Once you have a firm understanding of the product, price, and go-to-market strategy you have enough information to create a business model. The model is a living document that should be updated as changes to the venture are made or data is surfaced related to critical variables within it. Business models should be made and tested before looking for investment.

Business models help articulate how your idea works and the potential return on investment.

Excel document that outlines the key assumptions of the model (e.g., conversion rates, price, customer acquisition costs), customer acquisition model, revenue generation model, and cost model.