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The value of hard work and persistence
How to stay focused on long-term goals
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Types of Business Models
There are many types of business models for every kind of business.
- Traditional business models include direct sales, franchising, advertising-based, and brick-and-mortar stores.
- Hybrid models include businesses that combine internet retail with brick-and-mortar stores or sporting organizations.
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Criticism of Business Models
There are two critical factors in judging business models. When business models don't work, it is because
- the story doesn't make sense anymore, for example, the airline industry;
- the numbers don't add up to profits, that is ...
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Understanding Business Models
- The primary component of the business model is the value proposition. A value proposition is a description of the goods or services a company offers and why they are desirable to customers or clients.
- A new enterprise's business model also covers p...
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The Business Model
A business model refers to a company's plan for making a profit.
- It identifies the product or service
- The target market
- Anticipated expenses
A busin...
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Special Considerations
A common mistake companies make in their business model is that they often underestimate the costs of funding the business until it becomes profitable.
Many analysts believe that companies that run on the best business models can run themselves.
- One way analys...
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Pros and Cons of Regular Foot Traffic
PROs
- it allows businesses to see and interaact with customers personally
- can generate word-of-mouth advertising and repeat customers through recommendation
- enables face-to-face sales
- allows customers to ask questionsdirectly and get immediate answ...
Different Types of Retail Traffic
Traffic refers to the number of people who comes into your store, including those who walk nearby. It is an important measure of retail success and naturally, the more foot traffic = the more chances there are to make sales.
The types of retail traffic include:
Preparing Small Business Owners For The Holidays
The holidays are coming, and savvy owners should take this opportunity to draw as much traffic as possible to their sites and — most importantly — convert as much of that traffic as possible to customers while they’re there.
During the holidays, business spikes for nearly everyone, but...
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