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Which Business Would You Choose?

Which Business Would You Choose?

Bricks and Mortar Business or Online Business?

Bricks and mortar or traditional businesses as otherwise know have been around since day dot or close to it and offer many advantages compared to online businesses, as well as some very big disadvantages.

One of the biggest advantages of owning your own traditional business is you may have a location or a vehicle you can place signage which can help market your goods and services. The location of a business or word of mouth advertising is for many the only advertising they need. One business I owned and ran for over 20 years never advertised a day in its life and ran purely on word of mouth.

When starting out or relocating your business the big question is where to place it so enough people see it if that’s what you are relying on. It’s no good owning a petrol station on a side street where no one sees it.

Cheaper rent can be obtained if location is not that important, but then you have to rely on other forms of marketing.

Bricks and mortar business give the owner a sense of owning something physical and customers are more likely to trust you when they can actually walk into your premises or talk face to face with you.

The disadvantages compared to an online business…

  • Staff wages and vacation pays
  • Superannuation and worker’s compensation
  • Holding stock
  • Rent
  • Utilities
  • Vehicles
  • Large initial outlay or loans from the bank
  • Insurances
  • Marketing
  • And so on

Long Hours and Cash-flow

The start-up costs for those just starting out can be prohibitive, so consider sub-leasing space off another business until you get established. Also be aware of potentially long hours when you are first starting. One of the main reasons businesses do not succeed is limited cash-flow; make sure you have a buffer on standby.

Online Businesses

Use one of our existing images for this picture

Imagine a computer, desk and internet connection and you can start your own online business.

You don’t even need to have a website to earn money online. Amazon, EBay and Upwork are just a few of the many websites you can sell products or services on without having to take out a loan to get started.

Working from Home

Working from home will save you a lot of time and money since you no longer have to commute. You can also choose the hours you work.

The disadvantages to an online business are…

  • There will be steep learning curve
  • Being scammed by other online marketers selling only part of the puzzle
  • It can take between 6 months to 2 years to get traction

How to Succeed Online

Always remember, success won’t happen overnight but it will happen.

Learning online marketing takes time and is often frustrating but worth the effort.

Never believe what the online gurus preach about becoming rich over-night.

Most products bought online to help you succeed are not the whole solution. There are always puzzle pieces missing.

Find your niche, narrow it down and start drilling. A great niche is an inch wide and a mile deep, not the other way around.

Wishing you an abundant life,

Garry Heiner

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