My friends have recently purchased a traditional bricks and mortar retail business. They paid $80,000 for the business, it cost $30,000 for the stock and they then paid an additional $30,000 for insurances, employee costs and marketing for that first year to be up and running and get customers through the door. That is a huge investment and you need to be very sure about investing that amount of money.
Some of the features of a traditional business:
· A physical location is marketing in and of itself
· Having a physical location gives credibility
· High start up costs with rent – utilities – employees – fitout
· Long hours
Whereas Chris and I have an online business model and as Chris points out in this video the many features of this model:
· No employee costs
· Low start up costs
· Minimal overheads
· Work from home
· Work your own hours
· Shorter hours
· You can start part-time
· Target your audience
· Global audience
· Might have to learn new skills
We got started by simply starting with a simple lead capture, a website and a marketing budget which can cost you as little as $5 per day.
My friends in the traditional bricks and mortar business are relying on foot traffic. It is limited by its geographic location, the customers or clients they get will be locals, generally.
By having an online business you have access to a global audience, which is the power of this model. The ability to leverage your message through a simple advertising campaign and marketing budget, you can target a very specific audience around the world.
When starting your online business it is important to do the research to see which online model fits you and your personality and your circumstances and more importantly your strengths. The next thing to do is to come up with a plan, its not just about building a website its about driving people, potential customers or clients to that website.
80% of your business comes down to marketing and can make the difference between a business that is successful and a business that is not.
We would love to work with you to create your own online business.