How To Choose A Business Model – Over the past 10 years, I’ve tried my hand at several different business models. Most of them were successful, but there were some difficulties and setbacks along the way. And from these successes and failures, I have learned some valuable lessons that I would like to share with you. I hope these lessons help you focus on what business models are best for you.
The great thing about all of these business models is that you can pick almost any market and successfully use the query method with ANY of these business models. Learn more about how to do this.
How To Choose A Business Model
All these models WORK. They are all proven models with many examples of success stories for each. The key here is choosing models that suit you and your business: your strengths, your personality and your team.
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If you’re adding a new division to your current business, wondering if the model you’re currently using is the best for you, or looking to step away from your day-to-day work and make a plan, then reading this will help you weigh the pros and cons of each model .
Before trying a new business model, think about your personality type, what your strengths are, and what you like. If you’ve taken the KOLBE assessment or the StrengthsFinder test, you’ll have a pretty good idea of what it’s like. Use them to guide your decision-making process.
Profitability: Creating and selling information products, online courses, e-books, and other educational/informational products has a very high rate of return.
You create something once, and if it’s a digital product, you don’t need to keep inventory, and you can automatically ship it to any number of people at once.
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Whereas a physical product that you sell for $100 but costs you $15 leaves you with $85, an online information product that you sell for the same price leaves you with $100.
Creating a digital information product is an inexpensive way to get started and very easy to expand.
1. Not everyone enjoys the creative process. If you choose this model, you should really enjoy what goes into the creation of the product.
2. When thinking about your market, make sure you choose as many evergreen themes as possible so you don’t have to update your product as often. For example, the orchid market versus something like Google Adwords where the rules are constantly changing.
How To Choose The Right Business Model For Your Project
3. Make sure your product support is either a stand-alone product or priced in-app, otherwise you’ll end up in a “customer service black hole” of endless, time-consuming emails.
Promoting products as an affiliate means you don’t have to create the products you promote… all you have to do is focus on selling.
The most important part of this business model is choosing the right markets to find the right products that are proven to sell.
Being an affiliate allows you to leverage the trust and authority of product owners through association (if you choose correctly).
How To Choose The Right Business Model For Your Game?
1. While it’s convenient not to worry about building products, it’s actually VERY difficult to build a business without at least one core product. Ideally, a combination of your own products and affiliate products will give you the best of both worlds.
2. As an affiliate, you have no control over payment timing, which means you can often find yourself chasing money.
Look for things like a 7-day fast 75% payout with a 25% payout after a refund period, which is a good indicator that you can expect reliable payments. But you still have to trust whoever pays you. I know this from experience having been burned a few times, so we ALWAYS pay on time.
3. When choosing affiliate offers, you always want them to match WHY people follow you. For example, we ran a promotion with Jonathan Mizell, who teaches how to get traffic with rented mailing lists.
Business Model Testing — Business Model Innovation Lab
This strategy is perfect for people who want to do an in-depth survey but don’t have a list…so we created a test campaign using Jonathan’s method and ran an in-depth survey and then showed an example during the promotion.
It was one of our most successful promotions to date, and a lot of that was because the offer was a great fit and directly related to what I teach.
The software is great because it has huge potential for steady income. Once people start using a certain software, they tend to stick with it because it takes a lot of work to switch anything that gives you a high termination rate.
1. My first software business was a survey funnel WordPress plugin. With WordPress, you have multiple versions, plugin conflicts, and you need to constantly update to keep up with the changes in WordPress.
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2. While it’s relatively easy to create something like a WordPress plugin, if you want to consistently generate revenue from your software, you need to be in full control of the environment and development so that you can adapt and make changes as needed.
3. There will always be customer service issues with the software. If you work with someone else, then these customer service issues are out of your control.
As I develop new software to implement the Ask method, I realize more and more how important it is to have complete control over the process and environment.
Continuity program gives you a predictable constant income. This is a very reliable form of income that you can use to plan and manage your business expenses. Unlike a startup that gives you a quick influx of cash, with continuity programs you can anticipate ups and downs and plan accordingly.
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1. Continuity programs are not right for every market. For “enthusiast” markets like gardening, or my own next-level group ideologue for business owners, this is great, assuming you have…
2. Create endless content. With a membership program, you need to keep adding resources and content so that your members always get something new and added value for the same price.
3. People are naturally less willing to accept continuity. While this may work in some markets, for others you may be better off with a fixed-term program like a 6- or 12-month membership… or position perpetual continuity as a “VIP” option.
There’s nothing like a live event. The atmosphere, the vibe, whatever you want to call it, is completely different from anything online. A live event enables you to transform and gives you a great opportunity to increase people’s value into a longer-term commitment to working with you, whether it’s coaching or a higher-level idea.
Business Model Canvas Template
Live events are also GREAT for recording reviews because people are there, you already have a video crew, and the energy of the event means people will say good things about you.
1. Organizing live events is not as easy as it seems. It actually takes quite a bit of time, especially if you want a premium experience. Plan for the fact that planning live events is a lot of work
2. When you carefully consider the experience people have at an event, it shows. The first few events I did, we just went off the hotel menu, nothing special. And we didn’t get a single compliment about the food. But when we sat down with the chef and independently selected each menu item, everyone commented.
The gifts you give at the event will mean a lot to people, so choose wisely. The goal of a live event is to make people feel special and provide great value not only with the content of the event, but also with the overall experience.
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3. While it can be tempting to want to change venues and cities to keep things interesting, you want to stay in one place as often as possible. That way you already know the staff, you have a better chance of getting what you want, and you have relationships with managers and vendors, rather than starting from scratch every time.
When you provide coaching or consulting, people pay for your time and expertise. Working with someone one-on-one is the best way to get results. And happy customers mean more recommendations and reviews.
Not only is consulting a great way to build your reputation before launching something else, it’s also the perfect opportunity for revenue share/royalty deals.
When I started out as a consultant teaching people how to build survey funnels, every deal I made included a revenue share so they knew I had skin in the game and wanted to make their funnel successful.
Starting A Business
1. Take care of your time. When I take on a new client, it’s a monthly fee and an agreement that sets the boundaries of our relationship.
2. Here are the rules for working with me: all discussions are conducted by phone (not by e-mail) and 48
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