What is a Business Model?
When you want to build a house, you need a plan. That includes the physical design of the place, the number of rooms, how big each one should be, what materials would be needed, etc.
A plan is also needed once you decide to get into business – and it's called a business model.
Think of it like a structure built by the inter-dependent factors that support a business's viability such as goals, target market, competition, sources of revenues, financing methods, pricing, etc.
Without a business model, a business wouldn't have a leg to stand on.