One of the common mistakes I see entrepreneurs make is that they move to the business model before locking down strategy. The way I like to think about this is get the product right first, then lock down the strategy of the business, then figure out the business model.
Getting the product right means finding the product market fit. It does not mean launching the product. It means getting to the point where the market accepts your product and wants more of it. That means different things in consumer, SaaS, infrastructure, hardware, etc. However, in every case you must get to the product-market fit before thinking about anything else. I also believe that moving to the business model before finding the product-market fit can be the worst thing for your business.
Once you find the product-market fit and start thinking about the business model, I suggest you take a step back and work with your team (and investors) to develop a crisp and well-formed strategy for your business. Investors, at least good investors, are very helpful with this stage.
The best VCs are very strategic, have seen strategies that work and ones that don't, and can be a great partner to develop a strategy with. This is one of my favorite things to do with entrepreneurs.
I remember I had once witnessed a situation with a startup that was very interesting and worth learning from. The service they were providing back then (a platform on social media) had most certainly found the product-market fit, and the team turned its attention to the business model. There were all sorts of discussions of paid accounts, subscriptions, a data business, and many more ideas.
At the same time, one of their team members had come up with a strategy that had their platform become "an information network that people use to discover what they care about." So, the strategy required getting as many sources of information on to the platform and as many users accessing it as possible. It was all about network size. That strategy required a business model that kept the service free for everyone and open to all comers. That led to the promoted suite business model. The platform executed product > strategy > business model very well.
They have also had many portfolio companies build revenue models that did not line up well with the strategic direction. And in some cases, the companies really did not have a well-articulated strategic direction at all. Which led to a lot of wasted energy building a team and a customer base that ultimately was not of value to the business.
These kinds of mistakes are usually not fatal. Not finding the product-market fit is fatal. But going down the wrong path in terms of strategy and business model can be fixed. But it is painful, costly, dilutive, and sometimes can lead to a change in management.
So, to conclude, my advice is not to rush into the business model without first finding the product-market fit and then taking the time to lock down on a crisp, clear, and smart strategy for your business. From there the business model will flow quite naturally and you will be on your way to success.