Beyond the Business Model Muddle

I’ve had several conversations with my clients about their business model. There seems to be a lot of misinformation in the coaching, consulting and expertise market about how to build a business capable of making a big impact and big income without sacrificing your freedom, time or talents.

So here’s the deal. There is no one RIGHT WAY to build a successful expertise based business. But there is definitely a way that’ RIGHT for you.

Simply put, your business model is how you deliver value and get paid for it. It’s how you make money and serve your clients and customers. It’s also how you can stand out in a crowded marketplace—by having a model that delivers results in a way that’s authentic and true to who you are.

In any industry there are multiple business models. And that’s a good thing. It allows the companies to leverage their unique strengths and position themselves in the market. It gives customers choice and it creates more opportunities. If everyone in a market had the same business model it would be a lose-lose proposition. The businesses would lose out, the customers would lose out and money would be left on the table.

Your business model is, in fact, one of the single most important strategic decisions you will make. And far too many service providers and experts leave it to chance. Or they attempt to do what their mentor or their colleagues are doing—only to wonder why it isn’t working for them.

So, how do you choose a business model that’s right for you? There are so many options—from memberships and associations to multiple streams to info marketing funnels to premium pricing—it’s tough to know what to do.

The most successful business models are a strategic match between who you are, what you are naturally gifted at, who your clients are, and what they value. When you understand how to position your skills and talents with what your clients want and HOW they want to receive it, you will be successful.

It starts with these 7 questions:

1. Who is your just right client?
2. What do they value? (what will they pay for?)
3. What space do you naturally occupy in their minds? (why do they choose to buy from you?)
4. How do your just right clients like to receive your services/value?
5. What “stand” do you take for your clients—what is your mission?
6. What are your natural strengths and talents?
7. What are your goals (personal and business) and priorities?

In a previous blog post I shared “Why they Buy” so check that out if you’re not sure what people are buying from you. Because this is critical to understand when choosing your business model. If you deliver your service in a way the customer wants it they will buy. If you over look this piece, they will keep shopping.

So before you jump on the next ‘blueprint’ bandwagon, make sure you’ve carefully assessed these key factors and are confident that the business model you are trying to implement is a perfect match for you, your lifestyle, your customers and your mission.

I’m going to be talking more about how to choose the right business model and your Signature Advantage positioning in future articles and classes…so stay tuned.