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If you’re looking at ways to leave the office, you may think of a physical business. This isn’t something to start right now.
My ex-husband recently started a physical business, and if I’m honest, I don’t think it’s going that well. There are a few things working against him, and one of those is the fact that people don’t have a lot of money to spend.
Inflation is at an all-time high. We’re potentially hitting another recession. Wages aren’t going up. People aren’t going to spend extra money on items they don’t really need. So, you need to find a way to make extra money in cheaper ways.
A physical business on something that isn’t a necessity ends up being a waste of money. This may change in a few years’ time, but not right now. Here’s why I wouldn’t start a business that involves a brick-and-mortar store right now.
You’re not working from home with a physical business
Didn’t you want to leave the office to escape the world of the office? I thought you wanted to spend more time with your children. Well, you’re not going to do that when you have to go into another building to do your work.
Sure, there may be some jobs that you could do from home, but not all of them. You are the face of the business, so you’ll need to get out there and see your customers. You’ll need to be there for your employees. It’s important that you are physically in the premises now and then.
What are you going to do with your children? It’s not the most professional thing to take them in, and this could lead to customers and employees getting annoyed. And the kids may not enjoy going in when they could hang out with friends. So, you need daycare.
People don’t want to spend the money
I can tell you now that it’s cheaper to buy things online. The items my ex-husband sells are hundreds of dollars cheaper to buy online. Why would I go into a physical business and spend more money for the sake of it?
The benefit of online stores is the lack of overhead. You may need to pay for some storage, but that’s going to be less than a physical shop. If you choose the right business model, you may be able to have other companies do it all for you.
People don’t want to spend more money than they need to. They’re not going to head into a place of business to buy items that are cheaper and just as good quality online when they’re already living paycheck to paycheck.
This may change if wages go up. I doubt that will happen, though. Plus, running an online business over a physical one is always going to work out cheaper for you!
You may be controlled in timing by others
A major problem for my ex’s business is that his hours are controlled. His place of business is in a mall, so he has to open and close based on the mall hours. It doesn’t matter if his customers want to go in earlier. It doesn’t matter if the employees don’t want to work that late. And I’ll say now that his business partner doesn’t seem to be the smartest when it comes to her working hours based on when the mall opens.
That’s just something I’ve noticed from the sidelines, and I don’t even get to see what’s going on behind the scenes.
If you choose a physical business, you could end up finding out that your hours are controlled by other people. Maybe your business practices or how you can promote your business are controlled by other people because you’re bought into a franchise or something like that.
At least with an online business, you have more control over when you work, how you work, and how you advertise.
What type of business are you thinking about setting up? Do you want a physical shop or would you prefer to work from home? Share your thoughts in the comments below.
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