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How to start your business idea, how will it develop and how do you know that you have achieved success? How will you create value for customers? The creation of a business model is not limited to drawing up a business plan or defining a niche for a product. First of all, you need to think about exactly how you will create a sustainable value for customers.

  1. Identify your audience

Choosing a too wide audience will prevent you from concentrating on users who really need your product or service. It will be much more correct to narrow down your audience to two or three types of customers. Describe the demographic properties of each type, the common tasks and solutions for them that your company will offer. For example, the Home Depot retailer could work for all groups of the population or offer a product for the average buyer, but the main target audience of the store was homeowners and builders.

  1. Set up business processes

Before you start your business, you need to understand all the actions necessary for the operation of your business model. To identify the key business processes, you first need to determine the key aspect of your proposal.

  1. Keep records of key resources

Without which your company will not be able to support your work, find new customers and achieve your goals? List the main resources that will allow the business model to meet the company’s needs. One of the most common types of resources: website, capital, warehouses, intellectual property and customer contacts. Using the Interstate Capital is a factoring company specialist is important in this case.

  1. Create a convincing value proposition

How will your company stand out against competitors? Do you offer an innovative service, a revolutionary product or a new variation to the entire usual product? At the heart of the value proposition should be a clear understanding of what the company offers and what it is better than competitors. When you define several offers, associate them with the product or service delivery system to see if your company will be able to retain its appeal for customers over time.

  1. Identify key business partners

No company can properly function and achieve results without key partners who will contribute to the common cause. When creating a business model, select partners among suppliers, strategic allies and advertising partners. On the example of the already mentioned Home Depot, such partners can become suppliers of wood, wholesalers of parts for repairs and logistics companies.

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