Today topic is Sales Funnel secret.
【Traditional vs Online Business PART 1】 7 Terms You Need to Know
What are your thoughts about Traditional Business vs Online Business?
Yo yo~ It is Hardy again. Welcome back to 《Hardy DIMENSION》.
In today's episode, I will share with you about the Traditional vs New Era.
Which one should you go for and why?
I have noticed that a lot of people are struggling with this.
They have no idea where they should start from, or which one to choose.
Therefore, I am sharing with you my personal experience.
I have been through both traditional and online business.
However, I am not any "guru" or “expert” out there,
just sharing what I have encountered and what I found out.
Perhaps the information might help you out.
First and foremost, I will break down the 7 Terms You Should Know About Traditional Business
so that you can better understand before we move forward to Part 2.
Traditional Business vs Online Business - Part 1
A few years ago, I started a small business with friends and did some on my own.
Although I have failed and lost a lot of money. I discontinued doing that business anymore.
But at least, I did decide to step out and try something out.
Trying to do something different, and make some changes in my life.
I did it because I knew I would remain the same old me if I never tried.
I wouldn’t be able to leave my day job.
I don’t have enough time to do the things I love.
I won’t be able to change my life, nothing changed.
The main issue I have discovered is most customers will hold the payment they should have paid you.
They will only pay you after 1-2 months, more and more companies will pay you after 3 months.
Moreover, our fund to sustain the business is not much.
Imagine that if you don’t have any money to support your living for 3 months in Singapore.
What is going to happen to your life?
Unless you save some amount of money in your pocket.
Even if you don't eat or spend anything else, you still need to pay your monthly rent.
You will understand if you have ever worked in Singapore.
It is well known that the rental for a room is high.
It is hard to survive unless you have people supporting you.
7 Terms that You Should Know for Traditional Business
**Base on most of the SMEs but not all the enterprises**
1) Physical Shop/Company/Store
Most of the traditional businesses must have a physical shop/company.
You have to pay monthly rent for it.
It depends on different areas to determine how much the rental is.
If the place is crowded, no doubt the rental must be expensive.
2) Utilities (Electricity, Water Bills & Shop/Building Maintenance Fee)
It is unavoidable if you own a physical company.
Moreover, the air-conditioning will be turned on for more than 9 hours daily.
3) Installment of Transport & Patrol Fee
Do you think driving a car or taking a bus or train can get a higher chance of dealing with the business?
I believe you have the answer in your mind, don’t you?
After all, driving a car to discuss business with clients is much more convenient back and forth.
However, you will need a long-term patrol fee here; regardless of whether you own or rent it.
Therefore you need to feed the patrol for your car, involved patrol fee here.
I believe you know that the patrol fee is not cheap as well.
Then the installment that you need to pay for the car.
In addition, the maintenance fee is not included yet.
The lump sum here is a considerable amount.
4) Keep Going Out for Meeting Client, Maintaining the Relationship
Most likely you have to keep going out to make sales for your business.
You had to go for night entertainment with clients, even if you didn’t want to.
You have no choice as you want to sustain the business and maintain a good relationship with your clients.
You reach home very late or even midnight.
Even drinking is inevitable even if you are not a fan of drinking.
This “one night” can cost you a few thousand or even more.
Sooner or later, this kind of lifestyle will destroy your health.
Regardless of how much money you make, it is useless without health, in my opinion.
5) Regional Restrictions
Usually, you could only do business with local or some different places.
That’s why more and more people are building their websites nowadays
to scale up and reach more prospects from other countries.
However, most businesses are still for locals only, like local delivery.
It depends on your business operation mode as well.
6) Backup Funds
You should prepare some backup funds to sustain your living for at least 3-6 months.
To prevent that you don’t have any income during the period.
You still can cover your daily expenses even though you don’t have any income.
7) No Guarantee on Payment Received
From what I have mentioned above, you have no idea when you can receive the payment from your clients.
Most of them like to stall your payment for 1-3 months.
Unless you are doing on-the-spot payment business, pay when you purchase the goods.
But I have seen those so-called long-term customers; they will do the same to you.
Of course, this is applied to different businesses as well.
Most of the points that I have mentioned above, I did encounter it personally.
It could be more but a few points above could cost you a lot of money.
I am not saying that all traditional businesses are also the same.
But it is a huge difference.
Hopefully, this makes sense to you.
Ok, that's all for this particular episode.
Stay tuned for the next episode, Traditional Business vs Online Business – Part 2
Be sure to check and pay attention to my email to get Part 2.
Do you agree with the 7 terms that I mentioned above?
Please share with me in the comment section below 👇😉
Previous Episode: 3 Easy Tips to Avoid Changing to Wrong Career/Industry
My name is Hardy. For the past 13 years, I have been working oversea with only one goal, to make more money. Years after years, I was sick and tired for the day job and realized that I won't be able to go back to my country and be with my family if things remain the same. I had to figure out a different path. To do so, I have to become something else, I have to become an Internet Entrepreneur.
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Today topic is Sales Funnel secret.
Let's continue to discuss about traditional business compare to online business, Part 2.
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