Hi Lucky Bee! Are you feeling confused about what’s the best business model for you?
Maybe you keep hearing that you if you don’t have a super complicated marketing funnel, your business will tank.
Or perhaps some guru says that if you don’t follow their exact model, you’ll NEVER attract any clients.
You know what? There are many ways to achieve your business dreams, but there isn’t one holy grail of business models. Nothing will work perfectly for every Bee in every business.
The “best business model” is just the one that works best for YOU.
So in today’s post, I’ll take you through some important questions to ask yourself to identify what YOUR best business model is. Plus, there’s a fun, free tool at the end to give you more insight into you, so you can make a better business model choice.
Prefer to listen? Click here:
First things first: let me repeat that important point.
There’s no such thing as one “best” business model
If you’re new to business, you might not be sure what I mean by “business model.” I promise it’s not a super-technical term – it’s really just about the way you do things in your business. That means it’s about:
- What kind of products or services you offer
- Who you do (and importantly who you don’t) sell them to (i.e. your target market)
- How people pay you for them (i.e. your pricing strategy)
- How you let those people know what you have to offer (i.e. your marketing)
SO many Lucky Bees start their business journey believing that there’s only one right business model.
You might think that if you just figure out what that model is, you’ll somehow have it made.
Or maybe you think you that have to copy someone else’s business, because it looks so effortless from the outside.
But that’s really not how it works, girlfriend! The trick is knowing what works best for you, and then figuring out how to weave that into your own unique business model.
So… what does work best for YOU?
Here are just a few questions to ask yourself to start finding the best business model for you:
- How many customers do you want to sell to? Do you want to have lots of customers who each buy a low-priced product or just a few VIPs who buy a premium one? This is an important consideration because a big client base has customer service implications in the future. If you don’t feel ready to just charge a higher rate now, however, it’s okay to have a mix-and-match approach till you figure out what works for you. (Here’s what’s right for me by the way – my “free or expensive” philosophy).
- How much people contact do you want? Would you prefer to work 1:1 with just a few people, or offer group programs? If you want to work with groups, would you be more comfortable in a small, intimate circle, or speaking from a stage to hundreds of people? A hugely important factor in this might be whether you’re introverted or extroverted. Being an introvert has nothing to do with shyness by the way – it’s just that too much people contact drains you. Conversely, if you’re an extrovert, you need to build in lots of people time to energize you.
- How will your lifestyle fit in? Do you want to jet set around the world, or stay as close to home as possible? Do you have kids or other important commitments to work around? When I first started out, a mentor told me to go to every networking event, breakfast meeting and after-work mixer I could. She thought it was the only way I could get clients. Of course, that didn’t work for my home-body, introvert lifestyle. And nowadays, you can use technology to work from the beach or build a global business from the tiniest town in the middle of nowhere. Build your business to suit your lifestyle from the start, and you’ll save a lot of headaches later.
- Do you love the spotlight? Do you dream of being a household name, or would you prefer to quietly support someone else who’s doing amazing work? You can start your own internet show today by making daily videos or live-streams, or you can be as anonymous as you like behind the scenes. There are no rules, and you can create success on your terms.
Use your answers to create your dream biz
Once you know the answers to those questions, you can build a business model that suits you perfectly. Here are just a few examples:
- Love constantly creating? Think about building a membership site where you offer lots of regular low-cost content, books or other products. You can charge a monthly or yearly fee and just keep adding more content to keep your members engaged. A perfect example of this is Leonie Dawson’s Shining Academy
- Love forming deep relationships? A mastermind model might be perfect for you. That way you can create a small group of clients that you work with intensely over a particular time period (six, nine or twelve months). You’d usually handpick the group to not only ensure a good client fit with you, but also to form deep bonds with each other.
- Love connecting different people with each other? Try running group challenges or events where you facilitate a huge transformation with a group of clients who also all support each other. A great example is Nathalie Lussier’s 30 Day List Building Challenge
- Love being generous? A “Freeium” model (for example, where you have a big free Facebook group, and make paid offers through it) can be super effective. It can take a lot of energy to maintain something like this. However, if you respect your boundaries while still being generous, your tribe will jump on the great paid offers that your make. A great example of this is Kimra Luna’s Freedom Hackers Facebook group.
- Love big challenges? Try running several big launches every year, and challenge yourself to hit bigger goals each time.
- Love to work with high achievers? Consider doing VIP days or business retreats where you work intensely with your clients for short bursts, with no ongoing commitment afterward.
- Love tweaking existing stuff to improve it? Create a single evergreen program, and keep making it better each time you run it. You can actually get really well known for just one thing – like I did with my Lucky Bitch Money Bootcamp, for example. Every few years, I revamp it, but it’s still my main offering. (Here’s why I made my Money Bootcamp evergreen, in case you’re curious).
You don’t have to stick with one model forever
Before you make a decision, I want to remind you of something important. You don’t have to lock yourself into a single, unchanging business model forever.
It’s totally okay to gradually shift your model over time.
It’s equally okay to wake up one morning, realize that what you’ve been doing is ALL WRONG for you, and make a radical, on-the-spot direction change. Or you can evolve slowly as you refine what you like and what you’re good at.
And it’s okay to try out a new model just to see how it works for you.
In case you were waiting for permission, here it is: you’re allowed to change your mind.
As long as each change you make moves you closer to your own personal zone of genius (shout out to The Big Leap by Gay Hendricks), you’re going in the right direction!
Get to know yourself better!
A fundamental part of your business personality that people don’t talk about is “how you like to get paid”. And of course, that’ll affect which business model is right for you too.
Join the waitlist for the Lucky Money Quiz!
It’s your time, and you’re ready for the next step!
P.S. 2017 Enrollment for my NEW course, Sacred Money Archetypes® is now closed.
Sacred Money Archetypes® course is a brand new offering developed specifically for female entrepreneurs looking to gain deep emotional insight into your history with money and how your innate personality and gifts can help you make massive lasting change to your money destiny.
Join the waitlist for the 2018 enrollment.