Put simply your business model is the answer to the question “how does your business work?”
So how does your business work?
Puzzled? This question is so often greeted with bewilderment that I thought I would showcase some business models.
My inspiration for this was a fabulous article on http://www.freakonomics.com/. It’s a story about Smile Train, a charity that fixes children’s cleft lips. Initially the charity used the donations it raised to send a team of doctors to treat poor children in countries such as Vietnam and India. Frustrated by the relatively high cost of doing this and the low number of children they could treat, they changed the business model. Instead of sending American doctors to treat the children they used the donations to train local doctors. The result – same amount of dollars, many many more children cured of their cleft lips.
How can you improve your business model to make the money go further?
Stories, ideas and tips to help women build fabulous businesses and to help you build your best business.