Key Elements of a Business Model

1- Business philosophy

Why you are starting this business and what value you are going to add. This is going to dictate the decision-making process and the long-term goals of your company.

2- Goal setting

Goal setting dictates the direction of the company. A clear direction clarifies decision making for your company.

3- Customer segmentation

Define the marketing persona. This persona defines everything about a client. Understanding your client helps you advertise and sell your product or service.

4- Value proposition

The value proposition defines the value that a specific brand receives in the mind of its clients. Value propositions can be functional (how useful is the service or product?), emotional (what emotions does it create in the customer's mind?), economical (how fair is the product price for this company compared with its competition?).

5- Customer relationships

The purpose is to improve your relationship with customers to attract new customers, retain them, and increase sales.

6- Channels

A channel is a communication path that delivers Value Propositions to numerous customer segments. A few examples of channels are the distribution of products and selling products.

7- Resources

Employees and human resources, business properties (such as a specific building or instrument), intellectual properties, and brand are a few examples are resources.