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Business Model Basics – Getting It Right First Time

Firstly, this article is not intended to be an exhaustive resource on the subject, nor is it aimed at corporate businesses whose business models can be very complex and take years to put in place. The idea here is that I will introduce the basic idea of business modelling to those unacquainted with the process, so that they can look at their business and consider their business model (if it even exists) and possibly review things a little to get back into shape.

So what do you understand by the word ‘model’ apart from fashion and plastic aeroplanes, a model comprises of a structure of components, that when put together, make the total picture, (so actually the plane metaphor might not be so far out). When we apply the word ‘model’ to your business, we are in this case looking at the various components of the business that will add value to your customers, hence creating the demand for your products and services in the marketplace.

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