Innovative Business Models

Change in business models over time is inevitable. That being said, in today’s world, the pace of change has increased exponentially, mainly due to the Internet and tech explosion over the past several decades. People, and thus ideas, are now more interconnected than ever. All of this has affected the way businesses operate. Below are some innovative business models that can help your business thrive.

 

Mobile Shop

 

This tip comes from Becky McCray’s article. Many shops are now going completely mobile by having their store within a trailer. You can see this most often with food-based businesses, like food trucks. By making the entire operation mobile, a business does not have the hassle of dealing with issues that brick and mortar companies do. Mobile shops are not only food trucks either. Having either a website or Facebook page for your mobile shop can help a lot as well, as you can let customers know where you will be located the next day.

 

Utilize the Internet

 

This is a broad category, as many types of business models can come from it. There are several, however, that are worth considering.

 

Purely Online: This type of business model is how it sounds; your business is entirely online. There is a wide variety of businesses that can be run solely online. Much of them have to do with information exchange, though some services can be rendered as well. Examples of this type of work could include article writing, online consulting and video editing, to name a simple few. There is a large market for this type of work, though it can be competitive, as practically anyone can try their hand at this type of business.

 

Omni-channel Tactics: This idea comes from McCray’s article as well, though it is a widely used method. In this model, your business may still be in a physical location. That being said, in this method you utilize the Internet in a variety of ways, according to McCray, such as online ordering and mobile-friendly websites. The idea is to use the Internet to help you engage with your customers and traffic more sales to your business.

 

In the end, there are many different ways to be innovative with your business model. The Internet has opened up countless opportunities for your business to be successful. Hopefully the short list above has given you some ideas on how to create your own innovative business model.

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