The 31 Day Guide To Starting Your Own Accounting Business – Day 1 – Your Business Model Basics
It will be some serious things here, so be prepared to take notes. That means print this article and write on it as you read it. This first part will seem a bit obvious, and there is much controversy about the differences between business models and business strategies. It’s almost that came first, the chicken or the egg type question. (By the way, British scientists have answered the question it was chicken .. Look at it.)
Because the Business Strategy and Business Model are so intertwined, it was not until the go-go days of the DotCom bubble that took the meaning of the term itself. This term is almost never heard before from the web novice DotCom bubbles began using the term to describe their operations to the venture capitalist. Over time it became the catch phrase to describe all sorts of sins.
To understand your own business model, you need to look at nine different “building blocks” of your practice.
1) Target Market Segment – What niche or industry segment you serve?
2) Value Proposition – what problems you solve for your clients?
3) Channels – How do you communicate with or serve your clients? How do you make a sale?
4) Client Relations – What is your relationship with any industry or client?
5) Income Streams – What income you earn from any solutions that you provide?
6) Key Resources – What assets do you need for your services?
7) Main Activities – What services do you offer?
Key Partnerships – What do you outsource or acquire?
9) Fee Structure – How much it costs you to provide your services?
Start by looking at the respective building blocks, one by one, and when you’ve got a good understanding of what different parts of the generic business model, you will be able to look at your own business model and those of your competitors.
