Did you know that your business model is so very important! Why? There are many reasons.
Speak with investors and entrepreneurs and you’ll often be asked the same questions, like: What business model are you using? How are you going to make money with your business? How do you plan to connect with your target market?
First and foremost, it’s important that you recognize that a business model covers a lot more than just how you plan on making money. It also includes where you are in the industry, how you fit in, if you are disrupting the industry, or even if you’re creating a new way to do business.
So, not only do you need a good pitch about you and your business, but you should have a great business model as well.
There are many different business models you can have, but you need to know that the business model you choose will have a huge impact on the revenue your business generates, the competition you’ll be up against, and how much you’ll need in order to get started.
Some entrepreneurs often go with several business models when they start a business, but you should only pick one. Pick the business model that you think is the most likely to lead your success.
The choice you make is important because it will have an impact on the capital requirements for start up, the competition you’ll be facing, the resources you will need, the skills you should have, and really, pretty much every single thing about your business.
You’ll also find that your decision on what business model to use will show how thoroughly you have thought about the business you’re starting up.
The business model is a decision that can make or break your company before you even get started. So, I recommend that you consult with several advisors before making your final decision.
Also, before making your final choice, take the business model options you have and make a model of your finances. This will show you how the business model will really impact your finances and will prepare you for the next steps in starting your internet marketing business.
I agree, a solid business model is essential. When I first got started online I neglected this and quickly learned how important it is.
I think I am in the middle of discovering that at the moment. Best wishes to all.
I agree whole heartedly with you both. However what if the business model is one that you put together yourself from the good things in the Models you have seen and studied?
Who is the several advisor that I consult before making my final decision?
Welcome back Jason, looking forward to more great content from you.
I think you have hit the nail on the head when you say stick to one business model, it is so easy for people to get caught up in the marketing hype and jump from one business model to the next.
Stick to one business model that has proven to be profitable until it is profitable for you, only when it is, should you consider expanding.
Sure! 100% Business Model is necessary to start.Planning is more important to achieve the goal of success.
Plan and Action together gives Good Business!
I agree with you about choosing a business model and sticking with it. One thing I would add is that once someone has chosen a business model and are sticking with it, they must also work hard to become very good at implementing that particular business model.
So many times people start with one model with good intentions, then because they don’t become good at working that business model, frankly, they lose interest.
So my advise: not only choose one business model and stick with it, but also become very good at that business model.
I agree but iam in this situasion just now .Find your nish its so easy to do what other says ,I didnÂ´t expect it could be so tuff (Iam also swedish and have some problem with spelling,do my self understood,to understand others because there is so many new words you dont find in swedish – english word lexicon.and I guess if you are english spoken and you dont understand all IT/ cyber words you get trouble.
But I have meet so many nice people who is wonderful, some are not.I promiss almost 95% will help you ,if they can ,so if you have an idea? GO FOR IT! !!Thanks to Jason from Anders aka Ã–sten of Sweden
The biggest reason why people fail in any business is the lack of focus. People set out to make money without really focusing on what is of prime importance. Yaro had mentioned in one of his posts about the 80-20 method and that is precisely what happens in such cases. People keep doing the 80% things that doesn’t really matter or, contribute to their objective. All of this happens because they do not have a strong business model which can guide them.
The guys at the top end of town obviously lost focus on their business model. The Global Financial Meltdown revealed all and sundry.
How so true.
The problem I’ve found not only for myself but most of my clients is finding a sense of direction. With the vast array of information out there especially for the online business models its too easy to find yourself swamped and overloaded with information.
One looses focus and a sense of direction in which they want their business to go, the aims, goals and end results become obscure – frustration kicks in and one ends up giving up.
With that said – Welcome back Jason :). Its with mentors like you around us that most of us tend to find our sense of direction and therefore have abetter idea of what is required to succeed by starting up with a good and viable business model in place. I look forward to more of your posts – keep em coming 🙂
I wish this post would be been about 6 months ago. 🙂
I totally agree. The worst part about not choosing a business model to follow is that once you realize that you need you really only have two options.
1. Scrap everything that doesn’t really fit well (which is no good, since you have already done the work)
2. Try to integrate what you have already done into your new model.
I chose the second option and it has proven not to be difficult, but incredibly time consuming and very frustrating.
Well Jason, at least I’m not the only one who’s not posted on their blog for ages! And no, until I do post something, I’m not saying which one. 🙂
Interesting post, btw.
It’s nice that you’re back working on your blog. It’s also nice to greet a fellow Nova Scotian! I live near Bridgewater, and I think you’re located in Halifax.
Yes, I agree about sticking with a business model, because it enables one to focus more efficiently. Having said that, I do find myself trying to incorporate new stuff into my online marketing and business efforts. There is sooo much coming at you online, that it’s difficult not to get distracted!
I do agree you a business model is indeed necessary, find the right niche, the one you really passionate and at least do a little of research. Finally, focus on what you have planned.
Well that clears it up for me never had a biz. plan so never made anything, simple. thanks everyone . Now time to search for a plan. Steve