COURSE ONE: BUSINESS
Download the workbook and then watch the lesson videos below.
LESSON 2: BUSINESS MODEL
LESSON 2: BUSINESS MODEL
In lesson 2, we are going to dive into the topic of creating a business model. A business model in the simplest of terms is basically a suite of the products and services that you sell in your business. Having a solid business model is important because it is made up of the different revenue steams that will bring in cash and clients in your business. If you don’t have clarity around what you offer as a business and how you help your clients, it’s going to be really hard for you to sell. Let’s get clear around your business model so that you can be profitable.
Let’s start by looking at what a basic business model looks like:
In a traditional business model, you have 3 tiers. Your entry level offer, which is your lowest priced offer, your mid level offer, which is usually your signature offer, and your high-level offer which is usually your highest priced offer. Some of the differences between these tiers is not just the pricing but also the amount of your personal time that each one requires. For example, your high-level offer most likely consist of your personalized time and attention whereas your entry level offer would require either none or a very minimal amount of your time.
Now that you have a better understanding of what a business model looks like, it’s time to create your own. A good way to think about how you are going to create your business model is to think about the journey you want to take your clients on from beginning to end. Where do you want your clients to start, go and finish when they work with you? What does that process look like from beginning to end? When you outline your business model accordingly, you’ll make it easy for your clients to start working with you as well as for them to continue working with you. Your offers will be solid and they will produce results. It’s also important to follow this format because the more offers you have in your business the more confused your clients will be on what to buy. Confusion leads to no sales, so let’s get clear to increase sales.
Creating Your Offers
When you are creating your offers I want you to base each tier on the different result you want to deliver at each level. If you have clarity around the result you want to deliver, you’ll know exactly how to create your offer.
Here’s an outline of how to create each offer:
-Define the result
-Determine how long it will take for the client to obtain that result
-Decide what they need from you in order to obtain the result
-Outline what you need to give them to help them obtain that result
These questions will help you determine what to create, how long it needs to be and what it needs to include.
The best piece of advice I can give you is to keep it simple and don’t overcomplicate it. Focus on the result. If you can clearly communicate the result you deliver sales will be easy because people pay for you to solve their problems.
Go through and outline your client journey, business model and then the service page for each. These elements will be foundational in us creating pricing around each service in the next lesson.
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