You don’t need a complex business model as long as it lays out a clear path for what you do and what opportunities are out there. It should help you be on the lookout for strategic partnerships and those “opportunities” that you should avoid.Here’s are the 4 steps that will help you create a successful online business model:
1. Make sure you are paid for your most valuable asset — your time. Many service orientated online business owners tie themselves up with (and tie themselves down to) far too many one to one clients. There are so many hours in the day and there will come a time when you will hit the wall and not be able to expand. You could hire additional staff to handle the overflow and probably make less money while tripling your headaches. Make your 1:1 time with clients your highest-fee service, charging a premium fee to dispense your expertise.
2. Make a concerted effort to create monthly recurring revenue. In our line of work we are acutely aware of “Feast or Famine.” There are good months and bad months, high points and low. How much better would your life be if you could focus on work and building your client base and not stress over how little income you were going to make that month? This is one of the key areas of my business that I have focused on. working exclusively with clients on retainer rather than a “pay as you go” model. What is it that your clients need on an ongoing basis that isn’t time-intensive for you?
3. Always think about the up sell. You should avoid one off projects. What is a one off? It’s a happening that occurs only once and is not repeated. If there’s no way to leverage what you’re offering into some type of upgrade, don’t offer it!
4. Design the blueprint. Write down all of the types of programs, products, and services you might offer in your business. Your list might look like the one below:
–1:1 Service Provision
–Group Coaching/Mentoring/Continuity Programs
–Sale of Info Products
–Information Products or Books
–Subscription Membership Web site
From the list you have made you need to determine the key items that will make up your business model. After that decide how much money you want to make from each of these items. Lastly, what order you offer these items over the next couple of years. Now you have Your Blueprint For Action!
How does one measure success? When you do you know you have accomplished your goals? If you still have bleak periods of famine then it’s time to reevaluate your business model. Every offer you make should be able to be up sold to the next. If you do it right, you will have a nice steady income that you can set your watch by.