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Episode #98
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Your business model is HOW you will take that thing that you are passionate about, are good at and that people will need or want, and turn it into something you can create profit from, as quickly and with as much ease as possible.
Think of it like a car. Your passion is the fuel, your talents and skills are the bodywork but your business model is the engine. If the engine is not working right, no matter how much fuel pumps into it, no matter how great the car looks it will not go anywhere. Your business model needs to align with your talents, values and ethics. You need to feel it suits you and it’s aligned with how you want to do business long term.
The key to choosing your business model is to keep it simple. Just as you might be multi-passionate and find it difficult to narrow down what passion to focus on, you may be attracted to multiple business models and be excited to get going. But, I want you to always think, about what model will be easy for you, and what one you feel most comfortable and aligned with.
PHYSICAL PRODUCT MODEL
This model is all about making and selling actual "stuff" people can touch and feel. So creating and making or sourcing tangible goods. Things like handmade soaps, funky socks, the latest tech gadgets, clothing or healing crystals.
You can sell these products online through a selling site like eBay or Etsy, or have a subscription model.
If you also want to meet your customers face to face, you can have a brick-and-mortar business, meaning you have a place where people can go in person to buy your products. If a physical shop is too much of an outlay at the start you could begin with a stall at a local market or ask local shops you like to stock your products
If you think this model could be right for you, you need to consider a few things. It is not just about the creative part of designing or making the product. As well as being creative, you need to have good project management skills to juggle the logistics of design, manufacturing, pricing and distribution.
However, if you’re a creative person with a passion and talent for creating physical products, The satisfaction of bringing your creative ideas to life in the tangible world can be immense.
SERVICE MODEL
There will always be a market to do something for someone that they can’t or don’t want to do themselves. So if you have something you are really good at, but know others are not, you can trade your time and expertise for money with the service model, sometimes known as the ‘done for you’ model. This model entails solving problems for your clients, by doing work that delivers a tangible result they can see or improves their lives in some way.
Think of things like business services like event planning, graphic design, editing, videography, photography, software development, and being a virtual assistant or a bookkeeper.
Or personal services like interior design, fashion styling, personal training, hair, and makeup artistry, organising wardrobes, pet grooming, walking, and training.
This business model is great for people who enjoy working closely with clients, have strong interpersonal skills, and are comfortable with the time-intensive nature of providing a service. You need to build a strong reputation and cultivate client relationships to be successful in this model.
COACHING / CONSULTING MODEL
Do you love sharing your wisdom and watching others thrive? Then Consulting/Coaching model might be your perfect match. Whether it's business leadership coaching or mentoring, business consulting, career coaching, health and wellness coaching, or life coaching, the client is responsible for their outcome. You don't do the work for them.
You leverage your personal experience, specialised knowledge, or industry expertise to deliver value and guide them to whatever their goal is.
This model is well-suited for people who enjoy mentoring, have excellent communication skills, and are passionate about sharing their expertise to help others reach their goals. Building a strong personal brand and network is vital for success in this field.
ONLINE KNOWLEDGE-SHARING MODEL
Do you have knowledge or skill you would love to share but are not really keen on dealing with people directly? Then this model is for you. Perfect if you are more introverted or would love a primarily passive income style of business or are starting a business on the side of your job.
In this model, you can create online courses, write e-books, create templates,or launch a membership site to share your expertise with the masses. You can also make ad revenue from podcasts, videos, social media, or blogging.
The best thing about this model is that once you've created your content, you can pretty much sit back and enjoy the passive income as people keep coming back for more. But first, you'll need to invest A LOT of time and effort into crafting valuable and engaging content as well as putting in place effective marketing strategies to attract and retain customers.
HOSPITALITY MODEL
Do you live for creating unforgettable experiences and making people feel right at home? Then the Hospitality model might be your cup of tea. You could run a cosy B&B or boutique hotel, launch a food truck, restaurant or funky bar, or plan fabulous events in a French Chateau.
You need to be a people person with an eye for detail and a knack for handling the hustle and bustle. You also need a passion for creating memorable experiences and strong management skills. As you will need to manage day-to-day operations, customer service and financial management.
But if you have dreamed of running a hospitality business, and go into it with your eyes open and the financial backing you need, it can be a very rewarding and fun venture to get into.
There we go, the main business models!
Now, take a deep breath, pick one model to kick things off, and remember: there's always room for growth and experimentation down the road.
THE BOTTOM LINE IS…
The key to success is choosing a model that aligns with your passions, talents, skills, and values. By doing so, you'll be setting yourself up for a fulfilling entrepreneurial journey that gets you closer to your dream future.
Remember, you have the power to create the life and business you've always dreamed of. Choosing the right business model is a crucial step on your journey, so take your time, trust your instincts, and always keep your "why" at the forefront of your mind. You've got this, and I can't wait to see where your entrepreneurial path takes you!
I would absolutely love to hear if this resonates with you. If you have questions or want to chat about anything we discussed, don't hesitate to reach out!
You can email me at [email protected], slide into my DMs on Instagram @nichola.ohara, or even book a 1:1 call with me by going to nicholaohara.com/book-a-call.
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