One of the many reasons I didn’t make any money from my little B&B hobby business, all those years ago, was because I didn’t understand the concept of a “business model”. I’d heard the term, for sure, but I thought business models were for big corporates, not for little businesses like me. After all, I’m just a little B&B business, what does it matter anyway, right?
How wrong I was.
I quickly realised that if I really wanted to make my business work for me, instead of me slaving away every waking hour for IT, I had to have a solid business model, and one that predictably brings in income on a regular basis.
Here’s what I learned….
Everything that works runs on a system
Systems can be created easily to work for me
My business system is made up of several smaller systems, like the breakfast system, the check in system, the sales process system
Like cogs in a wheel
I had them all in place so it should have worked right? Well no, actually, because there were a couple of missing parts, and my business model looked a bit like this, although you can substitute OTAs for the local tourist office mainly
I thought that was it, at the time, but when I learned the following model, I realised how much money I was leaving on the table, and how much easier my life could be if I got this right.
Which business model are you using? Are you leaving money on the table too? Are you working too hard?
Post in the comments box below and let me know, I loving hearing from you