The Business world appeals to them, as it offers the independence of ideas and their implementation in a space created by their individual self. The business world has a popular conception of containing several risks of failure, several examples in the world proves it to be wrong. Bezos (the owner of Amazon) took amazon in 1997 and has since become the first man to achieve a net worth of $100 billion through his online business. Apart from that several physical businesses in the world share the same story. Following are the Four Major types of business: -

1-Sole Proprietorship

2-Partnership

3-Corporation

4-LLC (Limited Liability Company)

Startup businesses:

1-Online business

2-Instore business

Online business is a comparatively new concept that is spreading like wildfire all across the globe due to the convenience it offers and how approachable it is. Online business is uncomplicated to establish and inexpensive as compared to the establishment of stores in specific areas, as a good amount of labour and money is required for the buildup of new stores or buying of the existing ones. Online business is not restricted to mature and professional individuals or a group of people but is buildable for anyone regardless of their age. All that matters in online business is a little experience and adequate how to know of the use of technology.

The physical business holds the inauguration of proper outlets in a specific area. This type of business has been functioning from generation to generation and has been around for ages. Prior to the emergence of social media, local shopping was the way to get things. People from past to present are still shopping from local shops, specifically the bit of the population that doesn’t have access to social media. However, the outlets need transportation to get access to which is not accessible to every individual. So, in that case, online shopping comes in handy. Local shopping requires time to roam around the mall, cash, to pay for the items and also physical and mental energy. But a plus point that the local shopping has is Bargaining, that gets convenient in local shopping. Local stores differentiate brands not only that but give the retailer the opportunity to express their choice and visions as well.

A next-level Business Marketing Platform-Social media:

Social media is a means of technology used for sharing information through one phone to further. Basically a tool for communication designated as social media.  According to google social media is a website that enables people to participate in social interaction or networking. Social media started in the early 2000s. The first site that reached a million monthly active users was the Myspace this milestone was achieved by this site around 2004. The active users from social media in Pakistan is up to 37 million and increasing by date. This rate is increasing from today. From April 2019 to January 2020 the rate has increased up to 7%. It means there has been an increase of 2.9 million users in the past 9 months. The first social media site was a website called six degrees launched in 1997. Nowadays it’s uncomplicated to show our talent more conveniently by not joining the media industry.

Social media stats of usage in Pakistan:

Twitter:3.9%

Facebook:92.67%

You tube: 0.92%

Instagram:1.07%

Impacts of social media on business growth:

After a bunch of explanations about the whole concept and subject matter, let’s move on to the further clarification of the subject regarding the impacts of social media on business growth. Social media business approach can help you to establish your brand name and globalize it in a number of ways. In a nutshell, that could be through business pages on the sites, blogs, online websites etc. These approaches have a huge potential to grow your business visibly and get recognition. It will assist in increasing visitors to your page. Providing PR to influential figures can enhance the sphere of influence as well as interactors get exposed to and more likely impressed by the products advertised psychologically and business flourishes. Every age can access the products because a good amount of the population has an approach to social sites so we can target a large number of people, through sharing links in groups, putting Ads, Blog links and whatnot. Social Ad campaigns have the capacity to flourish and reach numerous masses that in return increases the chances of prosperity. As all sorts of masses are present all line, the sort of your product can reach a certain age group and type by the advertising you do.

Advantages of the social media business

If you are using social media business marketing tools, then it will make your brand known and ultimately, popular among people, making it convenient for individuals to approach without hesitation including your clients as well. Your social media presence will easily globalize your brand’s name not only on national but on international bases. Less investment and more profit by paying no rents or paying any bills for your store.

Improved customer services

We can upgrade our customer service by the simple following technique.

1-               Feedback

From feedback on your page, you can take suggestions and views of your customers which is a very convenient and uncomplicated way to improve your customer service.

2-               Marketing tools for social media.

. Canva

. Socedo

. Social clout

. Edgar

These are a few marketing tools through which you can make your brands name recognizable.

Social interaction through social media is the main cause to increase in sales and brands loyalty. 

According to google a famous and international brand name Zara is closing their many stores around the world due to this pandemic because the rate of their online shopping has been increased and the rate of shopping in stores is giving nothing but loss. In the upcoming time every aspect of life is depending on online services. The world is becoming an online space depending on the internet. So, its very beneficial for online business owners because every individual wants to save time and make their work process, convenient and uncomplicated so starting up an online business is the new best way to earn and experience. Online business requires less investment with double profit. Social media is a platform for people who are uninterested in working for some other person's benefit. As the rate of using social media has been increased in the past few years every individual wants their work to be done from their smartphones. In this generation the majority have their own smartphones so online shopping is not bound to a specific age and gender. Its easier to avail discounts by getting notifications from the brand you are following just through your smartphone.

Negative aspects of online shopping

Competition is the most negative aspect of online business. Due to numerous online businesses, competition is getting elevated gradually. Due to this, numerous business owners are centralizing the promotion of their brand instead of the standard and quality of their products. Online apps and websites should establish some rules and laws to decrease the sum of spans and frauds in online shopping which is also a possibility that online businesses provide.

Conclusion

Online business service provides more impact-oriented opportunities to boost the business at a higher scale.  Its cost-saving, low-cost marketing, ease of transactions, unlimited markets, minimal overhead, increased professionalism, improved client service through greater flexibility, faster delivery of products and global access 24/7 a week.