If you don’t live for designing business model, your business won’t last. Business can only make progress when it is been re-invented on a daily basis. Ask Blockbuster why they lost the video rental business to Netflix- Business Model.

By definition, business model is a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

A business model lays out a step-by-step plan of action to profitably operate the business in a specific marketplace.

The business model for a restaurant is significantly different from the business model for an online business for instance.

To put together a business model, let’s look at the following points that make up a business model canvas.

Key partners: Who are the key partners for your business? Identify them and deal with them accordingly and have a good business relationship with them.

Key activities: When we say key activities, I mean what are the activities done on a daily, weekly and monthly basis in your business? All these must be identified and documented. This will help you put structure to your business and it will help you make informed decisions that will move the company forward.

Key resources: Key resources talks about the tools you can’t do without on a daily basis for your business, like the location for your business, human resources, recurrent expenses, and every other resources that will make your business profitable. Let’s take for example a website designer, he may not necessarily need an office, but he needs a laptop to work with, he would need internet data, he would have to get a domain name and hosting package.

Value proposition: What are the values you want to offer your customers? What are the features intended to make your company or product attractive to customers? Value proposition is what your customers want to hear about your product or services.

Customer relationship: This is the way you deal with your customers; it could be an existing customer or a potential client. Customer loyalty is very key in business and for a customer to be loyal, the relationship between you (your business) and the customer must be unwavering. You must possess the following qualities for you to be in a successful relationship with your customers; transparency, integrity, swift response to customer complaints, quick delivery of goods ordered and so on.

Customer segment: Customer segment is a function of customer relationship, it is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits.

Channels: What are your channels of delivery? How do you intend to deliver your products or services to your customers? Let’s say you are into a bakery business, while some of your customers may come to the bakery to pick up their goods, you can also arrange for a vehicle to go supply to customers that are not close by. In this wise, there’d be two channels of delivering your products to your customers which will eventually boost your profits.

In conclusion; Successful businesses have developed business models that enable them to fulfill client needs at a competitive price and sustainable cost. Over time, circumstances change especially in this information age, and many businesses revise their business models frequently to reflect changing business environments and market demands.

There’s been an interesting conversation going round that since businesses could sell on social media platforms and customers are buying without fear of been duped or not getting what they ordered, why does a business still need a website?

Also, age-long organizations claimed that they have been doing well before the internet bubbles of the late 90s and many (including companies that started after the internet bubbles busted) are still doing well today even without having a website, why should they choose to have a website?

Many business owners even tried to register a domain and develop a website for their businesses but decided not to renew it again after the first year because according to them, the website is not generating money for them.

According to expireddomains.net, well over 518 million domain names have been deleted to date while active domain names stand at 640 million.

The question these business owners that their domain names got deleted keep asking is why do they need a website for their business?

Let’s look at few reasons why you need a website for your business

1. Official Business Email Address:

Are you one of those who still use generic email addresses like yahoo, gmail or hotmail as your business email address?

Some big and well-structured organizations will never do business with you if you don’t have an official business email address and this is part of the package that comes with having a business website.

Part of the add-ons that comes with hosting your website is the ability to create official email addresses and you don’t have to pay a dime extra except if you want to use tools like Google workspace or Microsoft 365 to access to your email address.

2. Brand and Business Control:

With your own business website, you determine how visitors and customers should view your business with well curated content that suits your marketing style. Also, if any social media platform shuts down at any time, it does not affect your business because your website will continue to represent your brand identity and message.

3. Improved Customer Service:

Having a business website can greatly improve your customer service experience, engagement and capabilities. With a website, you can communicate with your customers more efficiently, provide them with the information they need, and offer tools such as chatbots and contact forms to address their concerns and convince potential clients to do business with you.

4. Increased Visibility and Marketing Opportunities:

Your website allows your business to be visible to potential customers anytime of the day, regardless of their location or time zone.

This can help increase your brand awareness and attract more customers. A website can be optimized for search engines, allowing businesses to reach a wider audience and attract potential customers who are actively searching for their products or services.

5. Build Trust and Credibility:

A professional website with detailed information about your business (phone number, office address, contact information etc) help builds trust with potential customers and enhances your perceived legitimacy. Investing in a quality website can be a game-changer for your business, opening up new opportunities for business growth and success.

6. Data Collection and Analytics:

Having a business can help you to gather data about your customers behaviours and buying preference, allowing you to refine your business model, marketing strategies and improve user experience.

In conclusion, while social media platforms are fantastic for creating awareness for your business, building a huge fanbase or followership, it is nothing compared to having a website for your business as website remains the foundation for online presence and visibility for businesses giving you the much-needed control, flexibility, effective and efficient customer engagement. [Featured Image Credit]