Top 6 Profit Earning Business model to Consider for Your Startups

Modern-day businesses are striving to step up their game to survive in the digital battle zone. Yes! to succeed in business these days demands a lot of attention to detail which we probably didn’t need a decade before. Because most businesses have a digital presence, they have to observe and optimize everything from scratch- from attracting the right audience to persuading them to buy your service/product. However, the most significant aspect in business today is the business model, for it defines how everything works in your world. And no doubt that you will fall apart if you fail to set up a solid model that allows you to grow and generate revenue at the same time. Through this article, we introduce you to some of the best-proven business models that you can adopt for your startup ideas.

Marketplace Business Model
One of the most promising business models you can find is a marketplace business model as of now. Airbnb adopted a similar kind of model, introduced a concept of sharing economy. Even though sharing living space with a stranger is creepy, Airbnb managed to convince 20 million+ strangers to rent spaces with each other.  Their success was they make others believe that the supply and demand were already present. Simply offering a particular service is going out of style, where as marketplaces are getting more and more traction day by day. And the best time to kickstart an Airbnb-like marketplace is now. Agriya’s Burrow- the Airbnb clone script is a good way to get started. 



Benefits

A marketplace business model is less stressful. Because it doesn’t involve any product manufacturing, all you need to worry about is to connect sellers with the buyers. And with every successful transaction, you will get a portion as commission. Moreover, this is a mutually benefitting model, where sellers will getter much better reach, while customers will get what they are looking for at cheaper prices. 

Subscription-based Model
This is probably one of the common models today, however, it still is successful and worth employing. bThe prominence of mobile payments has catalysed the growth of this specific model, and the convenience factor has pushed its possibilities far to the future. A subscription model is simple for customers, they can easily set up and enjoy their favourite services without interruption on payment of a certain amount every month. 

A multitude of enterprises from various business verticals has already employed this particular model. One of the best instance for the same is Netflix. By offering an affordable monthly subscription service, you can attract millennial users. Doesn’t matter what kind of business you are planning to set up. Imagine if you are stepping into online appointment scheduling services. You’ve to bring the patients to the doctors listed on the platform. Doctors should be allowed to join the platform by choosing an appropriate subscription plan. Check out Agriya’s Doctor Appointment Booking Software to kickstart a ZocDoc-like business today. 


Benefits

A major advantage of this subscription-based model is that it addresses the demands of doctors, patients and the enterprise too. When customers get the service without any interruption, they no longer have to be worried about reorders. Besides, it allows you to predict revenues through recurring sales, which is great when it comes to a company’s valuation. 

On-demand Model
Out of all the business models we choose, on-demand signifies the trending and most profit-oriented one. Convenience, speed and simplicity are the aspects that actually sell. The smartphone technology has revolutionised the way we consume goods/services, the massive success of Uber justifies the claim. Taking advantage of the right technology, Uber managed to connect those who need a ride with the drivers who are available at that time. Except for the taxi services, Uber also offers a wide range of other on-demand services including food and grocery delivery, emergency home services and more. Anyhow, building a Uber-like solution isn’t as hard as before, check out Agriya’s taxi booking solution to know more. 



Benefits

It is already a known fact that the on-demand model is cost-effective, scalable, and more efficient. Imagine if you want to hire a service, let it be an electrician’s assistance. With an on-demand platform, you can find an expert with a click and schedule the service appointment considering your availability. Also, Uber-like businesses make use of freelance labour, which is helpful in cost-cutting. 

Customized Ecommerce Model
Everyone knows that e-commerce possibilities in the digital scenario are massive. In fact, we are tired of shopping choices today. However, a lot of successful businesses are implementing a personalized strategy to get millennial attention. Nike offering their beloved customers an option to design the sneakers by themselves is an excellent example of personalized e-commerce strategy. To address the specific tastes of each individual and thus enhancing the overall experience is the idea behind this. By allowing the consumers to choose the sizes, colours, styles, and budget they want, you create an impression in them, that they are in total control.



Benefits

The consumer culture is solid and the majority of the population is ready to spend 25% more according to a study by Mashable  for personalized goods.  Production time and lowering costs of customization configurators are also an added benefit. 

Freemium Business Model
Freemium model is widely familiar today, for Linkedin and many other progressive businesses successfully implemented the same and achieved a great deal of recognition. This particular business model is a combination of free and premium services where anyone can take advantage of the free service, while the premium services incorporate several other advanced aspects that can only be availed upon subscription. However, it is important that you should find a balance between what you give for free so that the users will still want to upgrade to the paid version. 



Benefits

The major advantage of the freemium model is its marketing possibilities. By giving away a free version, early-stage startups can scale by attracting a user base. Offers like a free trial for 30 days etc will also work. 

Virtual Good Business Model 
Virtual products are merely online only goods like upgrades, points, gifts, or weapons. This fundamentally applies to games and mobile apps. Candy Crush Saga- a well familiar mobile game gained most of their revenue from extra lives or features like a “colour bomb”. The game- Clash of Clans has also earned a lot of revenue through in-app purchases.




Benefits

As we move closer to a mobile-obsessed or app-obsessed world, people are ready to spend more on virtual goods. Moreover, the good sold brings more value to the customers. For instance, if you buy a weapon from some game, it adds to the real fun people are having while playing a game.

Business models signify an integral part of business, it says how the business operates, also, it decides the success of the same as well. The above-listed models are proven successful in certain scenarios, but however, isn’t necessary to be apt for some other cases. Therefore, to set your mind on a specific model should solely be based on your unique goals and objectives. 

Airbnb Clone

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Freelancer Clone

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Fiverr Clone

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