When looking for new business ideas, the question often arises as to whether you should start a physical or digital business. Most people think that somehow physical activity is more legitimate.
However, when you learn that a digital business is as legitimate and profitable as a physical business, with fewer barriers to entry, you may decide that a digital business is the only ticket to new business. To own
How much do I need to invest?
To start a business with a physical product or physical location, you’re likely to need over K 100K. If you are interested in a particular business, research what it will be. But, if you don’t have money in the bank that you can lose, then physical business may not be the best idea for you.
How much time can I spend on my business?
If you need a full-time job as usual when starting your own business because you don’t have the savings to make a living, then digital business may be the best choice for you. This is because you can start it in your spare time with nothing but computer and internet connection.
What skills do I have right now to translate into business?
Starting a food truck or restaurant sounds amazing but what is the reality? Have you ever worked as a manager in a restaurant? If not, your learning curve will be huge. Even if you are currently a chef in a restaurant, making money as an owner is more difficult than you think – although of course, it is possible.
If you’ve managed to spend enough money to survive a few years on savings, you can make it work. But what if you started a digital business instead of these skills? Use them? You can teach a YouTube channel how to cook your favorite food for others and make the most of it without any time investment.
Do I have the technical skills or can I hire people to help me?
If you don’t know how to build a website, run social media or get online, you may have more than just getting a higher education with a digital business if you have the skills. But similarly, you have to learn the technology for a physical business – such as a point-of-sale system, how to pay your taxes online, and so on.
It doesn’t matter what choice you make, there are technical skills you need to learn. In either case, you will need to hire people to help you, but through digital business, you can often find people who come to your store to help you at a lower cost. ۔