Page 37 - The Green Entrepreneurs

36 | THE GREEN ENTREPRENEURS

The business model helps you determine the following:

1. Who is your customer?
2. What product are you offering to them?
3. How much will your customer pay?
4. The cost of your product.

5. Where will the exchange take place?

Your business's success is guaranteed with effective marketing

strategies, channels to reach your customer, and the best way to
offer your products to them.

Component of a Business model

The business model should give a clear idea of your plan to

achieve a profitable business. The clearer your vision, the better
your strategy for growth. Find below the element of a good
business model:

Value Proposition

It addresses the customer needs and why your customer should

buy your products. It helps your business to stand out among
other competitors.

Market Segment

The market segment describes what component of the market
your business is targeting and the type of customer. It highlights

their traits; gender, interests, age, location, lifestyle and others.