Activity Feed Forums General Discussion Business model Reply To: Business model

  • Khushbu

    September 7, 2022 at 3:32 pm
    1325 Coins

    Hi Kajal,

    Never develop a company model without a clear aim in mind. 

    Clearly define your consumer base before considering how to create revenue streams. 

    Is it a mass or a niche market? Do the clients with whom you wish to build value belong to a market that is divided into segments with varying demands and problems? 

    Your market can be diversified, just like the enormous Amazon, to serve two whole different client groups, such as the general public and developer communities.

    If your business model is based on the interdependence of various consumer segments, your market can finally be multilateral. 

    In this instance, for the model to function, both segments are necessary.

    You can satisfy a need without ever figuring out how to make money off of it.

    Your business model should outline the many income streams, how you intend to make money with your project, and how your method of earning money is compatible with your endeavour. There are many distinct business models, which can be a source of innovation. It is important to distinguish between the business model and the business plan.