🎱Key Questions:
- What are the inputs that go into making money as a company?
- What is my company's best, worst, and most likely financial scenario?
- What's the best way to make money from the product?
- How do I price my product given my costs, competitors, and the perceived value of my company?
- Based on my finances, how should I fund my company?
<aside>
⌛ Suggested Time:
Total Hours: 100+ hours
Full Time Founders: 3 to 4 weeks
Part Time Founders: 2 to 3 months
</aside>
💁🏼Why Do This Now?
Having a product is not the same as having a company. And one pivotal component of any company, whether you're a for-profit or a non-profit, is having a business model. While you may already have an idea of how you're going to monetize and price your product, it's essential to understand the different options and to start thinking about how to take advantage of different business models in the future.
Business model and the product go hand-in-hand, and in the long-run, you'll discover that taking a creative and customer-oriented approach to both will be critical to your company's survival.
👯 Goals:
- Identify ways to make money from your product or service
- Understand the primary financial drivers of your business and what it means to be sustainable or profitable
- Create a strategy around how to price your product or service
- Understand your funding options
Step 8: Business Model
Basic Startup Finance
Business Model Innovation
Pricing
Funding Plan
Step 8: Wrap Up