When you look at your competitors you will quickly realise that there are a few basic business models. These business models survive because they have been shown to be profitable.
A question to always ask is whether or not they suit what you want for your business. Make up your own mind on where you want to go with your business. Typical choices include: Small with lifestyle benefits , salary replacement, a few hundred thousand a year, rapid growth, global behemoth, and more.
Follow your own instincts. You can take the best from your own industry and add the good parts from others.
You will find that you learn from your failures and you will have a clearer idea of the path to growing your business.
What I am trying to say here is:
- Do look at successful companies – work out what they are doing right and emulate them.
- Do look at your competitors – see what they are doing better and improve yourself.
- Do look at other industries – see what they do differently and is there anything you can learn from them.
The comfort of sticking to a proven business model makes life easier. However, if you really listen to your customers you may find ways to do things that your competitors haven’t thought of yet.
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