It seems like you should have some business before you have a business model, right?
Suppose it’s your dream to create a business unique enough to eventually franchise and grows so big an investor wants to buy you out.
That’s a great dream, but that dream won’t come to fruition without a solid structure from the beginning. People don’t just stumble into that sort of success.
Creating a business model and sticking to it provides a structure that will support the growth — including rapid growth — of your business.
Here are some things you will want to consider as you establish your model:
- What do you want to achieve with this new business?
- Are you looking for a steady source of income? A retirement side gig? A side gig that can move you out of your current job?
- What size of business do you have in mind?
- Are you happy dealing with customers one on one or working alone as a solopreneur?
- Do you envision your business growing large enough to need staff?
- Do you want to stay local or does the idea of busting county and state lines excite you?
- Will you need a retail, manufacturing, or office space?
- Do you want to stay small or do you want to be the next public offering on Wall Street?
Maybe it seems a little early to ask these questions considering you don’t even have business cards yet — but laying a solid foundation from the start is what makes the difference between a successful business and one that will be old news by next year.