Online Business VS Bricks n Mortar Business
I've just started my online business with WA but I've owned and operated 2 business (a retail shop and restaurant) in the past, so here goes with a little comparison...
Online Business = OL - Bricks n Mortar = BM
OL- You can start with nothing
BM- You need capital, and likely a bank loan and/or line of credit
OL -You need to invest time, ideas and energy, success depends on what you bring to the table
BM -You need to invest time, ideas and energy, success depends on what you bring to the table
OL -You will need to invest some money AFTER start up within say 2 months, apprx. $400.00 is what I will be investing in my first 3 months
BM -You will need to invest some money in start up BEFORE you open the business. Personally speaking my shop cost me $10,000.00 to set up and the restaurant, apprx. $50,000+
OL -You can get training for free before you invest anything and "try out" the business before you spend a penny
BM -If you don't have experience in the field you are entering you will likely need to pay a consultant to help you set up the business and run it well
OL -You will likely not make money for the first few months
BM -You will likely lose money in the first few months
OL -If you put in the effort you will likely make money in the first year
BM -If you put in the effort you will be lucky to break even in the first year
OL -Additonal hard business expenses are limited to getting a new computer if yours breaks down
BM -Additional hard business expenses can include damages to business property, breakdown of equipment, insurance, theft and more. In my first 60 days of owning a restaurant I had to replace a $14,000 coffee machine!
OL -If you grow your business eventually you may choose to hire employees
BM -Unless you plan to be the only one physically manning your business you will need at least 1 employee to begin with, and more as business volumes increase.
OL -You can work from anywhere with just a laptop or a tablet
BM -You need to be present, or have employees present during business hours.
OL -If you're successful, eventually you could make a very lucrative income
BM-If you're successful, eventually you could make a very lucrative income
OL -If you're successful, you can sell your business at a profit
BM-If you're successful, you can sell your business at a profit
This comparison could go on and on, but I think you get the drift.
So, online we go...
H$r$'s to $ucce$$
Cheers,
Connie
Recent Comments
4
That is pretty amazing that you've owned and operated two businesses! Great comparison btw
I broke even on the retail venture but just very barely. It was pure luck that I a buyer paid just what I put in, otherwise i would've been out the whole 10k. The restaurant biz was much more lucrative, but talk about hard work, that was a crazy gig. Thanks for reading. Cheers, Connie.
See more comments
Spot on Connie, I had my own construction company for 13 yrs and you're right; the comparisons could go on and on and on.
Rich
Thanks for reading. I don't regret either one of my "B & M" businesses but I'm very lucky to have come out on in the black on both ventures. The money paradigm has shifted and we must shift with it.