There are quite a few businesses who offer a similar service or product, which makes it hard to differentiate oneself in the market. Considering switching business models might be just the differentiator you're looking for. Here are four things to consider.
Markets are always changing — but sometimes, major trends affect all the markets. A prime example of this is the “sharing economy” - a term that refers to the new widespread inclination towards sharing vehicles , workspace , and homes . Many new businesses hopped onto this trend with new business models. T, such as Rent It Today for sporting goods rentals, Borrowed Time Watch Company for renting watches, and Parkatmyhouse for parking spots.
When you notice major trends such as the rise of the sharing economy, ask yourself, “How can I better fit my product or service within this larger trend?” It will also help in brainstorming new ideas too.Because new business models create such new business types, it’s of paramount importance to thoroughly understand what your business does - and to not stray from that. Lorelei Starbuck is the founder of, a company that specializes solely in elopements.
“We’d get a call and they’d ask, ‘Will you meet us in the park?’” She remembered. “But new businesses aren’t as easy as just opening your doors,” Starbuck shared. “If you’re going on and off focus on your brand and shifting away from your model to be all things to all people, you’re going to fail.” She makes sure her business never strays from what it does best: micro-weddings - which means3.
Of course, the most successful business models represent a deep understanding of their customer. While this is important in launching any new business or business pivot, it’s particularly important when a new business model is in consideration.
In whatever way you feel called to change or start a new business model, keeping it customer-centric and staying in great commitment and clarity to whatever you choose, is a surefire way to make it a successful transition.
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