache of the “traditional” business model. Go where your customers are … online!
- Global Marketplace: One of Chris’ favorite words right now is scalability! With his insurance agency, realistically he was only going to have local clients. Chris explained, “As I expanded, I would also keep increasing my overhead. Online I can reach almost 2 billion active users per month online and my overhead is fixed! So the more I scale the more net profit I earn. It is extremely motivating with this model.”
- No Geographic Limits: Because your online business doesn’t have to be run from one particular location, you can run it from any location. This gives business owners the kind of location freedom that few business owners had access to in the past. Thanks to the miracle of the internet, it is now available to many more. Even if you also continue to run a brick and mortar business alongside the online version, having a strong online presence can help you to expand your reach and increase profits enough to hire a top notch team so your physical presence is not required on location as often.
Chris now works with brick and mortar business owners who are looking to move to this online model so they can experience the kind of growth and freedom that he has found from moving online. This is the kind of financial freedom and location freedom that most business owners a generation ago could only dream of. If you want to learn more about how Chris can help you transition from brick and mortar to starting a business online, click here.