When it comes to choosing the right side hustle, is it possible to pick a gig based off the business model you wish to explore? Absolutely.
A business model is the method in which a business plans to make money. And in order to define your business model, you need to pay attention to the following four factors:
- Differentiation and pricing. How will your business differentiate from competing companies? Consider your products, services, pricing and how you’ll create an exceptional customer experience.
- Marketing and sales. Keeping customers interested in your products and services means creating a marketing and advertising strategy that keeps your business top of mind. This includes creating a company website, establishing social media accounts and relying on word-of-mouth marketing, among other initiatives.
- Production and delivery methods.