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Five Easy Steps to the Success of a Business Model

Dayo Adetiloye Business Hub

Five Easy Steps to the Success of a Business Model

 

Developing a business model isn’t about determining which products to pursue or just for the sake of completing the business plan. But it is about figuring out how to develop ongoing value for your potential customers. If you are entirely new to the business then some questions that may linger in your mind such as-

 

Where will your business idea start?

Or

When will you know you’ve been successful?

Five Easy Steps to the Success of a Business Model

Five Easy Steps to the Success of a Business Model

Here are the five easy steps to the success of a business model-

 

  1. Establish business processes

 

You have to understand various activities that are required for your business model to work and before it can go live. By identifying the core aspect of your business offering, you can determine the pivotal business activities.

 

  1. Develop a robust value proposition

 

A robust value proportion can be achieved by establishing what your business offers and why is it better than your competitors. For instance, how will your organization stand out from the competition? Do you provide innovative service or a revolutionary product? Once you define a few value propositions, you can link each one to a product or service delivery system to know how you will remain valuable to your potential customers.

 

 

  1. Identify your audience

 

Targeting a wide array of the audience won’t allow your business to hone in on those customers who are genuinely in need of your services or product. The wise thing will be to narrow down your audience to 2 or 3 buyer personas. You should outline the common challenges, each & every persona’s demographics, as well as the solutions that your organization will provide.

 

  1.   Create a DGS (Demand Generation Strategy)

 

You will need a strategy that generates leads, is specially designed to close sales, and builds great interest in your venture, unless and until you are taking a radical approach to launch your enterprise. Moreover, what should the customers do when they become aware of your brand? Therefore developing a DGS (Demand Generation Strategy) will make a blueprint of the customer’s journey. It can do this while documenting the key motivators for taking action.

Five Easy Steps to the Success of a Business Model

Five Easy Steps to the Success of a Business Model

  1. Include Your Motivation

 

Your ‘motivation’ and ‘ambition’ is the most important piece in a successful business model.

Why are going through all this effort, sweat, and hard work? In order to convince the people that the business will succeed through thick & thin, your motivation needs to be the reason. It is a fact that not just by selling to make money, an enterprise needs a mission that drives it and your motivation defined in the business model is that mission. 

 

Final thoughts

 

By utilizing the steps mentioned above will undoubtedly ensure the success of your business model. If you fully understand the basic structure of a business model, in order to create a successful one.

 

Varun Datta is the Founder & the chairman of one of the top-notch firms, 4New Ltd. He is also a highly successful entrepreneur and is fully dedicated to making this an economic reality.

 

 

 

 

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Dayo Adetiloye Business Hub
Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
Dayo Adetiloye Business Hub
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