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THE ‘ESSENTIAL’ SUCCESS FORMULA FOR SMALL & NEW BUSINESSES!

THE ‘ESSENTIAL’ SUCCESS FORMULA FOR SMALL & NEW BUSINESSES!

STEP FIVE: BUSINESS MODEL

Tools

Your Step Five Tool Kit

Step Five: Business Model

It’s time to research costs!

  • What will people pay for this? SUPER IMPORTANT. Do some research to find out what this is. 
  • What will your sell price be?
  • What cost price can you get (including EVERYTHING that goes into the business – that includes marketing, photography, distribution, wifi, etc) 
  • After that, what’s the margin?
  • Now work out how many you can order or produce. 
  • How can you build value into the product? 
  • This part is exciting because it allows you to understand whether your business model will actually fly, and whether it will be profitable. 

If the numbers tell a story that is less than desirable, go back to the drawing board. 

  • Can you tweak the product or service?
  • Can you squeeze down the cost price?
  • Can you alter the business model?
  • Can you pivot your offering into a new direction?
  • Can you focus on a new product?
  • Is there one product that works better than another – it deserves your attention.  

Remember, we are here for you if you need help. Jump on over to Biz Nation to asks us a question! 

 
 

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