The nature and risk of online and offline business startups
Getting on with starting a business is no small work. You need to think and do multiple layers of work at the same time. All of those works are connected to each other. One goes wrong, it will leave an impact. And that will obviously harm the others. That is why it is important that you properly know about how to start a business.
In this part, I will be discussing the facts, both good and bad, about online business and offline business.
This will help you in terms of starting a business!
If you haven’t yet read the previous part, I would recommend you to do so. Because, as I always tell people, “there is no shortcut in learning.”
You might have your own short path in doing something. But when you are in the learning process, you must get the full thing properly. Otherwise, you will not be able to handle anything that is not by the books.
In this article, I will describe you both sides for doing business (offline and online) as a start-up. Along with that, I will be also discussing the risks and downsides of them both.
Benefits of online business startups: know before starting a business
You get a lot of upsides in online business. One of them is their versatility. Because think of offline business, you need to have a lot of physical resources in order to do that. Suppose, you want to start a business of selling products. You need to rent a shop, get the infrastructure for doing that business, and so many other things. Doing an offline business requires also a lot of physical resources. For which, even if you go for the most saving options, it will still cost you a lot of money. Especially if you do not have a fixed financial status to start the business. Online business helps a lot in this aspect. Because you can start with a tiny amount if you want to start an online business from scratch.
As this series is mostly focused on those who are new in this sector, I try to keep my methods, in the simplest way, easy to achieve for anyone. And that is why I personally recommend a lot of people to start online business if they are new. Because, it is much easier, less costing, and easy to get the proper reach that you want your busines to have.
Here is a small list for you, detailing the benefits of online business startups:
- You don’t need to rent huge physical structures. With doing online business, all of the trading happens online, you just deliver the product via mail and you can store it in your house. If your business is of a service that you provide, you can just contact the customer and do it on-spot or remotely as per the nature of the service that you are giving.
- You can start really small. Suppose you don’t have a large amount to actually invest. But if you are planning of purchasing some daily needed items on wholesale, and sell it on retail via an online platform, you can still make some money from it. This would not have been possible otherwise.
- You can start from home. You don’t need to hire stores, storage, offices etc.
- You can choose multiple things at the same time with a little amount as capital.
- You don’t need to hire people and spend a lot on their salaries. You just get orders and deliver the product. Or service, if you are doing the business of providing any sorts of services.
- You can do literally anything like your business.
- You can have your own set of a variety of services.
- You don’t always need to give physical products or services, you can also go for digital products. There will be a separate part of the article in this series regarding this “digital” sector.of starting a business, don’t worry.
Benefits of offline business: Understand these before starting a business
Or, the traditional, as we call it. Business is either of selling products, or, selling services. Services might be anything. From cleaning house, mowing lawns to giving home delivery to the products that someone else is selling. Service, the list of the categories and types, are really infinite. So, don’t try to get a “list” of the types that you might get into. Think about the thing that you want to do, and make it your business. That’s how the tales of success are written. You don’t need to be the tale maker of Bill Gates, you need to be the tale of yourself. Nothing else. You don’t need to be able to make millions and billions of dollars. You need to be able to get what you need and want.
When you are doing offline business, you get the most important benefit of being in front of the customer physically. This actually helps you to understand the nature and the need of the customer. With the right attitude, you will also be able to make the customer convinced into buying something that he or she is confused at the time. Doesn’t matter how much digital the world gets. The touch of human hands is going to be better performing than anything else in this world. When you are doing offline business, you get to monitor the delivery of the product or the service that you are offering at the time personally. Which you don’t get much chance to do when you are doing it online.
A small list for you:
These are all some of the rough ideas about the benefits of offline business. Let’s have a small list of the things that you will have:
- You get to have direct interaction with the customer. It will help you understand the mentality of the potential customers of the business that you are doing.
- You have full control over the operations that your business is performing at the time.
- You can maintain all the structures regarding your business for yourself. You don’t need to be uncertain and constantly checking the conditions of the products through someone else.
- You can fit in a lot more products in comparison with an online business. It is mainly because you are likely to have a shop or an office, in which you can store obviously more products than you were storing in your house.
Starting a Business is always good if you are doing it in the right way. Any business can make you big if you are walking in the right direction. As the main key to success is hidden in persistence and the method that you are taking for the approach, you will have no problem making more money than before.
Whether your business is online or offline, there is one thing that you should always consider. And that is online marketing for the business that you want to start or are already running. Because doesn’t matter the nature of the business, you will have far better reach if you are reaching people to make them know about your business via the online media. Everyone (almost) uses the internet. If you manage to do get the target on the right audience, and run your campaign for marketing, you will have more than ten times the reach with less than ten per cent of the effort you would have to make otherwise.
Don’t forget to check back!
That’s all for this part. The upcoming posts in this series will be featuring about the risks in both types of business that we talked about. Actually, the next post will only be about the risks of both sides.
Because this is going to be a source of income for you. And to get what you want, you need to be prepared for every possible thing that might happen. So, you can be mentally prepared and make a plan B if needed.