Finding Your Business Model

What is a business model? Perhaps the most important part of your overall business plan.

Your business model describes what your business is all about. It describes what goods or services you will provide, who your target market is, and how you will provide those goods or services to your target market. Many first time entrepreneurs try to skip this step. Don't! Trying to start a business without a clear idea of what you are marketing, how you will deliver it, and who you are delivering it to can only lead to frustration and failure.

You have a general idea for your business. You have the skills and knowledge or experience necessary. It's an idea that interests you that you are passionate about. Now you have to work out the details.

Your model does not have to be complicated. Simply answer these basic questions.

1. What goods or services will you provide? For example, Boomer-Business-Ideas provides coaching, advice, and resources. What will you offer?

2. Who is your target market? Mine is anyone from the baby boomer generation interested in starting a business of their own. Will your customers be men, women, or both? Single or married? From a specific age group? Narrow it down as much as possible so you know who exactly your ideal customer is.

3. How will you provide your product or service? Boomer-Business-Ideas provides information through our website and through private coaching, webinars, and infoproducts. Will you offer your services online, offline, or both? Will you work from home or will you need an office or another physical location for your business?

Once you have your business model ready, the rest of your business plan will fall into place.

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