Pros and cons of online business and traditional business. What’s is the Best to Start?
Decision Decision - Why is so difficult?
Would you like to have the monotony of a 9-to-5 have or you are yearning for more freedom and flexibility?
Maybe you're drawn towards the online business world, but wonder if starting a more traditional ‘bricks and mortar’ business might be a safer way to create the financial stability and life you crave. You're not alone!
Many aspiring entrepreneurs struggle with a fear of failure and uncertainty when choosing the ‘right’ business model.
But the digital economy is booming, and there's a new breed of entrepreneurs known as the ‘Modern Wealthy’!
They're using online business to create unprecedented wealth and freedom. And joining them is not as hard as you might think!
The pros and cons of online business and traditional business
The Pros of Traditional Business
The traditional business has its own set of advantages. It is a familiar and generally acceptable business model, with a local physical presence that can build trust and credibility with customers easier than an online business.
Establishing a presence in your local community can be a great way to build a loyal customer base, and the visible status of 'entrepreneur', if that's important to you. However, this can easily become a con if your local reputation is tarnished.
The Cons of Traditional Business
However, traditional business also comes with its fair share of challenges. One of the main drawbacks is the high (huge!) cost of entry. Starting a bricks & mortar business often requires significant capital for rent, inventory, equipment, and other overhead expenses.
Even a basic franchise costs between $50,000 - $100,000 to initiate, and that's before any of the real start-up costs. This can be a barrier for many aspiring entrepreneurs, and may require quitting their current job or taking on substantial loans to get started.
Another challenge is the risk of public failure. Unlike online business, which can be relatively discreet, a traditional business closure can be visible to the local community, leading to potential embarrassment along with potentially huge financial losses.
Additionally, traditional business relies heavily on footfall and a good local reputation, which can be time-consuming as well as costly and challenging to establish, especially in competitive markets.
Lastly, traditional business often has rigid business hours and may require you to work long hours, including weekends and holidays. This can limit your personal freedom and work-life balance, which may not align with the lifestyle you desire.
Traditional Wealth vs Modern Wealth
In the past, building wealth through traditional business models often required years of hard work, dedication, and patience. However, in today's digital era, modern wealth can be built much more quickly through online business.
With the right strategies and tools, you can create multiple streams of income, leverage automation and technology, and tap into global markets, all from the comfort of your own home.
Who Are The Modern Wealthy?
The concept of the modern wealthy is gaining traction in the entrepreneurial world. It represents a new breed of entrepreneurs who have embraced the online business model and are leveraging its advantages to create wealth and freedom in their lives.
These entrepreneurs understand that online business offers unprecedented opportunities for financial success, location independence, and lifestyle design. It also offers the opportunity to create a thriving business around their passions representing the ultimate freedom in life.
How To Join The Modern Wealthy?
When considering whether to start an online business or a traditional business in 2023, it's important to do thorough research and evaluate your personal goals, lifestyle preferences, and financial resources.
Consider your risk tolerance, your willingness to learn new skills and embrace new technologies, and your vision for your business and personal life. Most importantly, be aware of limiting beliefs and don't be afraid to dream big.
Traditional advice that the more you work, the more you earn is no longer relevant. Think about the kind of life you really want, and then do what you need to do to achieve it. You only live once after all and life is fleeting.
Surround yourself with like-minded individuals and seek mentorship from experienced entrepreneurs who have succeeded in the online business space. This goes a long way, and it can make or break your success.
Joining online communities, attending workshops, and accessing educational resources can provide valuable insights and guidance as you embark on your entrepreneurial journey...to your dream life!
Conclusion
In conclusion, online business offers compelling advantages such as low risk, flexibility, scalability, and lower costs, which make it an attractive, and potentially lucrative, option for aspiring entrepreneurs in 2023.
While traditional business may have its merits, it also comes with challenges such as high costs, rigid hours, and potential public failure.
If you're ready to explore the world of modern wealth and create your own online business, check out the free 4-part online business video workshop series below.
It dives deeper into the differences between online business and traditional business, and shares practical tips and strategies to help you start your own online business from scratch.
Don't miss out on the opportunities of the booming digital economy in 2023. Join the Modern Wealthy and create your own ultimate freedom and success! Sign up now for our free workshop series and take the first step towards building your own online business empire.
"Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours for someone else"
- Lori Greiner (Shark Tank)
Ready To Build Confidence While Also Building Your Own Online Business?
This Free 4-Part Video Workshop Series Will Show You How You Can Build An Online Business From Scratch With A Guided Training Program Designed To Help You Gain Momentum In Your Business, Fast.