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Launching a Business? Here Are 5 Proven Business Models for You to Consider

Do you already have a service in mind, or are you working on entrepreneurial spirit alone? Both are a great starting point from which you can build a lucrative business. But if you want to inspire investors and customers alike, you need a compelling business model that fits well with what you’re offering. Here are five potential models to choose from.

1. Offer personalization.

Tech and the internet have comfortably reassured consumers that they can easily get exactly what they need. Get your business in on the action with personalization. Customized, tailor-made, bespoke, exclusive – these are all words that can attract certain groups.

Essentially, we want options, and it’s even better when the customer feels like they invented that option. From clothing to home goods to software, allowing people to build their own product carries a lot of promise.

2. Join the sharing economy.

Is your business a viable platform that allows people to get together and exchange good and services? From Craigslist to Airbnb to Uber, it’s possible that your new venture will involve taking a step back and allowing the community at large to decide what they want, and who they want to buy it from.

Relative to other models, there’s little investment risk here. Just ensure there’s a real need for your type of platform, and that you have ironed out issues of liability beforehand.

3. Let a buyer name their price.

Before procuring funding from Unsecured Finance Australia, consider a model that makes buyers feel like they’re practically stealing from you; or at least, very satisfied with the deal they got. Known as a reverse auction, this model lets the buyer name their price or budget.

It won’t work for every business, but it could be profitable if you have a great deal of inventory you can let go for cheap, or if your business has a ton of competition.

4. Offer subscriptions.

One model that has absolutely exploded in popularity in the last several years would be subscription-based services. Here, consumers pay a reasonable weekly, monthly, or annual fee to continue doing business with you.

But it’s not all Netflix. This model translates well offline, as we see millions subscribing to receive beauty and personal care items, food, lifestyle goods, and even cars to drive for a limited period of time.

5. Integrate internet and in-store.

The major challenge many physical stores face is competing with online shopping. Fortunately, the “bricks and clicks” business model has helped keep many physical locations in operation.

When you spread your efforts between both bricks and clicks, you’re supplementing your foot traffic with online shoppers. You can allow local consumers to purchase something on your website to be picked up at your store nearby, or simply sell inventory online and ship it in addition to offering it in person.

There are many more models to choose from than the ones presented here. No matter which you choose for your business, bear in mind that your model can become as much a part of the story as the product or service itself. Therefore, you want yours to not only speak to the modern consumer, but the consumer of the future.

Launching Your Business: How To Organize Your Operation


 
When you have a business idea, it’s only natural that you may sit on it for a while. Maybe you’re frightened of failure, or of going after your dreams and not really getting what you want? Don’t worry, you’re not alone. But if you have always wanted to run your own business, and you love the idea of making it work, then you have to jump in with both feet (or head first!). If your mind still isn’t convinced and you feel held back, then you may want to focus on organizing your way there. Because when you have the right plans in place and you really work to keep things organized, launching can seem so much easier. So here’s what you need to do.

1. Find The Right Location

So first of all, you need to think about your location. And finding the right business location really does matter. If you need a manufacturing unit, you’ll want to make sure that you have enough space, and that you’re in the best possible position to create. You may even want to just start small and clear out your garage space for this. Either way, you need the best possible place to work from.

2. Decide Between Managed Or Self-Service

If you’re setting up an office, one thing to keep in mind is where you want to have a serviced space or somewhere that juts your own. Managed offices mean that you have all of the bills and services included, even the cleaning! But if you rent a space yourself, you may need to set up all of the utilities, internet, and look after the place yourself. So it’s worth considering which will work out best for you.


 
3. Setup The Space

Then, you need to set up the space. Again, if you are going with an office, why not think about going with used equipment to get the price down? Even if you need an industrial or manufacturing space, you may be able to go for used equipment to get a better price too. But just be sure that the quality is where you need it to be to get the job done.

4. Invest In Your Machinery

However, if you do want to make sure that you can do the best possible job from the beginning, investing in the right machinery and manufacturing equipment is just so important. From niche specific unites to counting scales to quality control conveyors, make sure you’re happy with what you have. These are the things you need to run your business and create your product, so they have to be right.

5. Stick To Systems

Finally, one thing you may find, is that systems help you out tremendously here. When you’re working on a large scale and you have products to manufacture, or an operation line to set up, things need to run like clockwork. So, it’s going to be in your benefit to get processes that allow your production to be as efficient as possible, and ensure that you have a good quality control check in place. When this is all organized, you should find that launching is so much easier.