With the rapid advancements in technology, online businesses have become more prominent than the traditional businesses. Which is why now most businesses are online ones. Especially when it comes to retail businesses it is now possible to meet the same end users on a broader and better platform. The online platform. This has given many businesses the global reach. Business has been made easier and much more cost effective in so many ways. But there are also problems with this online businesses. Here are a few common arguments:
Legalities and requirements
The legalities in both business types are almost similar, if not less in an online business. The requirements are especially very little when it comes to starting up an online business. For a traditional business, one would require a lump sum amount as its initial start-up costs. However, with an online business these costs are minimal. The only overhead cost would be the cost of electricity and the internet connection initially. This will enable the business to make better profits and increase the cash flow than a traditional business.
The convenience of the customers is also multiplied in an online business. As a virtual office, you will be accessible globally at just a few clicks. The opening hours too are not limited. You can have business 24/7, as you are not really working. Customers have the discretion they require when they are shopping. They also have the ability to compare prices and quality with different businesses whilst sitting in the comfort of their homes or offices. Unlike the traditional businesses where the customer is required to travel to the location in order to purchase the items. If you are interested about co working space you can visit this website http://www.centennial.com.sg/coworking.html .
However, a major drawback of having an online business is that the owner is unable to keep the personal life out of the business world. Especially if your business is also located in your home, you will be unable to stop both intruding into the other. Working whilst kids are shouting in the background will be quite a task. And when on an important call with clients it would seem rather unprofessional and may even lead you into losing the business. Balancing personal and work life whilst under the same roof can be much more challenging. Having a meeting room in a traditional office is so much different to having a meeting with clients or suppliers online. However, the ability of being able to make this business a success will depend wholly on your personality!
Security is one of the major concerns when it comes to virtual buying. You will need to integrate with security systems online to ensure that your customer’s details are not stolen via your website. So you will need to make use of a security console. These may be expensive and eat up all your profits. Also, most customers may not be very willing to purchase online so you will need to do a lot of convincing on your website’s security.