Technology has enabled businesses to take new directions and establish multiple business models, caused by both, negative and positive effects of technology. Over the years, we have seen new business models established and old ones being re-imagined. On the contrary, we are seeing many small businesses failing to eat the cake. Most of them are stuck in old business models or are not noticing what is happening around them.
The new business model is to have multiple business models under one roof. The mantra “Jack of all trades and master of non” has been completely defied. I will say this with examples. Let’s talk of Shoprite, South Africa’s largest chain store. Have you ever taken the time to consider how many businesses are under Shoprite?
Shoprite has many business models under one roof. Shoprite is not just a supermarket. They are into property, they buy land, develop it into shopping malls and rent the shops to other businesses. They have a money market corner, where they sell bus tickets, lotto tickets and other tickets. Talk of Computicket they have got it in house. They offer money transfer services, they offer insurance, funeral policies, Banking services. That is right, Shoprite is a bank as well. That is why you can withdraw your money using your ATM card. What is that? It is a bank. The list goes on and on but I wanted you to grasp the concept with physical examples.
What other business can you think of? Let’s talk of Microsoft, they own LinkedIn, Skype, many gaming services, software, now they are talking of Cloud computing which is a great business model on its own.
Think of Picknpay. Amazon, Naspers and other businesses. We can name them until next year but my point here is, how many business models are in your business? If you only have one business model you need to re-imagine your business and have multiple business models.
Use your website to promote multiple business models.
Read: Importance of a website
If you have a website, you can host a lot of businesses under one website. True hey. Amazon does that. TakeAlot does that as well. I also have multiple business models under one roof. I provide Web hosting services, Web design services, Digital marketing strategy, Web Consultation, Logo design, graphic design and other services. Each service that I provide is a business model on its own but I provide all that under one roof which is my website and I will be expanding. Do the same, use your website to host multiple business models.
Take your time analysing your business. Something that every entrepreneur should be in a habit of doing, SWOT Analysis. Analyse your Strengths, Weaknesses, Opportunities and Threats. How can you maximise your resources? What do you have? What are the needs out there? What are the skills that your team has? You need to understand all those dynamics in order for you to establish another business within your business.
What does google do? What is the business model of Google? You can’t write it in one sentence but what is inevitable is the fact that they have multiple businesses models operating under the name Google. Gone are the days where businesses operate using a single business model.
Contact me if you need guidance on structuring multiple business models. What is your business model? Do you have multiple business models under one roof?
Prince Chiramba is an Expert Web Designer and Digital Marketer. Known for his robust marketing campaigns. Over the years, he has developed websites and marketing campaigns for Law Firms, Financial institutions, Private hospitals, Service companies, Ecommerce companies and more. He is a Google certified Digital Marketer on a mission to help Small businesses succeed online.