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When someone asks about your business model, what they're asking is how do you plan to make money?
A business model is a company's plan for making a profit. It identifies the products or services the business will sell, the target market it has identified, and the expenses it anticipates.
- The question of What is your Business Model?, describes how you will capture, create, and deliver services to customers by addressing the following questions:
- Who's your target customer?
- What customer problem or challenge do you solve?
- What value do you deliver?
- How will you reach, acquire, and keep customers?
- How will you define and differentiate your offering?
- What's your profit margin?
- What's your cost structure?
- How will you generate revenue?
- Financial modeling is the task of building an abstract representation of a real world financial situation and is the process of creating a summary of a company's expenses and earnings in the form of a spreadsheet that can be used to calculate the impact of a future event or decision.
- Income Forecast
- Profit and Loss Statement
- Balance Sheet