When it comes to setting up your business, you may find yourself faced with a range of different options for when it comes to the actual setup itself. Because not only do you have to be able to come up with a great business idea, you then have to decide what you’re going to do when it comes to putting a plan into action. And one of the biggest parts of that is choosing which option will work for you best; an online business or an offline one. But don’t think you have to make a quick decision, just to get yourself set up and running. Instead, you should ensure that you think things through carefully. And that’s why you’re here.
Choosing the kind of business you want is a tough decision to make. And it has to be the right one. So make sure you weigh up the pros and cons of both, and ensure that you’re able to enjoy the benefits that come with your first choice. So, without any further ado, let’s take a look at what you should be thinking about for each option, to figure out whether your new business is going to have an online presence or an offline one to start off!
The Setup Fees
One of the huge selling points of choosing to go with an online business is the set up fees. Because more often than not, there aren’t any. And although you may find that you have a few small outlays to make, there’s no reason why you couldn’t bootstrap your business to success right from the start. Because you really can set up an online business, whether it’s selling products or a service, with next to nothing.
But with an online business, comes a kind of online presence. And you need to workout what kind of software you’re going to use to get yourself setup. More often than not, you’re going to need a website. And to do that, you need to look at everything from mainstream to independent to WordPress hosts to help you get set up. Be sure to do your research to find out which will work best for you.
Another huge draw of choosing to go with an online business often lies within the ease of running it. When you work online, you can work from pretty much anywhere. Yes, if you have a store and sell products, you need to keep them somewhere and send them out to customers – but you can do it in your pajamas if you want. And if you sell a service, then there’s no reason why you couldn’t work from the beach – just as long as you have wifi.
But you’re also going to want to think about your marketing options when it comes to running an online business. Because it can often be easier to keep everything online. That way, you can join it all up. With an online business, you can tie in your website operations and analytics with your online marketing strategy and results too. Meaning that everything is streamlined and easier to keep track of.
The Potential Reach
You should also be thinking about the potential reach you have when you operate online. With an online store or service, you could reach all corners of the globe if you want to. The online space is so huge, that you have a lot of potential to grow if you’re willing to put the work in and go out there and ask for the business, so remember that.
When it comes to running an offline business, such as a store, you will often need funding. Of course, if you have savings and have planned to launch your business for quite some time now, this may not be such a big deal. But, if you’re just starting out, then you may need to look into the different ways to finance your business to see if this could hinder your ability to get started. You may be able to access funding easily, but either way, it’s a factor that you need to take into consideration.
A huge selling point of owning a store or a physical offline business is often the footfall that you can take advantage of. Although a lot of businesses are always looking for ways to increase their business footfall, having it in the first place is always a good sign. By having passing trade, or being located in a busy area can always be good for business, which leads us nicely on to the next point.
When you have a physical business, more often than not, location matters. So, you’re going to want to start thinking about whether or not you can find the right location for your business? Because if you are relying on the aforementioned footfall to get your business, it’s essential that you can base your business in a high traffic area. And, of course, that’s likely to come at a cost. But, if you already have the perfect location in mind, you can definitely turn this point from a con to a pro in an instant.
Another cost that you should think about is staff. Are you planning on running and staffing your business yourself? Or are you looking to hire? When you need to hire employees for your physical business, you’re going to want to ensure that you’re aware of the kind of commitment you’re making, as well as the cost associated with it. At the same time, you also need to think about where you’re going to find your staff and how you’re going to train them too.
A final key consideration on the offline side of things is the look and presentation of the store itself. Because merchandising matters if you want your store to be a success. You need to ensure that you not only have stock that your customers will want to buy, but that you can present it to them in a strong way and encourage sales too.