Building a Successful Business Model

So you've decided to start a small business, or you are at least seriously considering starting one. The more successful business owners will be those who take the time to develop skills and a successful strategy to make that business succeed.

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Simple facts about small businesses that most people do not know:

  • There are about 25 million small business owners in the United States.
  • Small businesses represent about 70% of all jobs in the U.S.
  • Every major company or corporation started out as a small business.

Opening a small business can be an overwhelming endeavor.While you may have big plans and dreams - trying to determine where to start can be daunting. This is why building a business model should be the very first thing anyone considering starting a small business should consider. A business model is a way to develop an excellent organized plan that will get you on the right path to success immediately. You will need one anyway if you plan to try to obtain funding for your business.

1. Determine your business goal.

Describe your business in general terms. What service or products will you be offering?

2. List all related experience, skills or knowledge related to this business.

Outline your educational experience, and any hands-on or life experiences that have given you the skills and the knowledge to be successful in this particular business.

3. Determine your target market.

Determine who your customers will be. What will be the demographics of most of your customers? What age, gender, or other distinguishing characteristics set your customers aside from the crowd. Determining this will help you better focus your marketing.

4. List Assets to Start the Business.

List all of the assets that you currently have that you will be able to invest into the success of this business. This could be your computer, car, kitchen - or anything else that you own that you will put to use in order to generate a product or service that you will sell.

Following the basic guidelines above will help you to determine where you want your business to go and what "success" would represent for your business. It will also represent your strong points, and it will provide you with the segment of the population that you will want to target with your marketing efforts.

Laying out the information above at the very start of your business plan will put you on the right footing to move forward when you begin to develop the more detailed and complicated sections of your overall business plan.

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Posted in Transportation/Automotive Post Date 01/15/2017