Today, I would love to talk to you about your business model and why it's important. 

Simply put, a business model is the system you're going to use to make money or how you're already making money in your business. 

There are all kinds of different business models out there and it is important that every business have a business model. .

One model we often see out there is the “low-cost, low price” business model. Your goal here is to be the cheapest store on the block, think Walmart, IKEA, and so on, and so forth. 

Even though I give this example first, It is not my favorite. Usually, when I talk about price psychology and when you really think about it, this business model plays a role in defining your business. No one wants to be labeled “cheap”. People want to feel valued. We deserve to be paid our worth. Being the cheapest in town is not always the best business model. 

Because business models can feel tendous, sometimes entrepreneurs go through life and their business journey never doing them. Because of that, they never really understand how they're making money or the value they have to offer because they do not take the time to create their business model. That's really sad to me.  

Creating a solid business model is also a foundational element of a good business. It helps you, as the CEO, be able to delegate more of the things you hate so you can focus on the big picture, long-term success. 

We want to dream bold, but we also want to start smart. Remember that. 

It's almost never too late to do a purge and redesign your  business model

So, where do you start? Check out THIS episode of Talk To Tatiana