What is a business model❓ business owners should know

What is a business model❓ business owners should know

When we pass the self-assessment and select the services or products to be sold If we start a business or sell at all, it may be a loss. or has a high risk of not being able to sell So we should first build our business model. Many people wonder why. If not, will the business fail? If you are lucky to choose a product that is in high demand, it may not fail. But it will be difficult to compete with competitors and grow steadily. By creating our own business model, we can see the full picture of the business. And also reduce the weaknesses in each point that will occur during the course of our business.

🔹What is a business model?

A business model is a business model that What will our business serve or sell? Sell to whom? How to sell? Where to sell? Producing with what? Who helps produce? And how are the income and expenses? including profit from services and which products Therefore, the business model should be thought of before starting a business. But anyone who has already done business can still bring a business model to improve and adjust for the better. Think more overall A tool to think and create a good and widely used business model called Business Model Canvas (BMC), which will help us understand our business better. This Business Model Canvas (BMC) is a template that Help in business model design It was developed and presented by Alexander Osterwalder in his book Business model generation, which is useful in two areas:

- Help break down the elements (a total of 9 squares) so that we can understand our business model.

- Makes us practice thinking visually and remember more easily

To create this business model, we may have to start from thinking. What is our product? And to whom to sell, how to sell, and what raw materials will be used? How to produce and profit? Using the image below as the starting point of our business model.

🔹 Examples of Business Models

To make it easier to understand, here is an example of the Business Model used in business as an example.

- open a shop

- Franchise

- Startup

- Open an online store

- Freemium

- subscribe

🔹 Open a shop or service (brick-and-mortar)

It's a very common business model. It seems to be a business model for almost the vast majority of people doing business. Open a shop to sell stuff. Buy things + profit. Sell things to customers by opening a shop. It is a simple, uncomplicated form that has a location that can be opened easily. Able to manage alone or open multiple stores or provide services such as massage parlors, beauty clinics, dental clinics or hotel businesses

Key : Sell –> Profit –> Expand branches or sell more products –> produce by myself

Service : Sales of services –> Profit –> Branch expansion (reduce administrative costs + increase profits)

🔹 Open an online store

The format is similar to opening a shop with a storefront. but selling online instead The sales management style will be different, for example, having to take photos, post products, advertise online, or require employees to respond to chats or emails.

Key : Sell –> Profit –> Sell more products –> produce by myself

🔹 Franchise Model Franchise

Franchisor (Franchisee) operates under the same management system as the rights owner's business. The right owner will receive a license fee from the licensee which is % or annual income.

Franchise business system When properly selected, they can grow exponentially. The more foreign models of Western fast food business Especially in the US where he has been using this business model for over 100 years, Starbucks, KFC or McDonald's. If it's Thai, it's probably Amazon Cafe from PTT or 7-11 of CP Group.

Key : Build a reputation for the business –> sell franchises –> expand branches

🔹Freemium

Premium is a free service. free of charge all the time Especially businesses that are online applications and online services, but customers can pay more to use more services (premium). such as various mobile games that can be played for free, but have to pay to buy special items

In particular, the famous Dropbox Cloud Storage was founded in 2010 and has always stayed true to the Freemium model. Today, Dropbox serves around 500 million users, of which only 2-4 percent upgrade to Premium, but earn over 1,000. Millions of US dollars in 2018 (Dropbox, additional hosting will be charged)

Key : The volume of people who use the service –> sell a special service that is superior to free stuff.

🔹Subscribe to Subscription Model

Subscription Model If we are familiar with each other, such as fitness members, cable TV members Mobile phone service fee AIS True Dtac, but recruiting for a new future of business building Tech companies use this model a lot, such as Netflix, Spotify, Apple, Amazon, and Disney Plus, which are becoming more and more intense. And is a model that is especially interested in Netflix, who is disrupting the movie rental industry, watching movies and selling DVD discs forever with a subscription model movie streaming service.

The advantages of this model are Accurate forecasting of future earnings because counted according to the number of members make the measurements as clear as possible By this model, the most important thing is regular customers. How can customers become members with us forever?

Key : retaining loyal customers, developing services or content, finding new customers

🔹Startup

Startup is a business that opens a new company. Most of us call Startup in IT business. and business to grow by leaps and bounds which will not focus primarily on making profits, but focusing on the number of service users with the idea that if there are many users The cost per unit is reduced (Economic of scale), so Startup Business Models will focus on attracting a large number of users to services such as Uber, which is still losing money every year. But shareholders still trust to invest more. Because more users use the service, even LAZADA or Shopee that still loses billions per year to increase the number of people who use the service.

Key : Increase the number of users –> Make Big data –> Profit

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Examples of various brands that we take care of online marketing

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