An Online Business VS A Traditional Brick And Mortar One
When was the last time you sat down with yourself and really asked yourself: “What will it take for me to have a business”? Once, twice, a hundred times? No matter how much you think about it, you know the inner animal is trying to break out from you to tell you lets get this show on the road. Hold on tiger!
Before you hunt for your prey, there are some FUNDAMENTALS that are calling for order….order in the article, please.
Many people have a desire to start their own business, whether its to live a dream, to have self-independence, be your own boss) or have an interesting idea that doesn’t let them sleep at night. Which ever one it is, you can get it done now more than ever before!
When you consider starting a business do you immediately think about location, and cost? We’ve been taught to this point that to have a business you must hold a physical location like that of a Walmart, Target, Starbucks, etc. And while this is viable, it’s not the only way.
The point is to be different, unique, to escape the rate race. What better way to do that then in an online one? You’re crazy Michael, I can’t even use a computer to find the letters on the keyboard, how can I possibly start an online business? That’s what you’re about to find out.
An Online Business Is Your Gateway To A Long Lasting Abundance of Authority
What’s the difference between a physical store and an online one? Many…
Physical store pro’s:
- You get to meet people
- You hold your own inventory
- Doing good for your community
- Upfront cost. At times, I’ve known people to put an upfront cost of 6-8,000 dollars!
- Finding real estate. You have to find a location, and get proper licensing
- High risk. Potential of going out of business
- Need inventory
- Lower chance of targeting the world
Online Business Pros:
- Smaller cost
- Community Support
- A Worldwide audience to target
- multiple streams of income
- hold little to no inventory
- Be an authority
- Some upsells
- building on hard work first before seeing a dollar
I’d be acting premature If I said I favored one over the other at this moment in the article, but I’m going to break the temptation just this once. I favor having an online business by a landslide. There is no close race, and that is because it’s exponential, and extremely lucrative!
In the short few years I’ve been working online, I’ve spent more time and energy than I have with money. You hear stories how people are investing thousands to start a business, and while that’s not enough to scare you away, the Return on Investment(ROI) can be. See, when you put in a few thousand into a business, you immediately feel like you have to PROVE that you can make that money back.
So…you spend every waking minute working your butt off, and to your surprise, you come up short. Don’t kick your feet though, Don’t Pat, but sit back and make an assessment.
Legalities and Expenses:
Traditional business and e-businesses both require you to have a business license. You’d have to registrar your business name, fill out Tax Id forms, purchasing insurance, establishing banking relationships to get your payments, and researching local zoning(real estate).
Work and Home:
The major difference between having a traditional brick and mortar and online business is the hours and freedom. With a standard brick and mortar, you’re practically stuck to the hours you have open for. You might be running from 8am-12am, and in an online business, you’re open for shop all day and night 24/7. The benefits to having an online business are these:
- By far my favorite thing is having the freedom to work the hours that I want, when I want to, from wherever I want to. There’s no need for me to close and open my business at a certain time, rather anyone can have access at any time of the day and night. This is important because I can get more exposure, and profit in my sleep.
- With an online business, I can target everyone around the world, in any country, any nation. I’m not limited to the people in my city, and those interested in a local product. Instead, I can choose to service local and worldwide products.
Ofcourse, there can be some nitty gritty habits with being open all hours but that can all get sorted, especially when you get the best digital marketing course that shows you how to become a true entrepreneur.
- Being a home based business owner might make it hard for you to seperate your work life from home life. You can get very attached to your online business, and it can be a greater challenge when your work is right under your roof. The 24/7 nature of running an online store, can require you to attend to your customers more often, and without rest. The important thing is to be mindful, and get rest when you need to.
Customer Convenience Is A Key:
A major difference I have found with my experience is that when there’s’s bad weather, or if the employees didn’t show up to work, a business can quickly derail. You lose acquisition, and reputation with the customers that help make your business. Shopping for goods electronically doesn’t just save customers the time and energy, it also saves them from paying sales taxes. I live in Washington, and I used to do all my shopping in Oregon(No sales tax), and that was the greatest advantage of moving from California to Washington in my opinion at the time(2003). But as the years passed, so did my energy. I couldn’t just hop in my car, and head across the border and get my next furniture set. Here’s another one for you:
- I don’t get pressured by a salesman. Too many times, I have run into a salesperson while viewing a product, and more often than not I was always pressured. A feeling till this day I don’t like. Ofcourse, there is the part in which you can view merchandise before purchasing it, and many people prefer that before buying, ask for assistance, and take their purchases home immediately without shipping cost. A traditional business often serves people who like to foster trust, and conversation face to face.
The Big Retailers:
Now that we’ve talked about the differences between an online and a traditional brick and mortar business, it’s a good time to talk retailers. I want you to thoughtfully think for a moment about the retail stores you once visited as a child, and now as an adult. Did any of these comes to your mind:
I bet more others came to your mind, and they are all relevant, but non more than these at this moment in time. Why? These 3 worldwide known brands either have gone out of business or are going to be soon – I can’t believe best buy too! I know, take a moment to reflect if you need to. Boy oh Boy, how will I make it without these franchises? But wait…
If you’re going to start an online business, these major retailers along with others are quietly communicating back to you. There’s no greater time than now to begin an online business because you can get the traffic these stores were getting! Think about all the people walking in and out of Best Buy, or Toy’s R Us, now think about how you can get in front of the millions and billions of these customers.
I kid you not, they will be turning to the internet to make their purchases. People are doing their shopping through online identities such as:
And much more! l’ve been able to get in the eyes of these perspective clients, and with great success. Many people want to learn about a product just the way they do in person, and you can leverage that.
Your Lifestyle Will Agree With You, Right From Wrong
From this point forward let’s agree on one thing OK? Never say never. Running any business requires that you have a strong mindset, and a hardworking attitude. What you put into it, you’ll get out of it. So…
If you expect yourself to make money from the get go, you will eventually fall short of your goals. Rather than focusing on making money with an online business, you need to make it about the people you are trying to help. The more you can reach out to your online audience, the most you’ll build trust, and the more chances of profiting. Add all these together, and you could be waking up in your pajamas going to work.
How exciting would that be?!
If your goals are similar to mine, you’d want to have more time and freedom to do the things you love to do:
- spending it with family
- taking a trip out of the country
- getting more done
These are just 3 of many rewards of working from home, can you start to smell the roses?
Just 22 hours ago, I was in my backyard sitting in my lawn chair speaking to you like I am now. And today I’ve spent it on my couch while I catch up on my sports center news.
I’m still being productive, and It’s all because I’ve set goals ahead of time, day in and day out.
What’s Your Pick, Which Style Of Business Best Suits Your Needs?
I’ll end this like I started… When was the last time you sat down with yourself and really asked yourself: “What will it take for me to have a business”? Has it crept more into your mind now?
Starting an online business like any traditional one will TAKE work and drive. The most rewarding feeling about starting your online business is that with a ll the hard work comes the rewards. You’ll love the feeling of accomplishments, and that will take you high above the stars. Some days I can’t help but be up really late into the night when I don’t need to be. But I do it because I have a vision, and can’t get enough of it too 🙂
I’ll sleep today during the day. You’ve seen what the key differences are between an online and traditional business, and what the pros and cons of each are, as well as seen how big retailers are going out of business, and right now more than ever is your time to capitalize.
That’ll be all. I would appreciate hearing your feedback, and for you to tell me what I can improve on or what you think I did right. I’ll get back to you within the next 24 hours. Thank you.
Recommended post: ENTRE Institute Digital Marketing Entrepreneur Platform