TES 031 - Build a Profitable Business Model - a podcast by Mel Abraham

In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham reveals  in-depth about what is needed to build a profitable business model. There are different elements of it and the things that need to be considered. He talks about one that is used to come up with an optimal business model.

Six Piece Framework for Business Modeling

Under this model, there are two categories: Internal and External. These two have three factors each: Players, Strategies and Outcomes.

External

External elements are related to the customer, marketplace, team and others. They are:

• Who: It is about who we are serving, who our customers and marketplace are. Define the identity of a single or specific customer. Then extrapolate that identity in the marketplace. Understand their geographics, psychographics and demographics. Define your optimal customer.


• How: How do we give them what we are trying to deliver? It is about the connections and channels. Define the relationship that we are trying to create with our customers and other associated people. Specify the channels that we are going to use to deliver the products, services or experiences to the clients


• What: It is about what we are giving them in terms of value, products, services and experiences. It is about the value you create in their life through transformation. It should be holistic so that you serve everyone: customers, marketplace, community, society, team and yourself.

Internal

These are the elements to move the product or service forward that are internal to the organization, to you and your community. They are:

• Team: Who are the partners, team members, and the ones that will champion our mission and vision? They may be internal organization folks or even outsourced people. Know the roles that they play.


• Actions: Actions are built on activities and resources. They are the things we need to have and do to move this forward. Define the activities, milestones, timelines and the resources that you need.


• Results: It is about costs and revenues which are required for the business to be sustainable. It is necessary for you to grow, and continue delivering the value and experience. It has to be profitable in the long term.

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ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

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THE ENTREPRENEUR'S SOLUTION

The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.

Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast

The Entrepreneur's Solution Blog on Tumblr: http://melabraham.com/blog

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