When it comes to starting a business, choosing the right model is like picking your weapon for battle — it can make all the difference. Some business models garner all the hype, while others quietly succeed behind the scenes. Knowing the ins and outs of each can help you find the one that perfectly fits your skills, market, and vision.
The obvious choice for online retailers, dropshipping, and digital products. Everyone’s jumping on this bandwagon — and for good reason. It provides access to customers worldwide with relatively low startup costs. However, remember that the competition is fierce, so you’ll need to find your unique angle.
From Netflix to meal kits, subscriptions bring in steady, predictable income. It’s like having your business on autopilot. The key is to keep your customers engaged and minimise cancellations by consistently delivering value.
Offer the basics for free, then charge for premium features. This works brilliantly for apps and software but is often overlooked by newcomers. It’s a great way to build a user base quickly and convert loyal users into paying customers over time.
Think Airbnb or Uber — leveraging a community to provide services or goods. It’s robust and scalable but requires building trust and managing your platform well.
Specialised knowledge is pure gold. Offering expert advice to a focused market is a low-cost approach, but it packs a powerful punch. It demands credibility and a clear value proposition (a statement that conveys what a brand does and how it differs from competitors, according to Harvard Business School). Still, it often leads to high margins and strong client relationships.
Choosing the right business model isn’t about chasing trends — it’s about crafting your own secret sauce. By understanding your strengths, testing your ideas, and remaining adaptable, you’ll discover a model that aligns with your vision and positions you for lasting success.
Stay tuned to our blogs as we break down the practical steps to making the right choice for yourself over the next few weeks.
Written by Kabelo Milton.
The views expressed herein are those of the writer and not I Am Youth.
If you need to talk to someone, reach out to our 24-hour free Youth counselling service on 076 037 6345 (WhatsApp, SMS, or Call).
Greetings, ladies (but really everyone who loves a good story)! As we’ve closed out Women’s Month, it’s important to keep advocating for children and women and keep the conversation going. We see devastating statistics in the news and on social media when it comes to the life of a woman and that of a child in South Africa and in the world. It is heart-wrenching, it is frightening, and it […]
I Am Youth web radio is the go-to platform for today’s young adults. Our team of young, charismatic influencers is based in South Africa. We produce high-quality content on TikTok social media and YouTube. Our primary goal is to infiltrate the spaces that young people already occupy.
