What is a Business Model?
Business Model is a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing. It is a really important process, many start-ups have either shifted their business model or have gone out of business completely”.
Michael Lewis refers to the phrase business model as “a term of art.” And like art itself, it’s one of those things many people feel they can recognize when they see it but can’t quite define. It seems that people define the term based on how they are using it.
A business model is a company’s plan for making a profit. It identifies the products or services the business will sell, the target market it has identified, and the expenses it anticipates.
What is a Business Plan?
A business plan is a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. It is a document that desribes what you plan to do and how you plan to do it. A business plan is a guide for your business that outlines goals and details how you plan to achieve them. It lays out a written plan from a marketing, financial and operational viewpoint.
Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment