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How to create Business Model
Business model in layman terms is the way how you are going to generate business and from whom are you going to generate the business and how the business is generated.
Let’s look from the other side of what essential ingredients need to be put in to have stronger business model which can survive and sustain in the current competitive market.
The first aspect is scalability of the model to get customers, which in simple terms are how good your product / service can grow to bring the customer to experience your product / service. This could be in the form of downloading the mobile app where in customers download with not much of problem or bugs and use it, so here you need to ensure the technical platform to be robust and also the design which can give the user a good friendly usage which is UI user interface should be in such a way that customer can feel easier to use.
This plays crucial role in increasing the number of downloads which ensures more customers are logged in and give you business. Then comes the actual core of product or service how good it is beneficial to customer or what is the pain point the product / service is trying to solve this plays vital role in getting customers.
The above are some of the points which you should keep in mind while designing the business model for your startup.
Then comes the next million dollar question how are you going to monetize them, is it just all about getting traction and then giving discounts and undergoing losses or cash burn. These points need to be kept in mind when you design the business model which is very crucial for success of your start up to be alive and sustain the market.