Join Mike Figliuolo for an in-depth discussion in this video Determining your revenue model, part of Creating a Business Plan.
Your business plan has to spell out…your revenue model for your product or service.…This is a huge determinant of how successful…your business is going to be.…How are you going to make money at this?…Is it going to be a one time charge,…or are there recurring or subscription…charges for your product?…Are there going to be cross-sell…or upsell opportunities?…Are you going to sell add-ons…that compliment the product or service?…How are similar products priced in the market?…What do your competitors do?…What's their revenue model, if you're looking for ideas.…
Also ask, what do your customers willing to pay?…Conduct some pricing market research,…or look at competitive offerings and how they're priced.…Then analyze the value of your product…and the value it creates and price as a portion of that.…Don't leave value on the table.…And your choice of a revenue model…is going to determine how much…of that value you're going to capture.…For my business, we sell training courses,…and I could price it two different ways.…I could price based on how much…
Author
Mike Figliuolo
Released
9/17/2015- Define the problem your business solves.
- Determine a product and revenue model.
- Build a go-to market strategy.
- Describe the components of a product development roadmap.
- Explain how to brand and market a product.
- List criteria for choosing suppliers.
- Identify common pitfalls of business plans.
Skill Level Intermediate
Duration
Views
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Introduction
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Welcome1m 11s
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1. Defining Your Business
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Sizing the market1m 55s
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2. Understanding Your Market
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How you rank vs. competitors2m 48s
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3. Defining Your Product
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Protecting your market2m 41s
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Developing your product2m 23s
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Delivering your product2m 4s
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4. Selling Your Product
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Pricing your product2m 36s
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Selling your product2m 20s
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Supporting your product2m 11s
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5. Running Your Operations
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Managing production2m 3s
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Managing suppliers2m 20s
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6. Managing Your Business
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Leading the organization1m 52s
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Getting advisors2m 2s
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Compensating leadership2m 13s
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Administration1m 20s
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7. Projecting Your Financials
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Financial assumptions1m 47s
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Financial forecasts2m 20s
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Capital requirements2m 27s
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Financial risks1m 50s
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Exiting your business1m 53s
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Conclusion
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Business plan pitfalls1m 54s
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Next steps1m 18s
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Video: Determining your revenue model