In order for any business to be successful there needs to be growth and change. However, knowing where improvements need to be made and the right changes to make can be tricky. Especially when you consider just how many different business models there are.
To help you to decide which approach might be right for you, we are going to take a look at 5 of the most scalable business models that might be right for your business.
The idea behind white labelling, is that you offer up your product, whether it is physical or a service, to other companies to sell. They can sell it with a 'white label', which means that they apply their brand and customer accordingly, and it is down to them to price it and sell the product. You still earn money from the sale of the product to that company, but you don't have to deal with the end user or anything else that could be associated with passing on that sale.
Do you have a product that you feel your customers would benefit from buying more than once? If this is true, then you could consider a subscription business model for your business. Your customers pay a monthly or yearly fee and then they receive the product on a regular basis (this is determined by you as a business). One of the biggest benefits of this has to be that you can be assured of regular purchases from that customer and you don't have to worry about trying to tempt them back to make a subsequent purchase.
Are you a business who is lacking in space for storage of your products? Perhaps you feel that the handing and shipping of your product is taking you away from other parts of running your business? Then perhaps drop shipping could be a way forward for you. Drop shipping is when another company takes care of the storage, handling, packaging and shipping of your product to your customer, however, you are in charge of the selling, advertising and customer queries.
The idea of a franchise is that you take an already established business and set it up in a new place, with the same name, the same brand and whilst the other business is already running. As a business owner you still own the original business, however, you sell the rights to use the brand to someone else, who is called a franchisee. Often, a franchisee isn't left alone to manage things, they are supported by the main business owner and are taught how to run their franchise successfully. The great thing about a franchise approach is that you keep your brand and its name, but someone else is helping you to grow the business.
We all like to get something for free, however, we all know if we really like something and value it in our lives, then we will be much more likely to pay a premium for it. A great idea for a business model is a freemium approach. The idea behind this is that you offer your customers a basic level of features at absolutely no cost to your customers. However, you then offer a premium level at a fee, often on a subscription basis. The idea behind doing this is because the free approach will tempt people to learn more about you and then they will be much more likely to pay out for the premium level.
As you can see, there are a number of different approaches that you can take for your business. Not only can you help it to grow and develop but to also become the success that you hope for.