Have you been trying to come up with business ideas? Or maybe you have a list of ideas and want to organize them into logical business ideas?
This tutorial will help you to organize your thoughts into a business model.
What is a business model?
A business model is a brief description of how a company is set up to make money.
Each business makes money in it's own unique way, and therefore a great business model is one which can satisfactorily answer the following five questions.
1. What?
What product or service is your business going to produce or provide and sell?
2. Who?
Who will buy this product or service? Are they willing to buy it?
3. Where?
Where are you going to sell this product or service? Which platform will you use to reach and attract potential customers?
4. Why?
Why should people pay money for your product or service? Why should they choose your product and not your competitor's products?
5. How?
How will your product or service affect and impact the community? Will it harm or enhance the standard of life?
You can also use the above questions to logically understand and ascertain any business prospects as well as their viability.
The following infographic outlines and provides more detail on how to come up with a business model.
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