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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
What’s Your Business Model?
Quite simply, the business model is an explanation of how a company will generate revenue to meet your expenses and earn a profit. It also explains the sources of the company’s revenues, how much these sources pay and how often.
Is your sales product or service based? Based on this question, here are several types of business models that you could implement or enhance to further your income.
Fee for Service Models:
1) Day Rate
2) Project Fee
3) Monthly Retainer
1) Flat Fee
3) Bait and Hook
If you aren’t earning as much as you would like through your business, the marketing plan may not be at fault. Take a look at your business model and determine if changes are needed.
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