LISTEN HERE:
Podcast: Play in new window | Download (Duration: 35:25 — 32.4MB) | Embed
CAFE TALK NOTES:
Selecting a business model is first key step.
Model 1: Coaching
Different types of coaches., For example
Coaching where training and teaching are very important. Often when there are topics to learn. Such as building a business or learning something like how to build high response websites.
Performance type coaches- where you hold people accountable for behavior and achievements
Personal development type coaching – where the goal is to help the client undergo a transformation.
Different ways of coaching tht give freedom and flexibility for you and results for your client
High ticker one onone
Group coaching
2) Consulting
Basically the main difference between coaching and consulting is that as a consultant you will be working with businesses and companies.
Companies set aside sizable budgets for consulting and training. So if you are classified under the heading of consultant it is easier for them to hire you for a project.
In 2018 there are obviously certain topics that companies are hiring consultants and trainers etc.
For instance, getting employees to work better in teams, more focused. The feeling is that younger generations in the workforce are distracted and harder to motivate.
Of course there is a high demand for all sorts of HR consultants to help with diversity training,sexual harassment policies, Retaining employees, compensation and healthcare issues.
In today’s crowded market companies need to stand out – that’s why branding consultants do well. As a branding consultant you make recommendations for core messages, and how that message gets communicated in design and marketing.
3) Business Services
As the need to market online has become paramount for so many companies, there are more business services needed by companies than ever before. From SEO to social media, pay per click, content creation, copywriting, website maintenance, etc. While large corporations might have on-staff people to handle these services- there is just too much work in online marketing for most small and midsize companies to handle.
The freedom business model for providing business services is about acquiring clients and then hiring freelancers or building a team to do the work. You mark up the fee to your clients to cover the cost and include a nice profit for yourself.
For the delivery of services I recommend project packages and or retainers.
Partly due to pricing psychology, retainers are many ways is the best option for this business model.
4) Freelancing
The growth of online businesses has sparked a huge spike in the demand for freelance copywriting.
You don’t need to have writing experience to get started. Expertise in an area gives you a leg up over even experienced copywriters.
As with the business services model I recommend using either project packages or retainers or some combination.
One way to combine them is to have a retainer as a base- certain activities fall under this. Then the offer for project packages for things that all outside the scope of the retainer.
5) Course Creator/Information products and programs
Potentially this model can offer the most freedom. It also offers leverage, since information products, like online courses, can often be sold over and over again once they’ve been created.
To be a good course creator you should be able to able to synthesize ideas, and create better ways to explain or demonstrate ideas.
6) Affiliate Marketing
Being an affiliate relieves you of the burden of creating your own products and services. (However it also reduces the potential profits you can gain) from owning your own products).
7) The Curation Model
In the Curation model you also don’t have to be the expert or an authority. Instead you present your audience with education and training you’ve gathered from experts in the field.
You can work directly with an expert to create a product (e.g. a group of webinars, teleseminars, interviews, etc.) A side benefit of this model is that by association you wind up becoming a recognized authority yourself.
There is a mountain of information and programs in every field. People are overwhelmed. That is why curating the best information in a field and presenting in a digestible, summarized format has so much value now.
8) Ecommerce
New platforms like Amazon fba- that is, fulfilled by Amazon- enable you to use ecommerce as a freedom business.
If you just want to sell things, and be done with it, this is an option to look at.
On the flip side, if making an impact, , teaching and facilitating transformation in people’s lives is important to you, this probably is not the model for you.
9)The Hybrid Model
Not really a different model- but a combination of business models.
The most common hybrid is to add information products to a current model.
The reverse is also true. You can add a coaching, consulting or done for you service element to your information program. That can significantly raise the price you charge for your package.