One of the most important elements of maintaining a successful business is positive cash-flow. Without it, the business will eventually fail. In order to achieve this, you need a viable revenue model. One popular method is to offer your product for free and get your revenue from advertising dollars. Another one is the Freemium model where customers pay a fee for an upgrade to an online product or service, such as LinkedIn, that is otherwise free. Whatever methods you choose, knowing that you need to make a reasonable profit will take your business idea from a dream to a reality.
Key Takeaways:
- Every business needs to commit to a specific model on how to make money.
- There are many different business models. What line of business you are in will help determine which is right to use.
- Some models offer the product or service for free, but make money on additional offerings.
“One of the most critical elements of any sustainable business is achieving a positive cash-flow. Without that, even the best intentions will fail.”
Read more: https://www.inc.com/martin-zwilling/10-most-common-business-models-to-make-a-profit.html