Well, firstly as far as running any business goes, whether is be a traditional business or an online business, it takes dedication, perseverence, focus and a strong ‘Why’…. a purpose.
Why do you want to be in business anyway. What is your purpose. If it is just money, you have already lost. You will never be successful. You will fail. This is the reason why around 90% of business fail because their only focus is making the big bucks. Banks sell money but their focus is value products. This is why most clever banks are worth a squillion. The dumb banks are bailed out by dumb governments. Who pays for their mistakes I wonder…??? Hmmmmm??
Anyway, your focus must always be value. Let the big bucks take care of themselves. They will flow to you if you create value. Simple. Don’t get me wrong, in business the dollars are like oxygen and you realise how important it is when there is not enough. But focusing all of your attention on making the money will take your attention away from the most important thing, and that is value.
Now, back to the subject of traditional business vs online business.
I’ll list the advantages and disadvantages from my opinion and then you can make up your own mind which one suits you.
Traditional Business ie a bricks and mortar store. One that sells stuff when your doors are open. People come in to your store and buy stuff.
An Online Business is where your entire business is basically virtual (if that is the right word) You can’t physically hold it but it exists.
Advantages of a Traditional.
- You have an asset if you are buying or own the premises.
- You have free traffic if you are in a shopping mall next to a major retailer
- You interact face to face with people/customers
Disadvantages of a Traditional Business
- Having to be there
- Holiday pay for staff (paying them when they are not there)
- the commute every day
- hidden taxes and expenses
- upkeep of the store
- massive rent if near a major retailer
- theft (yes, people do steal things)
- deliveries at odd hours
- and there is about 100 more…..
Advantages of an Online Business
- No staff
- No rosters
- Not having to be anywhere in particular
- Minimal insurances
- No holiday pay
- No stocktakes or stock
- No commute
- No hidden taxes or expenses
- No store to upkeep
- No rent
- No security needed
- No theft
- No deliveries
- Not selling my time for money
- Residual income
- Choice of where I do business. Can be anywhere in the world that has a phone signal
- More free time
- Not getting out of my pyjamas if I don’t want to
- Not getting dressed up in a penguin suit (corporate)
- And about 100 more…
Disadvantages of an Online Business
- I got nuttin’
In a nutshell you may see that I have seen the light when it comes to business based on my decades of experience.
Colin Greig Here: At the time I wrote this I am 61 going on 31.
Online is the future but traditional is necessary for the moment but fading very fast. The strong will survive but the change is brought about by the masses demands. The ease of online is obvious.
Simple effective and profitable due to the lack of necessary expense.
My choice is Online Business beats Traditional hands down.
p.s. Go to our site and inquire about our Lifestyle Business