Building a Sustainable Business Model

Assume the role of a sustainability consultant tasked with designing a sustainable business model for a new startup in [industry]. The business model should balance profitability with environmental and social responsibilities. Outline a step-by-step approach to achieve this, including: identifying target markets with sustainability as a priority; developing sustainable product or service offerings; defining sourcing and production methods; establishing metrics for sustainability impact; and planning for long-term financial health. Provide examples, specific strategies for each step, and potential challenges with solutions. Conclude with a suggested framework for continuous improvement in sustainability practices.