Model Your Business in 5 simple steps.
If you want to undertake a quick business model (by the way I recommend a morning workshop to create a long lasting model) for a small business, would be to focus on a service, or product, that solves a specific problem for a specific target market.
For example, you could start a business that helps people with their taxes, creates websites for small businesses, or provides social media marketing services.
To develop a quick business model, you can follow these steps:
1. Identify a problem that people have.
What are people complaining about? What are their pain points? Once you understand the problem, you can start to think about how you can solve it.
And show this everywhere, on your website, marketing materials, newsletter. Because this is the heart of connection to your ideal customer.
2. Define your target market.
Who are the people who have the problem you’re solving? What are their needs and wants? Once you know your target market, you can tailor your service to meet their specific needs.
Really drill down here, keep asking why for all of these topic areas. The more you ask yourself why you’ve chosen this service, or customer type, or solution, the more you’ll know it’s right. Or you may need to go back to the research stage.
3. Develop a value proposition.
What makes your service unique and valuable? Why should people choose your service over the competition? Your value proposition should be clear, concise, and persuasive.
There must be a need for what you offer. A gap in the market, a frustration that you solve confidently and competently. A wanted service or product that your skills are perfectly matched to.
4. Set your pricing.
How much will you charge for your service? Consider your costs, your target market’s budget, and the value of your service.
And this links to my article on pricing here, a recommended follow on read to building your business model.
5. Plan your marketing and sales strategy.
How will you reach your target market and convince them to buy your service? Consider using online marketing, social media, and networking to reach potential customers.
Part of your research should involve SWOT analysis, and here’s, a link to the article that focuses on how to do this as part of your business modelling. An integral part of the wants and needs of your business that also takes into account environmental and external factors.
Once you have a basic business model in place, you can start to implement it.
And it’s important to be flexible and adaptable, as you may need to adjust your model as you learn more about your customers and the market.