Digital Business Owner Talk/ Traditional Business VS Digital Business
[Music] hello everyone good morning good afternoon good evening happy weekend and welcome to digital business honor conversation live by the way my name is charlotte from manitoba canada i'm originally from the philippines i'm a digital business owner so for today we have a topic about digital business owners uh digital business versus traditional business so i invited a very special guest mia yam to share to us because this woman has a lot of businesses traditional business and digital business actually she's one of the person that i know that a perfect example of a hard-working woman aside from a very busy mom she has a lot of businesses and also running a digital business so welcome miriam welcome hello everyone how are you all doing hope you're doing well hello charlotte thank you for having me again okay so to all viewers forever part of the beautiful world you are good morning good afternoon good evening so good evening on my side here in toronto because it's seven o'clock p.m right now how are you shallot i'm good thanks again for having me just make that fresh pleasure yes came from the whole day shopping all the way from a city okay that is like one hour two hours drive okay so is it snowing there yes okay freezing not so much around the right not yet but it's a little bit cold starting probably not yet be snowing next week i'm not prepared yet okay okay so by the way i have to introduce myself by the way so i'm miriam based here in toronto ontario originally i'm from the philippines um philippines yes that's the line of the orient pearl yeah buhay it's also called land of the morning sun okay the philippines so i am on the northern part of the philippines i'm a mother of three grown up children two daughters and one son i'm a pharmacy technician one of the compounding farmers here in toronto and a digital business owner uh i guess that's it for my introduction yeah so for we have a topic for today like we have a comparison between a traditional business and a digital business so we have some questions here about the startup costs and expenses of traditional business so what are the diff how would you differentiate the startup cost of traditional business versus the digital business and some of the expenses as well okay so speaking of business by the way thank you for your introduction of course as a mother i would do everything for them right so aside from my full-time job i have side hustles here just a small business here in toronto like i'm selling gourmet products from the philippines we're baking goodies uh sweet delicacies that's from the philippines as well but the business i'm going to share tonight for this topic is our business in the philippines back home it's actually a rent-a-car business which we put up 2018 2018 and the name is good faith good patreon car so the first question is all about the cost ah startup cost okay so we start well i will be i will start the answer answering questions with regards to the online business because i'm also a digital business owner right so online business oh by the way i have this passion of business since i am a child probably i got this passion from my mother because before my mother passed away when i was only 12 years old she was doing a buying and selling business so probably i got that passion from her okay now that i am given a chance to do some businesses side hustles and everything oh yeah i gave it all my effort to do that okay so let's go back to the online business online business the cost of that one is not that huge it's not that much compared to the traditional business i have back home actually it's only a five percent because the online business is what you only need is your phone or laptop or the internet connection right which which i already have that one prior to my online business but the thing is what what um the cost that five percent i spent is goes to the basic website hosting that's the final and the automation tools that we use in the that we're using in the online business aside from that um and i guess nothing else because the online business is location independent what i mean with location independent i do i don't need a certain space a certain building to run my business i can run it anywhere so no cost for that one and another thing is i don't have employees i don't have employees me myself is my staff i am the one working and the system the that's the much of the work so 90 of the business is run by the system which is the automation my website and 10 of the business is done myself it's uh it's with my commitment and dedication and i'm only spending like one to two hours a day for my online business because i still have a full-time job right now [Music] okay so what else i outside i don't have employers and no inventory right no inventory since our product in the online business is uh is information and digital it's the digital nature now let's proceed to that my traditional business which is sarantha car so i have said online business i only spent like five percent compared to the traditional business the traditional business i almost don't spend just initial just the initial i almost set aside like more or less thirty thousand dollars because rent occur we need a certain a brick and mortar that's a brick and mortar business because we need a certain space a certain location to operate that business so all the location alone thus the space along the office alone costs a lot because i need to look for a nice location inside the city that's uh our red car there is located in longapple so i need to look to look for a nice location the center of the city where it is easily can it can be reached easily by the renters by our current our customers and another thing is when we got that space we were asked to pay two months a month at two advance payment and one month deposit so that's already a huge amount and then we did a renovation we did a renovation because the space is originally uh is an eatery set up it's at eatery it's a restaurant so we're going to renovate that one renovate that into our office wherein we need to put up a reception the receiving area and everything since we run we run we're going to run that rental car 24 hours we also need a like a room inside because our employees need to sleep or whatever okay aside from that we do need acquisition of permits you know in the philippines we need a lot of permits permeates gti permeates from the bir as well inspection like the fire protection waste and disposal so those are the expenses we need to have yeah and the and the maintenance of the car right yeah the vehicles itself the product itself that's our that's our product the vehicles the maintenance the drivers because some of the renters they require also a driver and what else and aside from the cost startup is the oh that's the overhead cost right aside from the startup we also spending the continuing overhead cost because we're paying monthly for the rent for the utilities for the maintenance as you said so those are the expenses of a traditional business compared to the online business that we only need our full internet which already have so only the automation tools we're going to expand to so that's the cost that's the difference is but having a business for me is like it's a great opportunity to easily reach your dreams yes not only depending on your nine to five jobs it's like i already realized the difference of though nine-to-five job is also very essential to us okay so that's for the start of course i hope i answered the question well yes you did the next question is how long is the setting up and processing before you can start operating your traditional business okay like how how many months it could be take one month two months three months before everything is set up and then you start operating okay let's start again on the online business online business that around the start and the running of my online business usually the minimum is like two weeks if you really have the time to do it or two weeks up to a month but for me since i have a full-time job and it happens that on that month that i got i started this online business i was so busy in my full-time job so it takes me like one to two months to start the business and after that it's already running while the traditional business as i've said it's like it took us like three to six months we planned we finally decided to put up a business like march 2018 and we we officially operate like may 30 or yeah may 3rd first week of june because as i've said we have to locate for a better location we have to hire employees we have to purchase vehicles that's very hard very costly you know vehicles in the philippines is way way too much expensive than here yes okay so that's it so we're renovated we see to it that the the office is nice enough to accommodate our customers our renters and yeah acquiring also permits in the philippines takes time so yeah march 2018 we officially started we opened like may 30. so it takes a while it takes a while six months versus like two months in your digital business yeah yeah on the other on the other online business owner they only start the only two weeks for them and after ahmad they are already receiving income they're already receiving profit right that's how quick in the online business yeah miriam is saying like two months or two months two weeks three weeks it's because we have a trainings here how you're going to set up your business there's like uh a trainings that we need to follow step by step for you to be able to set up your business to start operating your business okay if you have your own time more time to to learn more about your business and to set up the business then it's more likely for you to start early yeah me it takes me like two months yeah two months to run to start up because i have my full-time job i only spending like two to three hours a day if not sometimes not yeah that leads me to my next question is how much time you need to spend to your traditional business versus your digital business all right and as i've said on my digital business i'm only spending two hours minimum that's minimum i just want to check i do that every morning or during my lunch break and before i go to bed i check on my online business because as i've said 90 of my online business is being run by the system the automation tools we have the web our website there and the funnel working for us so our our main obligation there is to check if it's running to uh to advertise on different social media platforms so that's only the 10 percent of the business while on my traditional business we are open 24 hours so as if we are 24 hours must be there physically present right so it's good you know that we have also technology i can even i'm here in toronto i am doing there because i was the one who is in charge of the marketing the good thing is whatever i'm learning in the in our the online business i can apply now in my traditional business so a month after putting up our business in the philippines i already also created our facebook account facebook page uh yeah our reach also is like worldwide because we have those ofws that granting us they want us to pick them up from the airport but yeah so i'm i'm making pages so they were reaching also but our main service which is the car cannot reach worldwide only in the in lausanne yeah so that's the good thing also of technology but i'm also advertising on our social media there but only i'm not actually an ad it's only i'm just boosting for them to to widen my reach uh yeah i'm also spending some some dollars some peso on my social media there so so what else so as i've said 24 hours our business there is operating 24 hours so we need employees to do that so we are not doing inventory but we are doing regular check-up of all the vehicles yeah as i said also said we need the maintenance we do check regularly the parts the transmissions and we do also we also we always maintain the cleanliness and especially now we disinfect the cars before and after uh giving them to the renters when they return the car we we make sure that it is clean and well disinfected okay so what else yeah yeah 24 hours operating our visas so most of their time it's very hard you must be physically present you must be physically hands-on with the business in the traditional business yeah okay yeah we made this topic because we wanted to have a clear comparison between the traditional business and digital business because most of the people wanted to start a business really but they just can't start because they have a full-time job so really if you want to have a business a traditional business your presence on in the starting right you really have to be there so that you can manage it from the starting and all everything the processing so while if you are planning to start a digital business you can just start it now at the comfort of your home you didn't have to leave you didn't have to to hire up uh an employee and you didn't have to rent because you can just manage your business in and run your business at the comfort of your home so there's a lot of flexibility and convenience and starting a digital business and also in the startup cost it's a lot more lesser right yeah yeah it's only five percent of my traditional business another thing i can share is the profit margin yes yeah our online business the profit margin of our online business is a way way much higher than traditional business why because in an online business we only have like a a low overhead cost we're not we do not have a labor cost for our employees we don't have um to rent do not have utilities to pay so and our worldwide and our customer is worldwide worldwide rates so considering the low cost but we have lots of customers so our profit margin is way way too high right yeah compared to our traditional business our reach our customer reach is only within our area for example in my business it's only on the on lausanne on the north part of the philippines and uh but but our overhead expenses is much because we have a continuing expenses monthly the rent the utilities and the employees yes the labor costs and everything so the profit margin is a way way lower compared to the online business so that's another difference and another one is the scalability scalability is the on how i guess that scalability limit abilities are scalability is a way where we reinvest our profit since we are already mentioning profit and scalability of online business is you can do that in three to six months actually because after usually some of the business owners online business owners after a month they're already receiving income right you're serving receiving and they are using that income they're investing that income to widen their reach they're increasing their ad budget right they're upgrading their laptop they're upgrading their automation tools while on the traditional business your scalability is like after three to six years right three to six years because of the profit you gain it's only a little in our case we scale we reinvest after a half a year and a half but not that much really our profit for the year and a half we invested in a an additional vehicle so we use that as a down payment again to purchase another vehicle and those are on financing and we we get that monthly payment from the profit again of the of the rent so that's the difference it's a huge difference right online business it's very easy to run you have the bigger profit and the traditional business it's easy it's hard to run because it requires your physical presence and hands being hands-on on the traditional business but the profit is like not that much compared to the online business so yeah those are additional differences i can share regarding my experiences so if you wanted to start a business now look at this digital business that we're doing right just to watch the 90 minute 90 minute webinar it's a compliment time we need to say free nothing to lose just check it out see if if see how you feel with that workshop and go for it right we are different so why not just give a try register on our websites for charlotte and for me yeah supposed to be worth three here but for some reason one of our guests have is under the weather you know it's changing weather here in canada so most of them are crazy weather so there's some things that are not we can't avoid it so it's only miriam and me here at least did i ask her all your questions yeah you did [Laughter] and thank you so much for those who who are watching us live have comments here evangelist is watching watching from saskatchewan saskatchewan canada okay thank you so much everybody i hope you answering some of the questions yeah that's bothering their mind yeah so they can decide now what business they're going to try yeah business is having a business is a great help really most of the people like curious about this business that's why we are inviting them to check out our free online workshop it's a free workshop that you can watch live or replay at your convenience if you register to the website you will you will receive the exclusive link to access the website at the the webinar the webinar for free it will be it depends to what time zone you are in so if you can catch the live replay is always available the latest the latest replay will always available to the website so feel free to check it out and it's a great day interesting yeah happy weekend everybody hello happy weekend thank you charlotte we are invited to we are invited to do a seven day go live challenge some of the best partners are challenging us to do a go live challenge for seven days so we're gonna go for that yes say yes to all the challenges yeah i know have yeah life is full of challenges right yeah it makes the the life more me more tiring [Laughter] okay happy weekend everybody [Music]
2022-03-03 22:20
