Startups are usually the product of massive, creative, and brilliant ideas. Even the most creative idea, though, will easily fade and die if it is not properly executed. That is why a sound, sustainable business model must be at the core of any successful startup. You should be targeting a successful marketplace business model.
The idea is just the first stage in the process of starting a company. To attract the interest of your potential customers, you must have something cool, modern, and original to the industry. However, it isn't quite enough.
You must also construct a solid foundation that will help you to turn your concept into a sustainable and long-term enterprise. You'll need to figure out which marketing tactics and platforms you'll need to reach out to potential purchasers, as well as how you'll deliver your deals to them.
So, here comes the most awaited question:
HOW TO DECIDE WHICH BUSINESS MODEL TO ADOPT
Before you jump into a competitive and long-scale business, there are some questions that you need to ask yourself, the answer to these will help you choose a direction and make you beware of some upcoming challenges.
Here are some of the point you need to take into consideration:
YOUR TARGET MARKET
Before you can go any further, you must first decide if the definition is effective. Study your market segment and get a sense of the types of people who may be interested in your item or brand, to assure there is a gap that your product and service can fill.
It's wise to go back to the drawing board if very few customers are involved in whatever you have to say, or if people don't like what you're selling.
It's important to know who you'll be competing against before joining a new industry. Search and see how many other people are really doing what you'll do and how good they are at it. Don’t be afraid of the competition, stay focused on your goal, work wisely, work hard and you will see the results coming in no matter how narrow the profit margin is, due to the competition.
While you can't rely on data solely until you've been in the industry for quite some-time, it can enable you to picture your potential customer in your head. Consider WHO it is that you want to serve. What are their demographics, desires, big issues, and long-term objectives?
It's much easier to work out your business and to handle your target demographic if you have a better idea about who your future buyers are.
I know taking risks is the main theme of the business world, you can’t even survive in the business industry without taking risks and experimenting, But, it is more important to take calculated risks. I suggest you expect the best and prepare for the worst, make yourself and your company, capable of handling any type of unforeseen circumstances.