Sometimes we forget the internet is a part of the real world now. But for this article, we will refer to the real world as physically going out into a city and connecting with real people on the street. To put into perspective the similarities between the real world vs internet domain businesses we will start with comparisons.
Example 1:
Starting a new business
Real-World Business
To start a new business first and foremost you need a product or service the public wants to buy. After that, you need to register with local authorities and make sure you follow all regulations for a business. This also includes identifying the location for your store whether it is new construction, existing property, or rental. You have to decide whether the location will be on the main street, shopping mall, or on an exclusive property not so visible. Each of these options starts with the highest cost to lower cost. The highest upfront investment is on the main street where you have a steady stream of possible clients passing by your store, the same for the mall. If you choose an out-of-the-way location which is a cheaper investment upfront it might cost you a lot more later to bring the clients to your store.
Now you have your new store stocked with your great products but unless you are paying really high property values you probably do not have customers. You will need to let people know how to find you and what you are offering. To get more people interested you need to be sure and offer something no one else is offering, specials, new products, or something unique for your business. Keep in mind that unless your products or exceptionally unique customers may still not buy if they know they can get the same products down the street for less.
Internet Business
To start a new business first and foremost you need a product or service the public wants to buy. After that, you need to register with local authorities and make sure you follow all regulations for a business. This also includes identifying the location of your store whether it is a new website, an existing website with traffic, or located on a platform like Shopify. You have to decide whether the location will be in an online shopping mall, or on an exclusive website not so visible. With an online shopping mall type of listings, you have less control over the clientele but more exposure. With your own website, you are in the driver’s seat with 100% control. Cost-wise the online shopping malls would be less expensive upfront but eventually cost you in extras the mall owner charge to get you exposure. With your own website, you can build your own exposure/SEO, which can be very costly upfront but with expenses lowering after some time for maintenance.
Now you have your new online store stocked with your great products but unless you are paying really high website listing prices you probably do not have customers. You will need to let people know how to find you and what you are offering. To get more people interested you need to be sure and offer something no one else is offering. Offer specials, new products, or something unique for your business. Keep in mind that unless your products or exceptionally unique customers may still not buy. They know they can get the same products with the click of a mouse button.
How Real World vs Internet Business Relates
Social Media
In the real world, before the internet people went to outdoor activities, town meetings, and events where they discussed what was happening. This later bled over into town talk or possibly gossip.
Social Media is the modern-day equivalent as related to online business. Get involved on Facebook with local groups, talk to your friends, and followers about what your company is doing, and spread the word even faster than ever with digital communication.
Location
Location often means everything when it comes to business. Grandma and grandpa started the business from the front porch. But if it is doing well locally then you should think about moving uptown.
On the internet that relates to a better website, getting it listed with specialty malls and others.
Advertising
In a physical real-world business, you focus on advertising that will reach your local customers.
On the internet, you need to look at the bigger picture. The whole world is at your fingertips for the expense of a minimal advertising campaign. Shipping has never been easier than it is now.
As you can see there is not a lot of difference when you compare real world vs internet business requirements. What you would do for an offline business needs to be done also for online.
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