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Posted by  Im Gautam   in       1 year ago     1930 Views     27 Comments  

Pros And Cons of Online And Offline Business

It is important to be aware of what type of business you are going for if you want to be successful in business. Knowing the difference between different types of business ensures that you can do what you feel comfortable with and that you become successful at doing it.

Traditional Style Business

The benefits of having a traditional style business is the following:-

  1. It establishes a personal connection with a potential customer which makes sales easier and can lead a strong base for customer loyalty.
  2. Customers can see the product and make a decision on whether or not they want to purchase the product on the spot. This reduces the number of returned goods.
  3. It develops a customer sense of trust as they will be aware of where the shop is if they need to make a return or the product is faulty.

The downside of this type of business however is as follows:-

  1. Cost is the greatest problem in having a physical business as in order to run the business there are many costs that need to be covered such as utility, rent, equipment, products on sale, staff and etc… This makes it costly to run such a business and is therefore a negative.
  2. Opening times that are restricted to business hours and therefore only a limited time in order to “make money” and because you have to close this will cost revenue in the long run. (this is why some business are 24 hours in some cities i.e. McDonalds).
  3. Client location. The area in which you do business will be a factor and the accessibility of your business.

Online Business

First we will discuss the negatives of having an online business.

Cons

  1. Higher product returns. Some customers will purchase a product and if it is not what they thought it was they will return it. Therefore if they are not fully aware of what they are getting it is important to explain to them clearly.
  2. This will affect shipping costs as they seller normally incur those charges. This is only if the product is physical and no electronic.
  3. High competition on the internet. Especially when it comes to selling affiliate products.
  4. You MUST generate Quality, Relevant, Traffic in order to make sales.
  5. Not a Get Rich Quick Scheme and you must build on gains slowly and remain committed.
  6. Find something that you want to do and do it well. Stick to it and get better at it everyday.

Pros

  1. The biggest Benefit of having an online business is that it is CHEAPER but definitely not easier.
  2. Business can be made automated in a lot of cases making it much easier to run the business and significantly bringing down costs.
  3. World-wide audience can be reached therefore not limiting you geographically in any way.
  4. A wide range of products can be made and therefore giving a wide variety of choice to the customer.
  5. Wide range of services can also be offered to customers.
  6. One of the biggest benefits is that it can be run from anywhere in the world.

We aim for your success through understanding and empowering you to succeed in business.

If you have any questions or would like us to visit a subject that you like you can joint our forum or leave a comment down below.

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