If you're designing a business as a physician, what will you need?
We all know certain questions will be on the board exams. When it comes time to take the orals for the Board of Physician Entrepreneurs exam, count on this one:
A business model describes the interaction between your suppliers, your custmers and your business and how you will make a profit. The following is an example of a near perfect business model:
- Alessandra Ambrosio in a push up bra.
- Mark Wahlberg in his briefs
- My healthclub
- Someone sending you certified checks to a post office box
There are several elements to the perfect model.
Or how about :
Before the Internet, I would have answered 4. Of course, with PayPal, Groupon, virtual gaming points and instant credit, who needs checks any more? Think about how the healthclub model works.
You are so guilty about slacking off for the entire year, you decide to pay an up front sign-on amount for the privilege of belonging. What's more, you give the club the right to automatically take money out of your checking account and send it to the club whether you use their product or not...which, according to research , you won't by March 1. Is this starting to sound a little like concierge medicine?
One of the top 10 reasons why businesses fail is an inadequate business model. Either you don't get your money after the sale (fee for service) in time or you have to pay your suppliers in advance (EMR vendors).
Creating a business that has a drop dead value proposition that satisfies a huge unmet need is only part of the equation. You need a business model that works. Just ask the owner of the Cherry Creek Athletic Club parked in his Mercedes in his personal space.