Business models help provide a clear image of running a company’s operations and a precise structure for its strategy that is free of obstacles. A business model canvas is a diagram that depicts how a company functions. It can assist business owners and entrepreneurs map out and track their business plans. To put it simply, […]
Business Model
The Resurgence of the Family Business
Could you imagine working day-to-day with you son or daughter? Would your father or mother make a good salesperson? Have you ever considered investing in your family’s future by owning a business together? That’s right, the family-owned business is seeing a resurgence. Though popular 2-3 generations ago, the idea of working with family members lost […]
Loving the Product Doesn’t Necessarily Mean Loving the Business
One way to approach your franchise search is to focus on the businesses that you personally enjoy. Maybe it’s the pizza you can’t get enough of or the gym that keeps you motivated. You can easily whittle down your list of potential franchises by paying attention to your own buying habits. But thinking like a […]
Love the Franchise Model, Not the Product
When searching for a business to own that you are sincerely interested in, look deeper than the product. While demand for the product or service is an important piece of the successful business formula, it is not what the business owner is going to live, eat and breathe every day…it’s the franchise model of the business. How […]
Pros and Cons of Moving from Freelancing to a Passive Income Business
A growing number of people are making money off of the gig economy. According to recent figures, around 36% of the workforce is making a living offering various freelancing services. It is easy to see the appeal of freelancing, but making money through an online passive income business can be preferable for many people. You […]
Do You Have the Right Sales Business Model?
No sales business model is “forever.” As our markets change, as our customers change, as our own business strategies change, there is a necessity to reassess our sales business models and go to market strategies. Unfortunately, too many companies ignore these transitions. They stay stuck with one model, working harder and harder, failing to produce […]
How to Pick a Business Model That is a Match for You
It’s painful when you start a new business for the wrong reasons. As a mentor to aspiring entrepreneurs, one of my challenges is to make sure their idea is a match for them. For example, I have a friend who is a self-proclaimed “foody” who wants to start a restaurant, but really has no interest […]
Is Dropshipping Still a Viable Business Model in 2018?
As you may already know, in recent years many online businesses have been closely tied to the dropshipping business model, using it as a means to help them grow and become more profitable. What is highly appealing to many entrepreneurs about dropshipping is that it allows companies to operate without needing to hold inventory, own […]
How to Validate Your Innovative Product as a Business
In my experience with technical entrepreneurs, they work hard on creating an innovative and elegant solution, and assume that customers will flock to them (“if we build it, they will come”). The reality is that successful businesses these days require an equally elegant business model, with the right marketing, delivery channel, price, and target customers, […]
5 Ways to Know if Your Small Business Has Franchise Potential
It’s important as a small business owner to evaluate different options to expand your business in the future. One choice that can be very attractive is franchising. It could allow your business to grow quicker than it might otherwise, without the kind of capital investment required if you do it alone. Taking your small business […]
