What type of business model will you use?
Creating and forming a business plan from scratch might seem like a daunting task. But with our Athlete365 Business Accelerator programme, you can you get your business plan off the ground with the help of simple, easy-to-follow online lessons from our experts, including an in-depth look at business models.
- We look at four different models which could potentially be applied to your business.
- Each business model has its strengths and weaknesses, which should be taken into account.
- The Athlete365 Business Accelerator programme looks at these and more in further detail to help you decide which model fits your ideas.
One of the key elements of getting started in the business world is knowing which model you will follow. Different services and products may require different approaches to the business world. Some may need a stronger online presence, or the ability to be more reactive to change. Let’s take a look at a few different types and what they mean.
This business model has greatly increased in popularity in recent years. Subscription-based businesses typically sell to their customers on a monthly or yearly basis, offering them a continued service over time. Examples of this include music streaming or gym memberships but can also include physical products, which the subscriber receives on a periodic basis.
Freemium models work through multiple tiers. Firstly, you make basic elements of your service available without charge, which helps to attract a user base. Next, offer more advanced features, which customers have the option of accessing at a cost. Freemium models are typically more suited to online goods and services, as giving physical products away for free can incur a large financial burden on your business.
The ability to react quickly to changes and requests is vital for this type of business. By definition, the customers are the ones with the power, and you are making the product or providing the service only once they have ordered it. This can be instant (for example, meal delivery companies) or scheduled (ordering custom designed products which require time to develop).
The aggregator business model works by bringing together individual or small-scale services and hosting them under one roof. This creates a simple, convenient access point for the customer which enables them to use the services. Examples of this include hotel reservations, price comparison sites and others.
Which business model will your idea best fit? The Athlete365 Business Accelerator programme looks at these and more to help you successfully launch your own business. If you successfully complete the online course, you will be invited to attend a two-day workshop led by industry specialists, where you can further develop your idea and entrepreneurial skills.