To create a simple business model for your hustle, start by defining what you're selling—this could be a product or service that solves a problem. Next, identify your target audience, focusing on their needs and preferences. Finally, outline your revenue streams, such as direct sales, subscriptions, or advertising.
- What You’re Selling
Product/Service: Clearly define the core offering. This could be a physical product, a digital service, or a combination of both.
Unique Selling Proposition (USP): Identify what makes your offering stand out from competitors. This could be quality, price, convenience, or a unique feature.
- Who You’re Selling To
Target Market: Specify the demographics of your ideal customers, such as age, gender, location, and income level. Customer Needs: Understand the pain points or desires of your target audience that your product/service addresses. Market Research: Conduct surveys or analyze existing data to validate your assumptions about your target market. 3. How You’ll Make Money
Revenue Streams: Outline the different ways you will generate income, such as: Direct sales of products/services Subscription models for ongoing services Affiliate marketing or partnerships Advertising revenue if applicable Pricing Strategy: Determine how you will price your offerings based on market research, costs, and perceived value. Sales Channels: Identify where and how you will sell your product/service, such as online platforms, physical stores, or through social media.