If you are an artist(e) or a creative professional who is still unsure about the relevance of having a business plan, then you need to read this past blog post – Beyond the Hype: Why Artists/Creator Need A Business Plan. As I stated in that post, a business plan is what you end up with at the end of the business planning process, and you MUST engage the business planning process if you wish to be a success at any level with your creative business. Essentially, it is your business plan that details your business model – that is, your strategy for how you will increase revenue from the work you do.
Now that that’s a little clearer, let’s get started on the purpose of this post – to help you delve deeper into the business planning process and understand the importance of certain features of a successful business model.
3 Major Components of a Successful Business Model
There are lots of business models you can choose from as you build your business and career. Still, although there are many differences, there are some things that remain true across all business models. These features are necessary for building a business model that leads to your ultimate success. These features are as follows:
1. A Clear Vision or Mission
What you offer (your products and services) and purpose (why you offer the products and services you do) is the foundation of a solid business model. Afterall, business is about bringing products/services to market that are consumed by targeted sects of the public in return for profit. By being clear on what you offer, as well as how and why you’re offering it will go a long way in
2. A story for clients to buy into
Every business must have products and/or services for clients to purchase. However, it is the brand story surrounding the products/services that people actually buy into. Think about it. The world’s best singers today aren’t necessarily selling the most units as the angle of their story is simply not as saleable as an arguably ‘less competent’ vocalist.
3. Your Target Audience and How They Access Your Products/Services