Successful business models for small business

Successful business models for small business

On any startup business model, a business model is a core since regardless of how unique or cool the idea may be, it should have a viable way to make money that’s worth the investment in the future as well as to sustain itself. What is a business model? It’s actually a description of how the business makes money, an explanation of how to deliver value to customers at a competitive cost.

The business model term came to wide usage with the advent of PCs and spreadsheets. These tools enable entrepreneurs to do experimentation, testing, and modelling various ways in which they could structure costs and revenue streams. For your brand, there are various business models to choose from, and it’s important to choose one that suits your business best.

Today, businesses and organizations are more and more relying on custom software development to build the best software solution for them. Custom software apps are specifically designed to meet your brand’s particular requirements since the software solution is developed specifically for your business, thus it could address the needs of your customers more accurately, and with in-depth solutions to their concerns.

Before partnering with a software development service provider, the first thing that you should do to jumpstart your small business is to determine the business model that’s right for you.

Great business models to start in 2021

1. Virtual assistance

Nowadays, the demand for virtual assistant services is very high. Everyone, from huge brands to single proprietors require help in managing their day-to-day business. If you have great organizational skills, then you could kick your small business by offering assistance, such as scheduling meetings, answering emails, and doing other administrative tasks.

This is a model that’s been proven because people are always on the lookout for virtual assistants. You could land your first clients by responding to listings online.

2. Dropshipping

If you’re considering selling products but don’t have the funds to purchase and store inventory then dropshipping may be a great business model for you. It’s an eCommerce business model wherein you need not manage physical products. You simply have to set up your online store, and partner with suppliers who could store, package, and ship orders to your customers.

Furthermore, you need not spend hours researching a product since there are dropshipping applications, such as Oberlo for instance, to look for awesome products for you to sell. With this business model, you need not hold inventory.

3. Home-based catering

If you can cook and consider it as a creative outlet for you, then you could make a decent income by opening your very own home-based catering business. Your initial investment will depend on how big the setup you want to be. For instance, if you want to start small, such as smaller events that you could manage by yourself, you could start for less.

The majority of home-based caterers begin by building a website, which your partner custom software development provider could help you, join platforms that let cooking experts squeeze some profits from their culinary skills, or experiment with food markets in your locality.

4. Translation

There is always a demand for multilingual people, so if you speak a couple or more languages, then a great business model for you to start with is translation. Begin looking for clients on websites such as Flexjobs and Upwork, and build your portfolio gradually.

As you successfully work with more and more companies, you could hire more translators specializing in other languages to expand your offerings. It’s a great idea to market your services on social media websites to help reach a bigger audience.

5. Content writing

Almost every organization with an online presence needs help with creating content for blogs, product pages, and so on. Starting a content writing business could be a profitable venture for you. There are so many popular websites to find your first few customers.

Moreover, you could also join Facebook writing groups to promote your business to a bigger audience. There are numerous ways to make a good impression on clients, like offering custom graphics and of course keyword optimization as part of your services.

6. Tutoring online

If you have expertise in math, the arts, or English in particular, you could start your online tutoring business. An essential prerequisite is of course having a bachelor’s degree in the subject you’re trying to teach, ensure that you cover this first before you begin. A lot of online tutoring sites is where you could search for prospective clients. 

To make it work best, always teach subjects that relate to your niche of expertise because you would be able to share your constructive knowledge and skills to boost learning. Moreover, you could also give lectures and interact with students via Skype, which makes tutoring online one of the easiest online business models to start with.

Summing up

The business models mentioned above are only some of the numerous business models for you to take into account in the year to come. Despite the pandemic, we still look forward to what’s to come in the New Year. Fortunately, the IT space continues to boom amidst lockdowns and businesses closing and even has a great surge in demand.