How important is your business model?

 Posted on July 17, 2017 in Uncategorized

In Texas and throughout the nation, entrepreneurship is the wave of the future. In fact, many people are choosing to forgo post-secondary education in favor of stepping right out into the deep to give their business-related dreams a try. Some people are better prepared to launch such ventures than others. Creating a successful business may be your current dream, or, are you one of the lucky ones who has already brought your dream to fruition? Either way, you're likely familiar with the topic of choosing a business model.

If someone asked you to rate choosing a business model on a scale of importance with one being insignificant and unnecessary and 10 being absolutely crucial to entrepreneurial success, how would you score it? Hopefully, it would score high.

The bottom line

Many entrepreneurs love the challenge of creating and building new companies. Others aren't so crazy about the start-up process but really enjoy maintaining a business, interacting with clients and providing products and/or services after a business is established. Perhaps, you like both processes and can relate to most other business owners who focus on making money as an ultimate goal. The following business model ideas may help you forge a path to productivity and profit:

• Things in common: Most business owners have certain processes in common even though their business niches may be vastly different. For instance, nearly all business owners produce a product or service, market their wares, sell to customers and deliver their goods. Choosing the right business model can make the difference between smooth-flowing business and chaos.
• Thinking ahead: Before you know which business model is right for you, you may want to fine tune the particulars of the type of business you'll be doing. Are you selling your knowledge and expertise as a consultant, or warehousing an inventory of hard copy products for sale? The type of service or product you provide may greatly impact the type of business model you choose.
• Structure and relationships: Once you know what you're going to sell and/or provide to your consumer base, you'll also want to determine the basic structure of your day-to-day business practices, as well as your interaction with employees (if you have any) and clients.

One of the best means of choosing a business model is to read about various types, then use a process of elimination to narrow down your choices. Because most business ventures involve contracts of some kind, once you discern which business model best suits your particular needs and business goals, you may want to access additional resources to seek support and guidance for putting your plan in writing.

Other Texas entrepreneurs have found it very helpful to connect with experienced business and commercial law attorneys for assistance in reviewing their proposed business model plans and to be on-hand to represent them in court if any problems arise.