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8 Powerful Business Models for Your Startup!

Startups are typically born out of innovative, bright ideas however they will eventually die out if they don't have a viable business model. Before embarking on more details, let's first define ...

What is a Business Model?

A business model, at the heart of any business, is a strategy for operating a business. It describes how a company will generate value for its customers, taking into account many key considerations, such as:

  • identifying who are your target customers?

  • what problem/s are you solving for them? and,

  • how are you solving those problem/s, to generate value for your customers?

Source: Lead-innovation.com

Business Model is not Revenue Model!

The business model in a holistic manner describes how a company generates value for its customers. The Revenue Model describes how a company generates revenue from that value proposition, and is, therefore, an important component of the business model. Although a company may have multiple revenue streams but typically has only one business model.

How do you generate a business model or business model process?

To help you generate a business model, let's go through the below image.

Image Source: BMILab

And, explore these four dimensions of the business model:

  1. WHO is your target customer (market/segment), and what is their key need/problem that you're solving?

  2. WHAT is your offering i.e. benefit/value proposition (lower costs, speed, high productivity, savings) that your product/service provides to its target customers?

  3. HOW is this value generated?

  4. what are the main tasks/activities you need to do?

  5. what resources/technology are you using, and

  6. what partners do you need to rely on?

  7. HOW would the company earn its revenues as well as profitability?

You could also use a Business Model Canvas to structure this in a more coherent way. A great way to do this is here.

Need help in crystallising your business model? Register here.

8 Business Models for the Startups!

So, below are the 8 known business model examples for the startups, based on the suitability along with key factors to track as well as optimize.

Source: Lenny's Newsletter

Additional Read: Platform Business Models.



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