What is a business model?

Business Model is considered as the structure of a business, to generate revenue from various sources.Let us look into the core areas of business model.

1.    Every business starts from a business idea.It should be unique and practical to test in the target market.

2.    Industry trends determine the total demand potential revenue in a market.Business model should fulfill the local market needs.

3.    Competitive analysis will help to differentiate your products from others.

4.    Skilled manpower is essential for business success.

5.    Entrepreneur should have adequate working capital and emergency fund to meet regular operations in any situations.

6.    Marketing and sales strategies pave the way for market penetration.

7.    Branding, Promotion and Online presence are essential to succeed in today’s business environment.

8.    A business model contains sales projections for near future and medium term.

9.    Financial projections must be equipped with cash flow, balance sheet and income statement.
 10.Tactical planning for periodic changes in the target market enhances the core business model