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You have carefully mapped out your Life Plan and know that owning your own business is the direction that you want to take your career. Now, it's time that you proceed to the next step in the business start-up process, which is choosing a business model.
Choosing a business model requires that you select one that perfectly compliments your Life Plan. Today, there are six different business models that one can choose from.
1. Home-based
2. Brick-and-mortar
3. e-Commerce
4. Franchising
5. License your product
6. Multi-level marketing
Imagine a life where your clients can come to your home office to conduct business. The home-based business has become a very popular trend amongst business owners. With a home-based business all you need is an extra room in your home that you use solely as an office.
Some business owners choose to go with the traditional brick and mortar business model. The brick and mortar is when you have a commercial address where you can interact with clients. This is a more traditional way of operating a business, but depending on your business, this model may not be ideal for you.
E-commerce is a very popular business model that allows the business owner to sell goods and services via the internet allowing global business transactions. Imagine sitting in a coffee shop in Washington, D.C. while doing business in India. Today, E-commerce is one of the fastest growing businesses.
Franchising allows a business to distribute its products or services via retail chains owned by independent, third party operators.
License your product or great invention and make money in the process. This is a smart way to capitalize on your great idea.
*Multi-level Marketing is a business structure that is designed to create a marketing and sales force by compensating promoters of company products not only for the sales they personally generate, but also for the sales of the other promoters they introduce to the company, creating a down line of distributors and a hierarchy of multiple levels of compensation. (Definition taken from Wikipedia)
Selecting a business model is an important step in the business start-up process and it's important that you choose a model that works best for your business.
Comments
Well organized, excellent article!
Most definitely you have to license your novelty or you will not receive any proceeds from your hard-work... Good information.
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