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Business Model: Why do you need it?
People in my community and networks kept saying you must have a business model without really explaining what a business model actually is.It is quite simple. A business model is simply how you plan to make money. It is the basis for the design you choose for your company to make it successful. It can be based on many different aspects of your company, such as your production, distribution, pricing, advertising and communication by designing and creating products/services that fills people’s needs.I will show you a simple diagram that you can use to develop your own business model. After each step in this process, I’ll show you examples from my business model.
We will call this diagram the Business Model Canvas. It will help us with two main things:
- Organize our ideas for the business;
- Explore our communities and discover how we really can be successful business owners.
