6 answers
logan
Student
Elk River, Minnesota
2
Questions
Asked
505 views
What is the best business model?
I am 16 and would like to start a business soon. I have done a bit of research. I have tried drop shipping in the past but I found out it wasn't the best business model.
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6 answers
Tara Johns
Copywriter/Content Marketer
18
Answers
Gates, North Carolina
Updated
Tara’s Answer
If you are referring to online business models, there are several great business models to choose from that have the potential to earn you a healthy income as well as provide you with the opportunity to work in an area (or "niche") that is fulfilling. It is vital that whatever business you decide to start, it is something that you are passionate about.
Aside from dropshipping, some other online business models to consider are affiliate marketing, content marketing, copywriting, digital product creation, and social media marketing.
*Affiliate marketing is a very simple model that has awesome potential for growth. Basically, you tell people about great products/services, and each time they purchase a product you've told them about, you earn money. You can do this for both physical and digital products/services.
*Content marketing is creating different kinds of content to help a business meet its specific goals, and posting that content where it would be most effective. You'd be creating blog posts, videos, website content, social media content, etc.
*Copywriting is a wonderful business to start. You must love to write. Copywriters create persuasive copy and content for any and every kind of product or service. This kind of writing is meant to compel people to take a desired action, like buying a product or signing up for a company's email newsletter, etc.
*Digital product creation is a broad area because the number of things you can create and sell is almost endless. Anything from stickers to printable planners to online courses or ebooks and much more. You create these products and sell them online.
*Social media marketing pretty much speaks for itself. You'd be using social media as the main vehicle to reach an audience that is interested in your products and get them to buy.
There are many options available that could be ideal. Whatever you decide to do, you must be passionate about it. I can't stress that enough. Just about anything can be turned into a successful business if you have a strong will to succeed and the right mindset. Also, you must genuinely care about the people you will be serving/helping. You could start by asking yourself
- who do I want to help?
- what do I want to help them do or what problem do I want to help solve?
- what kinds of things do I enjoy?
- does it align with my goals?
- how much time do I have and how much time will this likely take?
View the failures and setbacks along your journey as valuable lessons and use what you've learned from your mistakes to help you grow.
Find reputable sources for real info about any business models that interest you
Map out your goals related to business and figure out the steps you need to take to get there
Aside from dropshipping, some other online business models to consider are affiliate marketing, content marketing, copywriting, digital product creation, and social media marketing.
*Affiliate marketing is a very simple model that has awesome potential for growth. Basically, you tell people about great products/services, and each time they purchase a product you've told them about, you earn money. You can do this for both physical and digital products/services.
*Content marketing is creating different kinds of content to help a business meet its specific goals, and posting that content where it would be most effective. You'd be creating blog posts, videos, website content, social media content, etc.
*Copywriting is a wonderful business to start. You must love to write. Copywriters create persuasive copy and content for any and every kind of product or service. This kind of writing is meant to compel people to take a desired action, like buying a product or signing up for a company's email newsletter, etc.
*Digital product creation is a broad area because the number of things you can create and sell is almost endless. Anything from stickers to printable planners to online courses or ebooks and much more. You create these products and sell them online.
*Social media marketing pretty much speaks for itself. You'd be using social media as the main vehicle to reach an audience that is interested in your products and get them to buy.
There are many options available that could be ideal. Whatever you decide to do, you must be passionate about it. I can't stress that enough. Just about anything can be turned into a successful business if you have a strong will to succeed and the right mindset. Also, you must genuinely care about the people you will be serving/helping. You could start by asking yourself
- who do I want to help?
- what do I want to help them do or what problem do I want to help solve?
- what kinds of things do I enjoy?
- does it align with my goals?
- how much time do I have and how much time will this likely take?
View the failures and setbacks along your journey as valuable lessons and use what you've learned from your mistakes to help you grow.
Tara recommends the following next steps:
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Two of the best resources I know of for figuring out how to start a business are Dave Ramsey's book EntreLeadership, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
Debbie Morton
Business Consulting
68
Answers
Phoenix, Arizona
Updated
Debbie’s Answer
Hello Logan,
Here's a motivational guide on constructing a successful business model in eight simple steps:
1. Pinpoint your target audience. This is the group of people who will benefit the most from your product or service.
2. Clearly state the problem your business will solve. This is the reason your target audience will turn to your business.
3. Outline your unique selling proposition (USP). This is what sets your business apart from others in the market.
4. Formulate a smart pricing strategy. This will ensure your business is profitable while remaining competitive.
5. Design a dynamic marketing approach. This is how you'll attract and retain your target audience.
6. Set up efficient operational practices. These are the day-to-day activities that keep your business running smoothly.
7. Plot your path to profitability. This is how your business will generate income over time.
8. Foresee potential challenges. This will prepare you to tackle any hurdles that may come your way.
Moving on to the next steps:
1. Be fully committed. Your dedication is the driving force behind your business.
2. Select a unique business idea. This is the foundation of your enterprise.
3. Investigate your competition. Understanding them can give you a competitive edge.
4. Pick the right supplier. They will play a crucial role in the quality of your product or service.
5. Construct your online store. This is where your customers will interact with your business.
6. Think about your business structure. This will determine how your business operates and grows.
7. Open a separate business bank account. This will help you manage your finances effectively.
8. Promote your store. This is how you'll attract customers to your business.
9. Monitor your Key Performance Indicators (KPIs). These metrics will help you measure your business's success.
Remember, every step you take brings you closer to your goal. Keep going!
Here's a motivational guide on constructing a successful business model in eight simple steps:
1. Pinpoint your target audience. This is the group of people who will benefit the most from your product or service.
2. Clearly state the problem your business will solve. This is the reason your target audience will turn to your business.
3. Outline your unique selling proposition (USP). This is what sets your business apart from others in the market.
4. Formulate a smart pricing strategy. This will ensure your business is profitable while remaining competitive.
5. Design a dynamic marketing approach. This is how you'll attract and retain your target audience.
6. Set up efficient operational practices. These are the day-to-day activities that keep your business running smoothly.
7. Plot your path to profitability. This is how your business will generate income over time.
8. Foresee potential challenges. This will prepare you to tackle any hurdles that may come your way.
Moving on to the next steps:
1. Be fully committed. Your dedication is the driving force behind your business.
2. Select a unique business idea. This is the foundation of your enterprise.
3. Investigate your competition. Understanding them can give you a competitive edge.
4. Pick the right supplier. They will play a crucial role in the quality of your product or service.
5. Construct your online store. This is where your customers will interact with your business.
6. Think about your business structure. This will determine how your business operates and grows.
7. Open a separate business bank account. This will help you manage your finances effectively.
8. Promote your store. This is how you'll attract customers to your business.
9. Monitor your Key Performance Indicators (KPIs). These metrics will help you measure your business's success.
Remember, every step you take brings you closer to your goal. Keep going!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6182
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Logan,
The Best Business Model for a 16-Year-Old Entrepreneur
Starting a business at a young age can be an exciting and rewarding venture. There are various business models to consider, each with its own set of advantages and challenges. As a 16-year-old entrepreneur, it’s important to choose a business model that aligns with your skills, interests, and resources. While drop shipping may not have been the best fit for you, there are several other business models that you can explore.
Factors to Consider
Before delving into specific business models, it’s essential to consider several factors that can influence your decision:
Passion and Interest: Choose a business model that aligns with your passions and interests. This will not only make the work more enjoyable but also increase your motivation and dedication to the business.
Resources: Consider the resources available to you, including financial capital, time, skills, and support from family or mentors.
Market Demand: Evaluate the market demand for the products or services you intend to offer. Understanding your target audience and their needs is crucial for success.
Scalability: Assess whether the chosen business model allows for scalability and growth over time.
Risk Tolerance: Understand the level of risk associated with each business model and determine your comfort level with taking on such risks.
Best Business Models for Young Entrepreneurs
E-commerce: E-commerce businesses involve selling products online through platforms like Shopify, Amazon, or Etsy. This model allows you to reach a wide audience without the need for a physical storefront. You can either create your own products or source them from suppliers.
Freelancing: If you have specific skills such as graphic design, writing, programming, or digital marketing, freelancing can be a viable option. Platforms like Upwork and Fiverr provide opportunities to offer your services to clients worldwide.
Content Creation: With the rise of social media and digital content, creating engaging videos on platforms like YouTube or TikTok, writing blogs, or podcasting can be monetized through advertising revenue, sponsorships, and merchandise sales.
Subscription Box Service: Curating and selling subscription boxes tailored to specific niches or interests can be a lucrative venture. This model often fosters customer loyalty and recurring revenue.
Tutoring or Coaching: If you excel in academics, sports, music, or any other skill, offering tutoring or coaching services can be a rewarding business model that leverages your expertise.
Local Services: Providing local services such as lawn care, pet sitting, house cleaning, or car detailing can be a practical way to start a small-scale business within your community.
Conclusion
Ultimately, the best business model for you will depend on your individual strengths, interests, and goals. It’s important to thoroughly research and consider the implications of each model before making a decision. Additionally, seeking guidance from experienced entrepreneurs or mentors can provide valuable insights as you embark on your entrepreneurial journey.
Top 3 Authoritative Sources Used in Answering this Question:
Harvard Business Review: Provides in-depth analysis and insights into various business models and entrepreneurial strategies.
Entrepreneur: Offers practical advice and case studies relevant to young entrepreneurs exploring different business models.
Forbes: Known for its comprehensive coverage of entrepreneurship and business trends, Forbes provides valuable information on successful business models for aspiring entrepreneurs.
These sources were instrumental in providing reliable information on effective business models for young entrepreneurs.
Don't forget to read my autobiography, paying close attention to the foods that provide all the essential nutrients for effective performance studying. These are brain nutrients, like the amino acids, the B complex vitamins, Thiamine, Riboflavin, Niacin, Adenine, Pantothenic Acid, Pyridoxine, Cyanocobalamin, Folate, Inositol, Choline, and the minerals magnesium and zinc. You might discover that you can accomplish twice as much academic work in half the time. Your energy is massive and your performance in exams and assignments will also improve significantly, especially if your diet is replete. Replenishing missing nutrients can do wonders. So can high distinctions!
GOD BLESS YOU RICHLY, AMEN,
James Constantine Frangos.
The Best Business Model for a 16-Year-Old Entrepreneur
Starting a business at a young age can be an exciting and rewarding venture. There are various business models to consider, each with its own set of advantages and challenges. As a 16-year-old entrepreneur, it’s important to choose a business model that aligns with your skills, interests, and resources. While drop shipping may not have been the best fit for you, there are several other business models that you can explore.
Factors to Consider
Before delving into specific business models, it’s essential to consider several factors that can influence your decision:
Passion and Interest: Choose a business model that aligns with your passions and interests. This will not only make the work more enjoyable but also increase your motivation and dedication to the business.
Resources: Consider the resources available to you, including financial capital, time, skills, and support from family or mentors.
Market Demand: Evaluate the market demand for the products or services you intend to offer. Understanding your target audience and their needs is crucial for success.
Scalability: Assess whether the chosen business model allows for scalability and growth over time.
Risk Tolerance: Understand the level of risk associated with each business model and determine your comfort level with taking on such risks.
Best Business Models for Young Entrepreneurs
E-commerce: E-commerce businesses involve selling products online through platforms like Shopify, Amazon, or Etsy. This model allows you to reach a wide audience without the need for a physical storefront. You can either create your own products or source them from suppliers.
Freelancing: If you have specific skills such as graphic design, writing, programming, or digital marketing, freelancing can be a viable option. Platforms like Upwork and Fiverr provide opportunities to offer your services to clients worldwide.
Content Creation: With the rise of social media and digital content, creating engaging videos on platforms like YouTube or TikTok, writing blogs, or podcasting can be monetized through advertising revenue, sponsorships, and merchandise sales.
Subscription Box Service: Curating and selling subscription boxes tailored to specific niches or interests can be a lucrative venture. This model often fosters customer loyalty and recurring revenue.
Tutoring or Coaching: If you excel in academics, sports, music, or any other skill, offering tutoring or coaching services can be a rewarding business model that leverages your expertise.
Local Services: Providing local services such as lawn care, pet sitting, house cleaning, or car detailing can be a practical way to start a small-scale business within your community.
Conclusion
Ultimately, the best business model for you will depend on your individual strengths, interests, and goals. It’s important to thoroughly research and consider the implications of each model before making a decision. Additionally, seeking guidance from experienced entrepreneurs or mentors can provide valuable insights as you embark on your entrepreneurial journey.
Top 3 Authoritative Sources Used in Answering this Question:
Harvard Business Review: Provides in-depth analysis and insights into various business models and entrepreneurial strategies.
Entrepreneur: Offers practical advice and case studies relevant to young entrepreneurs exploring different business models.
Forbes: Known for its comprehensive coverage of entrepreneurship and business trends, Forbes provides valuable information on successful business models for aspiring entrepreneurs.
These sources were instrumental in providing reliable information on effective business models for young entrepreneurs.
Don't forget to read my autobiography, paying close attention to the foods that provide all the essential nutrients for effective performance studying. These are brain nutrients, like the amino acids, the B complex vitamins, Thiamine, Riboflavin, Niacin, Adenine, Pantothenic Acid, Pyridoxine, Cyanocobalamin, Folate, Inositol, Choline, and the minerals magnesium and zinc. You might discover that you can accomplish twice as much academic work in half the time. Your energy is massive and your performance in exams and assignments will also improve significantly, especially if your diet is replete. Replenishing missing nutrients can do wonders. So can high distinctions!
GOD BLESS YOU RICHLY, AMEN,
James Constantine Frangos.
Bronwyn Dorrofield
Academy Director
4
Answers
Durban, KwaZulu-Natal, South Africa
Updated
Bronwyn’s Answer
Sure thing! You should definitely check out the Lean Start-up Business Model Canvas. Their website is full of awesome insights. Plus, they have some really cool YouTube videos that show examples of how it all works. It's worth a look!
Kirsten Butzow
1
Answer
Phoenix, Arizona
Updated
Kirsten’s Answer
Hi Logan!
The most important two questions to ask and answer are:
1. Who is your customer (this is your target market)?
2. What problem do they have that you are solving? And, is your solution unique, which is your competitive advantage.
Next, there is a concept called The Marketing Mix that contains the 4 P's of Marketing:
Product - What is your product? What features and functionality does it have that solves your customer's problems.
Price - How are you pricing your product? What are customer's willing to pay? That is your revenue. What does it cost you to make? That is your cost. When you subtract your cost from your revenue, are you profitable?
Place - This "P" refers to your distribution model, in other words, how are you going to get your product to market - direct sales, through a drop ship model like you reference above. This about Netflix movies vs movie theater movies. Two different distribution models or "placement" for the product that solves two different problems - the desire for entertainment experience in a theater vs at home.
Promotion - How are people going to find you and find out about your product? Advertising, word or mouth, flyers??
If you have solid answers to these questions, you will have a good outline of your business model.
Best of Luck!
Kirsten
The most important two questions to ask and answer are:
1. Who is your customer (this is your target market)?
2. What problem do they have that you are solving? And, is your solution unique, which is your competitive advantage.
Next, there is a concept called The Marketing Mix that contains the 4 P's of Marketing:
Product - What is your product? What features and functionality does it have that solves your customer's problems.
Price - How are you pricing your product? What are customer's willing to pay? That is your revenue. What does it cost you to make? That is your cost. When you subtract your cost from your revenue, are you profitable?
Place - This "P" refers to your distribution model, in other words, how are you going to get your product to market - direct sales, through a drop ship model like you reference above. This about Netflix movies vs movie theater movies. Two different distribution models or "placement" for the product that solves two different problems - the desire for entertainment experience in a theater vs at home.
Promotion - How are people going to find you and find out about your product? Advertising, word or mouth, flyers??
If you have solid answers to these questions, you will have a good outline of your business model.
Best of Luck!
Kirsten