This is the type of question that can certainly have countless answers. Business models can certainly vary company to company, so it’s actually pretty difficult to give you a solid answer that would cover all, or even most potential business models. However, I’d like to provide you some information about what you should consider before you select the appropriate business model for your business.
- Properly value your product—Even if your product offers a similar solution as something else that’s already established, you want to be sure that your price point is attractive to the consumer, but also capable of making money. You don’t want the price to be too as it will likely never sell (especially if you have stiff competition). However, if you price your product too low then consumers may question the quality and it could leave you exposed.
- Ensure that your product solves a problem—It would be great if you could create a prototype and test it on real customers first. Then you could get real feedback about the usefulness and overall quality of your concept. This could go a long way in helping you narrow down the best business model.
- Establish an advisory board—Reach out to people who have been there and done that. What worked for them? What didn’t? Talk to potential investors as well as other entrepreneurs about their experiences. Many people are more than willing to offer their expertise to startups. Just make sure that you have a solid concept that makes people excited to work with you.
You’ve been given a number of good ideas for different business models that could work for you. I’d suggest reaching out to a startup attorney to help you flesh out some ideas and ensure that you are creating a solid foundation from the start. Check out our website atWe connect entrepreneurs with seasoned startup attorneys. We offer quality services at an affordable price. Get in touch for a consultation.