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Why is a business model important for a business?

26 September 2020, 10:00 am by Samantha Garner

You’ve come up with a great small business idea and are ready to start a small business. You’re ready.

But, are you really?

Before you start your small business, you must create a business model.

A business model is a blueprint for small business success

Building a business is a lot like building a house. And who can build a house without blueprints? Creating a small business model means planning your business’ fundamentals. It helps you put make a realistic evaluation of the potential success of your business idea. A business model helps you to figure out things like:

  • Your business concept – what problem are you solving for whom
  • How you will create customer value
  • How your product or service will get to customers
  • How your business will stay competitive
  • All revenue and costs you can anticipate

How to create a business model

A proper business model takes time. You need the strongest foundation possible to increase your odds of small business success. Consider all possible areas of concern. There are many variables involved in entrepreneurship. For example, how exactly will your product make its way to your customers? What is the true value of the solution that your product or service offers? Is there even a market for what you’re offering?

Make sure your business model is thorough and covers all the bases. Once you have a business model that proves you have a viable business on your hands, you’re ready to write a more comprehensive business plan.

Taking your time creating your business model will ensure you don’t underestimate – or overestimate – anything. Proper planning takes time and effort, but you’ll see the return on that investment when your great business idea has become the great, successful small business you envisioned.

The post Why is a business model important for a business? first appeared on GoForth Institute | Canadian Entrepreneur Training.

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