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Great, you're back! Let's dive right into today's topic of location, location, location. The location of your business is the key to the success of your business. With the Internet, some businesses can run virtually from anywhere. Whether a restaurant, insurance agency, marketing firm, apparel or shoe store, school, fitness center or museum, entrepreneurs must decide where their business will benefit from the most traffic. As we all know traffic and visibility is vital to the success of one's business and bottom line. While some businesses can be operated from multiple locations, keep budget, efficiency, and the impact on your customers in mind when determining your location.
Brick and Mortar
Brick and mortar businesses are those run from a physical location and interacts with their customer base face to face. This option is best chosen by restauranteurs, boutique owners, spas or salons, and the like. Operating costs include insurance, staff, advertising, equipment, inventory, utilities, maintenance, and rent.
Cloud based businesses are those that can be run as long as there is a computer and a data connection are the most popular amongst today's entrepreneur. Whether retail or service based, having an online business is associated with the lowest overhead and biggest customer base. Operating costs include insurance, data plans, equipment, advertising, and inventory.
Mobile businesses or pop-ups have emerged and are faster becoming the choice for trendy entrepreneurs who wish to still have that face to face interaction with their customers, but don't want to limit themselves because of rent or smaller demographic in their home areas. Food trucks or carts, mobile boutiques and salons, photography booths, juice bars, cobblers, massage therapists, hair salons, and fashion designers are just a few entrepreneurs that benefit most from mobile businesses.