Libby Hobbs

How to choose the most profitable business model for your venture

If you are an entrepreneur and have a business idea but do not know how to work around it to make it more attractive to the consumers, you are at the right place. For years and years businesses have had the same basic strategies around which they knitted a new concept and some hit the fame as well. For instance Mark Zuckerberg did not just come up with Facebook. He studied Myspace and brought his own twist to a social media platform. In short, for the same basic idea he adopted a different business model and it worked.

It doesn’t mean that others do not cultivate bright ideas. Many startups have come up with the most innovative ideas and concepts over the years that had the potential to change the market, and possibly user’s lives. But most of them died out because of a common reason – a weak business model. According to most business motivational coach, it takes a solid framework to last a business running for longer duration.

What is modelling?

In the most basic definition, business modelling is like putting on an attractive wrapping paper on something you want to sell. Your business provides a product or service to the consumers. In order to make it more favorable to the consumers you put your own unique wrapping paper even if the product is the same as any other competitors. This is the power of a strong and smart business model.

A business moves forward with trial and errors. You keep what works and discard what doesn’t. A very similar approach is taken towards formation of a business model. Every market has its own do’s and don’ts. Once you enter that market, observe others and see what majorly has contributed into their success and adapt it in your own way. There are however experienced business coach for entrepreneurs available to guide you on every step and save up some time and money from trials and errors. They show you the path to a working business model and help you incorporate your ideation to make it a bit different. That being said, here are some basic concepts to grasp before you choose a business model for your venture.

The market

Considering that you have an amazing idea in your mind right now, and desire to pursue it as a venture, you must match it with the wants and needs of the market. Whether this idea of yours is actually feasible. That would be in all aspects of finance, consumer demography and needs, competition services and more. If in any way it does not match up, it is a sign that you must work more upon it to bring out a perfection.

The competition

Before you go ahead and start working on your business idea, it is very important to review the market and your competition. Look at your competition, their audience, their system and concept. See how it is different from yours and what more you have to offer the public that they don’t. For sure all mobile phone manufacturers provide with a similar end product – a mobile phone! But each of them has a different strategy for their brand and product. Some focus more on battery life while others have amazing camera quality.

Similarly, in order to make your positioning in the market, you must offer something that your competitor’s consumer base is not getting. Create a demand for that and see your business model taking shape.

The consumers

As you scan your competition, study their consumer base as well. If its demography matches your target consumer then it would become way easier for you to know what they like and incorporate it in your services as well. In addition to that, most business clarity coach advice to make sure that your business model provides some value to the customers. Framing it according to your own notions of demands in the market may prove to be detrimental.

You can always take ideas from competitor’s business model as to how they are handling the consumers. With this suggestion you are not being advised to copy the other person’s business model, but adapt it and put your own spin on it.

By now you must have gained an idea regarding the meaning of a business model and how to go about it. A business model largely influences your business and marketing strategies, brand, positioning and relationship with consumers. Ultimately, the choice of a business model will define the success or failure of your business. If you want to get the perspective of a success coach for entrepreneurs, watch this video about “

how to choose the most profitable business model for your venture”.

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