Setting Out Your Business Model
What are the key questions any new business needs to ask itself?
How will I make money? should always be the first very practical – if you realise there is no way you will make money, stop right there and go no further!
Once that one has been put to bed the following questions spring to mind, bearing in mind that there is no magic list of topics to consider and each question will be specific to your enterprise.
- Who’s your target customer?
- What customer problem or challenge do you solve?
- What value do you deliver?
- How will you reach, acquire, and keep customers?
- How will you define and differentiate your offering?
- How will you generate revenue?
- What’s your cost structure?
- What’s your profit margin?
Consider these points carefully and then move forward with your plan.
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