Online Business Vs. Traditional Business Or Offline Business
"Everybody knows what a business is for, to make profit
. Two things control the flow of money in a business, the cost and the income. Companies know that in order to maximize their profit, they certainly would need to minimize their expenses or cost and an easy and efficient way to do this is by means of the internet.So, the question now is which would be more profitable? An online business or a business in the real world? Because of technological advancements, there are many changes in the way businesses run. More and more companies are choosing whether to go online or stay as they are. The most efficient form of marketing is the Internet. This makes it very attractive in the eyes of business owners.
When speaking of expenses, online businesses are certainly more cost-effective. A normal business would have to face with monthly rents, electric bills, security systems, business appliances and furniture such as cash registers, refrigerators, file cabinets and wages for your workers. It is totally a different story with online businesses. All you would need to start a store is a computer and an internet connection.
Majority of businesses especially in the city proper pay monthly rent ranging from $4,000 - $15,000; with even half of that amount, you can buy a great domain name. This is why most companies prefer to change their way of doing business.
Another important factor is the market. You cannot only target the local and national market but the international market as well in the case of an online business. Consumers from around the world could connect to your business, 24-hours a day.
In a traditional business, you would need to supervise or have someone to be committed to your business and it would usually take several years until a business becomes stable. As soon as you have a fully functional site, you could sit back and relax if you have an online business. The remaining time can be dedicated in other more important and productive matters that could improve your online business.
Obviously, online businesses are better compared to traditional businesses but it also depends on the type of business that you have. A hair saloon or barbershop, for instance, won't be feasible online. What you can do is promote your business online. A fact is that 10% to 15% of business transactions happen online.
Online businesses would be more competitive and are still the ones having the bigger share of profit today in the near future.
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