Sunday, September 20, 2020
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How To Develop A New Business

You have a great idea to start your own company but do not know where to start? Do not worry. We begin in this post for the first step, which will be to create a business model that sets your goals in the short term and that will serve as a cover letter for potential investors. This is the first tool with which you will have to work as a preliminary step to the new business plan and that will allow you to clearly define the following elements:

What Will You Offer To The Market?

How are you going to define and differentiate your products?

How are you going to sell your products to generate utility and value?

– How are you going to get customers and keep them?

– How are you going to show yourself to the market?

– What will be your strategy to go on the market: advertising and distribution?

Customer Segment

Customers are the main basis of your Business Model. You must know perfectly who you want to sell your value proposition and what needs it has. Analyze at this point the group of customers that you will reach and reflect on those needs that you will be able to cover with the purchase of your product.

Value Proposition

Your value proposition is what you hope to do better or different than your competition. A company may have one or more value propositions, depending on whether it is addressed to one or more target audience groups.

Customer Relations

At this point, you should analyze the type of relationships that will be established with your client at the time they purchase your product. It is about identifying the most aggressive and creative way to establish long-term

Distribution Channels

As the name implies, you must include in this section how you will distribute your product so that it reaches the final customer in the most effective and safe way. You must identify the distribution channels that will work best for your product and to make your costs efficient. This section would also include the communication strategy that you will carry out to promote your product, how are you going to get to know new customers?

Sources of Income

In this section, you will have to evaluate how much money your client will be willing to pay for the purchase of the product, and you will solve the three main questions about how you will earn income with your idea:

Key Resources

At this point, you must identify the infrastructure necessary to operate your Business Model, what are the essential assets to carry out the entire process?

Cost Structure

you know what the necessary resources will be to carry out your idea and how much customers are going to pay for your product, you can define the strategy that your Business Model should follow to maintain the cost structure, calculating the investment expenses and the profitability of your proposal, and trying to make the most of the benefits.

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