Modern Business Models You Need to Know

Remember when the only way to shop was in person? Excluding catalog shopping, going to the store was the only way to shop. But as time passed, something started to change. Innovation took hold and revolutionized the way we do just about everything. Business models of today are far different than they were even 10 short years ago.

Now, you have a variety of ways to shop without ever having to set foot inside your local market. However, if you’re wanting to start your own business, you need to know which business model works best with your ideas and concepts. If you’re looking to start your own company, there’s no shortage of modern business options to choose from.

Subscription Based

Life can be hectic, so that’s why subscription-based business models usually do pretty well. Streamlining the purchasing process is what it’s all about, specifically, buying once and having the product delivered regularly without having to dedicate time to buying it again. Even something as innocuous as toilet paper subscriptions have taken off.

If you go this route, you definitely need to streamline the delivery process. It’s even more important once your business starts to grow and you’re managing a fleet. To ensure your deliveries make it to their destination on time, you should consider fleet telematics. Telematics offer real-time GPS tracking, which not only improves customer service, but also enhances route performance. Understanding the fastest, not to mention safest route, will keep customers happy and avoid having to deal with missing packages from the post office.

Platform Only

Platform-based business models are also a viable option. Uber, GitHub and vacation rental platforms all deliver what consumers want most, which is ease of use and value. Granted, you need to validate your idea before investing a lot of money into building an app or platform. You can create a beta version of your idea and test it out on a variety of target markets. If the response is favorable, you can then expand and start working towards the finished version.

Since creating apps can be expensive, you can also use crowdfunding to get your idea off the ground. Kickstarter, a crowdfunding platform, allows you to pitch your idea and ask for financial backing from investors. In return, you offer a percentage or profit or something else that will make their investment worthwhile.

Technology Focus

Thanks to modern technology, the printing business is booming. In fact, technology is so advanced that you can actually start your own 3D printing company, or something similar, in your own home. If you’re all about AI and big data, you could develop an app that makes supply chain and fleet management easier for other businesses. You should also be up to speed on things like the future of digital marketing so that you do not go through the trouble of getting your business off the ground and devote your time to antiquated marketing strategies that fall flat in today’s market.

Socially Based

Business owners of today are more hands on than ever before. They take an active role in building authentic relationships with their customers. One shining example is a Golde, which is a health supplement company started online with one product. Completely bootstrapped, the founders of Golde interacted, and still do to this day, with their audience online. They even went so far as to give viable information on how they got started and how you can do it as well. Consumers want to know the story behind a brand, not wonder who’s sitting at the helm.