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{"id":3532,"date":"2021-04-20T12:14:36","date_gmt":"2021-04-20T12:14:36","guid":{"rendered":"https:\/\/creatorsmarts.com\/?p=3532"},"modified":"2021-04-22T14:15:31","modified_gmt":"2021-04-22T14:15:31","slug":"business-model","status":"publish","type":"post","link":"https:\/\/creatorsmarts.com\/business-model\/","title":{"rendered":"#97. What Online Business Model Should You Choose?"},"content":{"rendered":"

[av_heading heading=’#97. What Online Business Model Should You Choose?’ tag=’h1′ link_apply=” link=’manually,http:\/\/’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” padding=’10’ color=” custom_font=” custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][\/av_heading]<\/p>\n

[av_hr class=’invisible’ height=’30’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ av_uid=’av-knpzq8zb’ admin_preview_bg=”]<\/p>\n

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\n<\/iframe> \n[\/av_codeblock]<\/p>\n[av_textblock size=’16’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-knpguny3′ admin_preview_bg=”] \nEvery business model has gurus passionately expounding the reasons why their way is the best. They can be very persuasive, but all business models have pros and cons. The right one for you depends on your personality, work style and the stage you\u2019ve reached in your business.<\/span><\/p>\n<blockquote>\u201cWhen you find the model that suits your preference then you can devote unlimited amounts of energy and love into what you\u2019re doing and you become far more successful as a result.\u201d<\/b><\/em><\/p><\/blockquote>\n[\/av_textblock]<\/p>\n[av_hr class=’invisible’ height=’30’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ av_uid=’av-knpzq8zb’ admin_preview_bg=”]<\/p>\n[av_textblock size=’16’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-knpgy9c4′ admin_preview_bg=”]<\/p>\n<h2>Pros and cons of each business model<\/b><\/h2>\nMembership programmes<\/b> – members pay a monthly fee to learn from your site.<\/span><\/p>\nPro: provide regular income for your business.<\/span><\/p>\nCon: members expect to get new input from you every month; eventually, it can feel like you\u2019re on a content treadmill. There\u2019s also a constant need to attract new members to grow the site and replace those who unsubscribe.\u00a0<\/span><\/p>\nCourses<\/b> – students make a one-time purchase and learn at their own pace.<\/span><\/p>\nPro: Once you\u2019ve created the course, you can sell it over and over, so it becomes a form of passive income.\u00a0<\/span><\/p>\nCon: Students tend to start strong but lose motivation, leading to poor completion rates. That can be a problem if your business growth depends on selling follow-up courses or programmes.<\/span><\/p>\nOne-to-one or small group coaching<\/b><\/p>\nPro: Charging high prices for your knowledge and personal attention<\/span><\/p>\nCon: You have a finite amount of time to give to coaching programmes, so scaling is a problem, creating a bottleneck for business growth.\u00a0<\/span><\/p>\nHigh-ticket programmes<\/b> – your expert knowledge, insights and systems come with a high-end price tag.<\/span><\/p>\n\u00a0Pro: Strangely, it can be easier to sell an expensive course than a moderately priced one in some circles, and you end up with dedicated and enthusiastic customers who are willing to pay to achieve their aims.<\/span><\/p>\nCon: Impossible to sell in some niches \u2014 including the education industry \u2014 and it usually requires a lot of time, input and a good team around you to set up and maintain high-end products.<\/span><\/p>\n<h2>Choose according to your business stage and preferred work style<\/b>.<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Six-figure business or less: <\/b>\u00a0Here, your main goal is making enough money to cover your lifestyle needs, and you\u2019re still working things out. Try different models and see which one suits you best.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">$100-500,000 per year: <\/b>In this bracket, you begin to feel the strain and may find that you\u2019re not enjoying the model you\u2019ve chosen. If so, consider your reasons and options.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Scaling to a seven-figure business: <\/b>to get to this level, you must be enjoying the process. You need to manage your energy, ensure you have a good team and realign the business to work with your preferences so that you don\u2019t burn out.\u00a0\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Seven figures and beyond: <\/b>at this stage, you\u2019re typically less involved in the business. It\u2019s crucial to have systems in place and the right people to operate them. These businesses probably need several models. For example, you may have courses plus a high-end coaching programme. Or, you may sell books, one-off courses and offer a monthly membership. It helps if you\u2019ve tried these ideas out as your business has grown so that you know how they work and if they suit your style.<\/span><\/li>\n<\/ul>\nSo, which is your preferred way of working? Are you happy with the revenue earner you\u2019ve chosen, or is it time for a change? Check your metrics, systems, your head and heart to decide on the model that will work best for you.<\/span> \n[\/av_textblock]<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":3544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[157,99,173,31],"tags":[198,202,201,200,199],"_links":{"self":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3532"}],"collection":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/comments?post=3532"}],"version-history":[{"count":5,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3532\/revisions"}],"predecessor-version":[{"id":3545,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/posts\/3532\/revisions\/3545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/media\/3544"}],"wp:attachment":[{"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/media?parent=3532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/categories?post=3532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creatorsmarts.com\/wp-json\/wp\/v2\/tags?post=3532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}