What is the real score why many people wanted to land in a new venture? Do they want to experience a new adventure in life or are they doing it for their future? What matters the most between these two, landing a new venture needs preparation.
In this way, you will not just be challenged but also get prepared with the chosen new field of career. Yes, consider it as a career, especially if it involves money. A helpful guide will teach you how you get started with your small business, you may browse around here.
Identifying your business
It is very important to identify your business so that you will be focused on what and which are your target audiences. For example, if you start a small food business, then you can focus on what are your target audiences, do you target the kids, adults, or both? Always keep in mind that you identify which field of business you are going to offer. It helps you to target the age group for your business.
It can be very helpful if you have enough idea with the business you have planned to offer. A good business should have a logo that serves as a trademark. So, anyone who can see your business logo will be aware and reminded, for recognition purposes as well. Building a persona of your business is your initial step to start a new venture.
The business model
A business model might sound familiar to you, since you start up a business, you need it. What is a business model and how does it help a business? A business model is the core profit-making plan of the company. It is defined as the products or services to offer, any expected costs, and its target market.
It is best described as the rationale of how a company performs the core 3 steps:
- Capture value
All these will be applied in social, cultural, economic, and other contexts. There is also a process of the business model construction and modification; these are called the following:
- Business model innovation
- Business strategy
Good examples of business models, such as franchising, direct sales, brick-and-mortar stores, and advertising-based – these are traditional business models. Mentioning the hybrid models, which are today’s business models, these are businesses with a combination of internet retail with physical stores.
The eCommerce business model
With the mentioned traditional business models, there are still businesses that rely on them. However, modern businesses have been applying the hybrid models that eCommerce is associated with. There are several types of eCommerce models on both traditional and innovative ones., namely:
- B2C (Business to Customer)
- B2B (Business to Business)
- C2B (Customer to Business)
- C2C (Customer to Customer)
Whichever of the several types of eCommerce business models you used, you need to find your edge. You must pick the right model for your business type to become more successful in the field of your new venture. Being new in the field of business might be difficult, but when you are armed upon entering the battleground, you can compete.