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HEADS UP!~ Let’s discuss Step 2, Choosing a Business Model.
This post is for those of you interested in a possible Sun Member Project.
As a group of possible participants in a possible SUN Member Project considering partnership, we should have a pointed  discussion with regard to the 2nd step, Choose a Business Model. I hope you agree.
If you are planning to participate, please post giving the group a good idea of what models you are most interested in and why. One post per participant please! We’ll be adding to the models as more information is gathered and you can edit your post if a model shows up that you hadn’t considered.
When choosing a business model, my first and foremost consideration; choosing a model that fits my dream business as determined by my life plan. So what is your dream business? (Do think about it but don’t tell yet, submission is not far off! ) Will you work it part-time or full-time, at home or in an office (corner view) or some other environment? Will you be using your skills? Need flexibility? What kind of model really fits you, your passions, your needs and your business dreams? Now, after taking all of this into consideration, does your model also offer the most direct route to success with the biggest potential payoff?
The group needs to know so spill the beans!
I’ll add models as I continue compiling and organizing. You can edit your posts if you want to change your mind or if you’ve discovered a certain business model doesn’t fit as well into your life plan or the group’s life plan as you thought originally.
Are you more interested in part-time or full-time work? What’s your preferred work-style?
Here are a few business models from which to choose; (I’ll be updating. You can update yours too!)
- E-Publishing=Low Risk, Low Startup, Outsourcing, royalty longevity
- Freelancing/Consulting=Less Risk, Lower Startup Costs, Easily Scaleable, Outsourcing, flexible
- Independent Sales Rep=Less Risk, Lower Startup Costs
- Ebay-preneurship=Low Risk, Low Cost, good tools, good traffic, worldwide customer base, flexible
- E-Commerce=Low risk, low cost, full or part time, easily scaleable, worldwide customer base, somewhat flexible
- Home-based=Less Risk, Lower startup costs, easily scaleable, outsourcing, flexible
- Brick and Mortar=Dedicated space, and location, face 2 face w customers, walkup traffic
- Franchising=Formulated business model, franchise support, brand recognition.
- Licensing=Low Risk, Streamlined, great for commercializing inventions, no infrastructure, no employees
- Multi-level Marketing=
There are downsides to all of the above as well but we will be expanding a bit on those points before the week is up so again, if you need to edit your post– feel free. 1 post per participant please. If you need additional resources on choosing a business model StartupNation has put it all in together in a nice neat package for you.
Edited by: MiteyMite - Nov. 07 2006 at 5:33 AMA lot of might & a little luck will get you anywhere you want to go!
Need ideas to make the most of small office spaces? Check out OfficeSpaceSavers.com
Looking for products to help you organize your office? Please visit PackedWarehouse.com
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Can you believe we spend 30% of our life-time working? 30%! If I have to spend 30% of my time doing anything it had better be doing something I really and truly enjoy. Equally important to me is a work style which provides great freedom and flexibility and I want to do it all in comfort . I want to be able to work while soaking up the sun when it’s warm and able to work next to a fireplace when it’s cold. I don’t want my work to be labor-intensive, oh no, that wouldn’t do . I like to be part of team effort but work well on my own. I also like to have a variety of things going at once . My work must add to my financial stability. And, the list does not stop there.
My work must be personally fulfilling, something that brings me a great sense of satisfaction, something I’m proud of and something my family can be proud of . I want to be able to spread my wings, be challenged and discover talents I didn’t know I possessed . I want to figure out just how great my visual spatial skills are when applied to business and no….. I don’t want to work full-time! I want to work when I want to! And I want to do it all to music... unless I really need to think, then I want it to be quiet. Oh, and one last thing comes to thought; I haven’t had to wake up to an alarm clock in 6 years and I want it to stay that way!
But wait; isn’t this part of my life plan??? I thought I was working on my ideal business model??? Well, gee golly, look at that! It’s BOTH!!! And now I have a better idea of the business models that would be most ideal for me!
I have the home-based, the freelancing, the Ebay-preneurship, the E-commerce and the brick and mortar .
However, what I’d really want to get involved with is licensing, branding and E-Publishing or have one company that does it all .
I have always had interest in and believe I have a knack for branding. I don’t know a thing about licensing but I’d very much like to learn . I like the E-publishing model, think it would be a great method to raise startup $$ in a great hands-off, low maintenance kind of way and through participation in that model I could learn a bit about publishing which I’ve had an interest in lately. It’s also a great way for many people to participate and a great direct route to success with a big potential payoff.
On using so many emoticons for this post: Just wanted to show everyone all the decision making emotions you may go through to come to a conclusion on this step!
Edited by: MiteyMite - Nov. 09 2006 at 4:36 PMA lot of might & a little luck will get you anywhere you want to go!
Need ideas to make the most of small office spaces? Check out OfficeSpaceSavers.com
Looking for products to help you organize your office? Please visit PackedWarehouse.com
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HomeBased:
Less risk and lower startup costs - allows you to test the entrepreneurial waters without having to spend money on real estate and staff.
Outsourcing - a great strategy to keep things simple at home. You can contract with other companies to do your public relations, warehousing, shipping, website management, even manufacturing.
Liscensing Products:
Lower risk because you can work on your product part-time.
Lower cost because your main expense is production of a prototype and testing the product to make it attractive to potential licensees (rather than the cost involved in setting up an entire business to make, market and sell the product).
Freedom to move on to the next big business idea - if you do successfully license your product idea, you could receive royalties long after you’ve stopped working on the product! RevenueStream.
Outsourcing of PublicRelations can translate into liscensing your product. Have idea, will negotiate? Always show up at negotiations.
UpdatedInfo from AOL:
3. License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product, notes Larry Bennett, director of the Larry Friedman International Center for Entrepreneurship at Johnson & Wales University in Providence, Rhode Island. "You can receive upfront monies and royalties from the continued sales or use of your software, name brand, etc.--if it's successful," he says. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours. "[But] before you set up a meeting or contact any company, find a competent attorney who specializes in intellectual property rights," advises Bennett. "This is the best way to minimize the risk of losing control of your service or product."
"You need to align with other businesses that already have lists of prospective customers. It's the fastest way to success."
Edited by: frndchps - Nov. 17 2006 at 4:35 PM
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