Let's get very intentional around what kind of business you are actually building. Maybe we are talking about your side hustle or maybe it's where you are spending every day. Either way we want to get very intentional around what we are building my friend. So let's dive in. Be sure to listen to the full conversation on the ildSoul Podcast
What kind of business are you developing today? And what will it be in the future?
We call this your business model in the business strategy world. This model should be focused on your level of enjoyment and on the sustainability, scalability and repeatably of your work and brand.
A lot of businesses, when just starting out, will be a game of see what works. However, I want to caution this approach. I love the organic growth budding business approach, but I also believe in owning your worth and creating a brand you'll love from day one. My passion is in helping female business owners creating businesses that light them up in their hearts and their bank accounts.
Let's dive into the four key areas we want to consider when beginning a business.
1. Enjoyment Factor
The best business model is the one that works best for you. Looking at others in your area of expertise and how they run their businesses can be helpful at a glance. But beware of the copy trap. The copy trap is when we try to replicate their offerings and how they run their businesses and find ourselves miserable and quitting before ever creating the business of our dreams. This cation will save you years of trial and error. Things to consider when creating a business structure that will give you enjoyment.
Is It Right for Your Personality-
Align your work with your zone of genius and your deep wisdom. Life has given you talents and strength and dished out some lessons, so incorporate them into your sacred work.
Does it Produce Peace, Ambition & Ease-
The magic of loving your work is in the blended energy of your happiness and fulfillment in your work aligned with ambition and intention.
Simple is Perfect-
Just be you, if you make things complicated you will burn out and walk away. Keep it simple. How do you want to spend your days? Then craft a business around that.
The clearer you become what you want the quicker the right people and circumstances will come to you. Give a place for abundance and magic to attach to.
The business model is the plan for how your business will make money. It's important to note that a business model can be very simple or very complex, depending on what type of organization you're running and what kind of service(s) or products you're selling.
Make sure that whatever industry niche(s) appeal most strongly to your interests aligns well with those of potential customers who would benefit most from using whatever products/services offered by your company! For example: If someone loves baking cakes but hates dealing with customers while doing so then opening up a shop as "The Cakery" may not turn out too well since no one wants cake from someone who isn't very friendly…
If it's a product-based business, think about how much time it will take for your customers to use the product and then return for more--and whether there are any ongoing costs associated with using them (like maintenance).
Your business model will help identify your structure. Here are some models to consider:
In this model you offer solutions and 1:1 services to help the client move through a series of steps or challenges. Many buddy entrepreneurs start with this model. This is often a time for money approach. Examples include: photographer, coach, massage therapy, therapist, bookkeeping, social media management etc.
Consulting Business Model
Companies that provide consulting services by hiring experienced and qualified people and having them assigned on client’s projects follow the consulting business model. They help individuals and companies through a transformation in a medium to high touch experience. Usually this includes a roadmap of milestones guaranteed by the consultant for the client.
This is a project-based business model, where an outside firm is hired to complete a specific task. Traditionally, businesses that lack internal expertise hire agencies to get a customizable solution for their needs. Marketing, Website Design, PR etc..
Instructing and facilitating groups in a low to medium touch experience. Examples are Authors, Speakers, Podcasters, Online Course Providers, Bloggers etc. You’re selling your expertise, experience and opinions, or entertainment value. Less hands on, revenue could look like affiliates, royalties, speaker fees, and course fees.
Making products, you may consider yourself and artist or creative. This would include selling product on e-commerce, in stores or your own brick and mortar
Once enjoyment and sustainability is formed we then need to ask the question, what is the next natural step? Introduction the hybrid business model option. When we look at the different business models you can begin to see how you could have some cross over in your models. For example a Service Model business could adapt the Teacher Model into the business. That could look like offering group and private coaching together. Adding speaking to your work etc..
When one looks at scalability we want to begin to future cast and envision the company you want to scale to. I highly recommend working with either a project manager or business strategist to help you blend the styles together other ways your business may wobble which can have negative effects on your brand.
Once you have dialed in your processes and systems you can create something that is repeatable. This is the magic spot. When we can say I have a method or a step by step process that delivers results than you bring crediabity to your business.
There are many other questions that need to be answered as you grow and develop a business and brand.
Questions & Things Like:
Identifying your service offerings
Where will you sell your products or services?
How do you make money?
What's your Brand Voice?
There many elements of running a successful service business…You need a good business model. The first step is to decide what type of service you want to provide, and whether you'll be selling products, services, or a hybrid of both.
We hope this article has given you some insight into how to develop a service based business. There are many elements to consider when developing your business model and identifying your market, but it's important not to get overwhelmed by all the details at once. Take things one step at a time and keep focused on what matters most: finding customers who will pay for your product or service!
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