As you sit down to write your business plan, one of the essential elements to include is your business model. The business model is important because it explains your method of doing business. Your business model will also help you to clarify the purpose of your business.
As the Internet and mobile technologies have grown in importance, so has the concept of the business or product revenue model. Quite simply, a business, revenue, or product model delineates how a company will make money from its products.
If your business plan outlines exactly how you will generate revenue from specific social media-related activities and you implement these revenue generating activities on a consistent basis, you may be able to monetize your social media operations.