Business Model will either make or break your business.
Are you an entrepreneur, a freelancer or a real estate professional? Are you having a hard time crafting your business model? Then this article is for you. But before anything else, you should first determine your “sweet spot” because it is important to have a clear vision on what are the things that you are passionate about for it is hard to run a business that you are not really interested in the first place.
Image courtesy of imagerymajestic / FreeDigitalPhotos.net
So if you’ve already defined your “sweet spot”, let’s move on to your journey on digging some information. These are the 9 aspects of Business model canvas
- Customer segments – What kind of customer you are going to serve?
- Value proposition – What can you do to satisfy the need of your customers? What value can you provide?
- Channels – What are the channels that you will use to reach out to your customer in terms of fulfilling all the things that are needed in the entire customer life cycle?
- Customer relationships –What is the kind of relationships that you are willing to give? (Long term or short term?)
- Revenue Stream – How can you generate your revenue stream? ( rent, sale, repeat purchase, up sell, or post sell)
- Key resources – What key resources you need to make your business work? (Capital, software, people or other investment that you need to note.)
- Key activities – What are the activities that your value proposition requires? ( Marketing, managing of contracts, etc)
- Key partnerships – Who you need to partner with to make this work? (Developer or the property owner)
- Cost Structure –What are cost acquisition from your business?
But wait, it doesn’t end there. If there are aspects, then I will share some tips too to deepen your perceptive. To help you create business model canvas, below is the jumpstart basic knowledge that will definitely give you an edge.
Tips on Business Model Creation
- Write your purpose – Your business should have a mission and vision because this signifies your culture and the things that your business stands for.
- Have someone check your financial model – You need this to know if whether you can earn enough to the point that after a certain period of time, you will be making enough money that will not only sustain your operations but can also generate profit and at the same time your investors or shareholders generate as well.
- Make a business model canvas for each service that you provide – Every service you provide for the customer needs different implementation and strategies.
- Make an empathy map – Empathy map is a great tool for you to have a better understanding of your customer.
- Stress test your business model – When your business have already grown and investors are coming in, it is important to stress-test your business model for you to have a clear vision where your business stands so that you can do something to make your business more profitable.
- Always begin with an end in mind – What is your end goal? What do you want to be 10 years or 20 years from now?
Nobody, even the most successful entrepreneur can predict the exact formula for a business to work out. That is why a business model is a great tool because this is where you will write all the plans and the things that are needed to make your business work.
Wondering where I got all this stuff? I learned all this in the 2nd webinar for the Lead Generation and Customer Relationship management for the Real Estate Business Model Development with the topic: Business Model Development
You can check this link if you want to learn more about the kinds of business model and how to develop your business model canvas and many other things.
The Digital Lead Generation and Customer Relationship Management for Real Estate Industry is a 12 week webinar where you can learn different things needed to Generate Leads and make your real estate business work.
All webinar materials and recordings are uploaded in the Digital Filipino E-learning System and all always available for students who are enrolled in this module.
They are still accepting enrollees, so if you are interested, you can visit the Digital Filipino E-leaning site to check the whole program.