Have you designed your business model?
Do you know what a business model is? Have you designed or need to redesign your business model? Don't worry, you are not the only one. Many entrepreneurs operate their business for years before they can even answer the first question. It took me a long time too. Trail and error was my eye opener.
I had a discussion with a client about business models. Their are several pieces to designing a business model. We talked about her Revenue Model. Revenue Model is one of the first pieces of the design. One of her Revenue Models is the Affiliate Model. This is when you allow interested people to promote your product/service on their website and they earn a percentage of the sale. You pay them what they earn either 2x month or monthly. Just be sure to honor your promise and pay up on time.
Here are some great articles that you can read that will shed some light on Business Models:
Wikipedi has a great explanation on what a Business Model is.
5 Business Model Components on Forbes
Reinventing Your Business Model on the Harvard Business Review
A New Framework for Business Models on the Harvard Business Review
Virtual Goods is a model taking over cyber space
If you know your business, leave a tip below for other entrepreneurs who may need some tips or motivation. If you need help with getting one designed, reach out to myself to schedule a coaching session or ask your coach to assist you with designing a surefire revenue generating Business Model.