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In Step 3 of "10 Steps to Open for Business," answering the “Defining Dozen” questions is vital to writing a good business plan. The Sloan brothers describe them in detail in StartupNation: Open for Business, their book. Here is the third of those questions, in a special book excerpt:
What model suits you best? As we saw with Bill MacArthur and his company Geneworks, figuring out the right business model is critical to your success. Take another look at the discussion of business models in Chapter Four to think this through. Or do a little “recon” in your hometown or perhaps on the Internet. Investigate business models that other people have used when selling a similar kind of product or service. It’s great to be innovative, but tread lightly when being innovative with unproven business models. You might find yourself rewinding to the “dot-bomb” era.
Figure out a business format that best fits your Life Plan and offers the most direct route to success with the biggest potential payoff. The clearer your business model is, the easier it will be to figure out your revenue model. As we saw with Bill’s business, the model you choose can dramatically change when, how, and in what form you generate revenue.
Excerpted from StartupNation: Open for Business Copyright© 2005 by Jeff Sloan and Rich Sloan. Excerpted by permission of Doubleday, a division of Random House, Inc. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Learn more about the Sloan brothers’ secrets to business success – buy the book StartupNation: Open for Business now.