Selecting the right business model is key. Your choice of business model is likely to be determined by how you’ve defined your value proposition and your universe of prospects.

In the communications field, for example, you might want to set up as an independent consultant, a media strategist, a PR firm, and so forth. If you’re looking primarily to write articles for companies and local papers, you could opt to define yourself as a freelance writer. If you’re looking to provide strategic counsel, then perhaps you want to develop a more formal business model. Whether you want to be an LLC, an S corporation, an independent media strategist, a PR specialist, or something else, it’s important to pick a title and a business model that will play well with your target market.

Also read Step 1 (Your Value Proposition), Step 2 (Your Contacts), and Step 3 (Your Prospects).

Photo by Natalie Maynor (Flickr).