In the days of old, one had very limited option when it comes to starting a business. There was usually one route to go and that was your traditional old brick and mortar type of business or what is known as an offline business today. With technological advances, times have changed. One can now have a virtual business or what is better known as an online business.
Having had the privilege to experience both side of the coin of owning an offline and online business, I can easily provide you with both the pros and cons of each one.
Let me just say that you can find success in both arenas of your choice. However, there are certain factors to take into consideration when choosing a business model to work with. Whether you chose offline or online the most important factor is deciding on what product or service you are to provide for your customers. I know it sounds obvious but you be surprised. Often times people pick things that they think will sell instead of what they are passionate about. It’s always a good idea to believe in what you are selling.
So before you go to strike it rich as an entrepreneur and start your own business, lets take a look at some of the differences of choosing between an offline business and an online business.
Offline businesses- they usually requires you to have a much higher startup cost. Depending on what kind of budget you have, you will have to consider your overhead such as insurance, utilities, and rent. Location is also another major factor that needs attention to. A good high traffic location will usually cost more in rent since it involves real estate. After all, you want to have your business easily accessible to the public.
Having an offline business usually means having a commute for both owners and customers. You simply can not bring the store to your customer. If it’s a physical product you are offering and not a service, there’s also inventory...