5 Ways To Get Your Customers To Start A Business For You
There are some great business models where if you can copy the idea in another industry you could create a fortune. The sooner a company gets it’s cash from customers the more efficient it is and the less working capital is required to buy inventory. This is how Dell and Microsoft go started. Thinking of new and innovative ways to service customers is a much more resourceful use of your time than answering to some Venture Capitalists.
Five business models that could jump start your business.
As venture capital investor Fred Wilson of Union Square Ventures has said, “The fact is that the amount of money startups raise in their seed and Series A rounds is inversely correlated with success. Yes, I mean that. Less money raised leads to more success. That is the data I stare at all the time.”
What most don’t realize, even today, is that a core precept in the business was that Dell always asked his customers to pay in advance. It wasn’t until he wanted to develop a super-fast model to take on Compaq and IBM, well into his journey, that he raised $300,000 from his parents for some basic R&D.
Subscription models are a great way to generate passive income. You will have a steady stream of income every month and you can plan content way in advance. These are how you usually turn your passion into cash whether it is sending out men’s items like Birch Box or monthly recipes on how to make family dinners. The key is to build your client base. Tim Ferris’s blog actually helped his book sales because he had a lot of followers before he launched his first book.
Read about the five unique business models to start a business.
About Shaun Archer Tatum Shaun works in corporate finance in New York City. He has done financial consulting for several start-ups and has worked at several Fortune 500 companies. He has contributed several finance/investing articles on Seeking Alpha which have been published on Yahoo! Finance.