Online Business Vs Traditional Business: What's The Best Business To Start in 2023?
Does the monotony of a 9-to-5 have you 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!
We’ll dive into the pros and cons of online business and traditional business, modern versus traditional wealth building, and some of the limitations and ambitions of aspiring entrepreneurs like you.
Online business offers unparalleled advantages from lower risk and flexibility to lower costs and scalability, but we’ll also address the skepticism around non-traditional business models.
We’ll provide practical tips and a free online business video workshop series to help you start your own online business from scratch and join the Modern Wealthy!
Get ready to break free from the traditional business mold and unlock your path to financial freedom in 2023!
'Bricks & Mortar Business' and 'Traditional Business'
When it comes to starting a business, the terms "bricks & mortar business" and "traditional business" often come to mind. These refer to businesses that have a physical presence, such as a store or an office, and operate using more traditional methods of doing business.
While these businesses have been the norm for decades, the landscape of business is rapidly changing, and online business is taking center stage.
The Benefits of Online Business
The wide range of advantages online business offers is hard to ignore. Firstly, it's much lower risk compared to traditional business.
You can start small and test ideas without having to invest heavily in stock. This allows you to minimize your financial risk while still having the potential for substantial returns.
Flexibility is another key benefit of online business. You have the freedom to work from anywhere, and set your own schedule. This means you can design your business around your lifestyle, rather than being tied to a fixed location or strict working hours.
With advancements in artificial intelligence (AI), online business can be easily scaled through automated systems, saving you time and effort while maximizing your business potential, and even reducing the need for constant internet connection.
Online business is generally more cost-effective for beginners compared to traditional business. You can avoid huge expenses such as rent, utilities, inventory storage, and even employees, which can quickly add up in a bricks & mortar business.
Online business also offers the comfort of being able to pivot easily and access a wider global market or adapt to changing market trends, making it easier to avoid massive losses and stay ahead in a dynamic business environment.
The Cons of Online Business
Despite the numerous benefits, some people are still skeptical about online business, considering it potentially more risky than traditional business. However, it's hard to miss that we're in the digital age, and the digital economy is booming.
According to a report by eMarketer, e-commerce sales alone are projected to reach $1.148 trillion in 2023, (just in the US market) indicating the tremendous growth potential of online businesses as a whole. It's clear that online business is a viable and lucrative option for aspiring entrepreneurs.
Besides skepticism& other people not 'getting it', I really can't think of any other cons to online business.
Entrepreneurship as a Representation of Freedom
Entrepreneurship has long been associated with freedom, and online business takes that freedom to a whole new level. With location freedom, you can work from anywhere in the world, giving you the flexibility to travel or live in your desired location.
Automated systems and user-friendly platforms make it easier than ever to start and run an online business, even if you have little technical expertise.
Online business represents the ultimate freedom - to design your own lifestyle and create a business that aligns with your personal values and goals.
The Pros of Traditional Business
On the other hand, 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.
"Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours for someone else"
- Lori Greiner (Shark Tank)
But is more work than a full-time job really the lifestyle you want to create, when an online business can tick all the boxes?
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 & Free Online Business Workshop Series
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.
"The key to happiness is freedom.
The key to freedom is courage."
- Jay Kubassek
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.