A new business model and ways of working

For any business just starting out there is a wealth of information available both online and from business coaches.

However, it is hard for a newcomer to assess the quality of the information and advice they are being given.

The nature of business has changed in the 21st Century and much of this is down to technology and the collection and use of data.

Where, previously, the most successful businesses were specialists supplying a small number of products or services to selected customers, the most successful 21st Century businesses, according to Wired, will be those who “don’t just produce goods – they connect customers to the things they want”.

This new model, it says, creates “ecosystems that give customers a series of connected products, services or experiences.”

Central to the model is the collection and analysis of data and identifying new products and services that are adjacent to their core products.  There’s more on all this here.

Another problem for many start-ups is the likely overheads, and in particular a physical space within which to work.

At the early stages, you may not want to be tied into a lengthy, and perhaps costly leasing contract.

The latest innovation that is particularly helpful for the new start up or entrepreneur is the flexible working space, where you hire desk space when and where you need it.

There are plenty of local versions of this option and many new businesses prefer to support another local business than to get involved with the bigger, national and international suppliers. It has been estimated that there are more than 300 other co-working spaces across the UK, some with fewer than 50 desks. Wired has some information about locations and spaces.