You’ve figured out the WHAT and the WHO portions of your business. What product or service you want to provide, the value it adds to your customer, who that ideal customer is, and ideally, what they are willing to offer (pay) in exchange for your services.
Kudos to you if you’ve also worked out your WHY, which is arguably the most grounding motivator for longevity.
Mapping out your business this way helps give you the clarity needed to fully envision it. Almost as if like a huge vision board of your business. By doing so, you’ll be able to spot areas more quickly that have been overlooked or that don’t work for you (anymore).
Your business model is the way your product or service is packaged and delivered to the customer. It’s the framework or blueprint for how the process unfolds and it’s a step many overlook until it starts weighing them down. It’s the HOW.
Getting caught up in the excitement and hurriedness of things when starting a new business is something we all go through. Poking and prodding at what profit margins you wish to set, your advertising strategy, customer retention, and a host of other nitty details is not a strong suit many start off with. And yet, work EVERYONE has to put in.
Determining your ideal business model should not be based on what someone else is doing. This is not a one-size-fits-all thing. It’s an intensely personal choice. Especially so, if you’re a solopreneur (ZZP’er in Aruba) or run a small operation. Your decision affects how you and your team work. How confined or flexible you operate.
There are many business models to adopt. However, before you go exploring all your options, there are a few things to keep in mind to help narrow down and hone in on a model that will align best with your interests.
So, how do you determine which model works best for you? Start by asking yourself…
What way of working brings me the most joy? Alone? With a team? Outsourced work to contractors?
What do I want my schedule to look like with this business?
What does my product-to-consumer process look like? Does it involve a lot of paperwork? Is it very time-consuming? Will I need to adopt new skills, technologies or hire?
How many hours a week am I willing to invest?
What type of life do I want to live while having this business?
Do I wish to only invest financially but not run day-to-day operations?
How willing am I to roll up my sleeves day and night wearing many hats to get this business going?
What setup works best for this type of business in my area (location)? Can I operate it remotely? Do I need to have a physical location?
You don’t have to figure out the answers to these questions all on your own.
Oftentimes, you’re not even fully in tune with what works best for you, until you try it out. Sometimes, testing out a model provides just the research you need to analyze whether or not it really is something you should stick to.
Start off with a tried and tested framework that works for you, versus reinventing the wheel. An existing model with less guesswork. Adjust as you go.
Ultimately, the best decision draws an appropriate line between your individual desires and the desire to offer incredible value to your customer.
That’s it. You both want to extract the most satisfaction from your exchange as possible. And the right business model will allow you the vehicle to do just that.
Have you honed in on the type of business model that works for you?
Already have a business? What would you change about your existing business model and WHY?
Do you know of local organizations that can help in defining your ideal business model?
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♡ Much, much love.