Business is not a one size fits all type of thing.
What works for your business bestie may not work for you. What works for that influencer you follow on Instagram also may not work for you. But at same time, those models may work for you.
The business model you choose has a lot to do with what YOU want to do in your business.
There really is no wrong answer for the business model, it just has to fit what you want your business to be.
What are the types of business models?
There are the typical business models that are present in online businesses. These are not the only types of business models that are available and not the only options you have for your business.
Just find what works best for you and your business.
You can also change your business model over time as well.
Do you want to create new products and/or give your buyers something new every single month?
These are usually priced much lower, like less than $50 a month.
A membership site can be a very good source of income. But it also means that you need to have a lot of members to give you the amount of income that can pay all of your bills.
Done for You Services
People like lawyers, copywriters, accountants, bookkeepers, social media managers usually offer the done for you services.
These are services where you do the work for your clients and they pay you for the work being completed.
Similar to the done for your you services, your client will pay you to help them with something specific in their business.
There are multiple different types of coaching out there.
Or maybe you really enjoy creating courses to sell to your clients. You could be the one that creates programs and courses and sells as your business model.
This can be a very profitable business model.
You have information to sell to your clients, create the courses that shares your information with your clients and can teach them something new.
A mastermind can be a high end or low end source of income for you.
Sometimes masterminds are similar to group programs/courses where you give your members content.
Other masterminds are ones where you have the hive mind collective together to work together to build your business or your sales or your marketing or whatever your zone of genius with teaching is.
Many masterminds are limited to the number of participants so that they can get laser focused on the participants to help them with what the focus of the mastermind is.
Some last for a few months, some last for a whole year.
You can create the mastermind how you want to basically, it just has to be something you are passionate about in order for you to continue to grow it.
Affiliate sales are where you sell someone else’s products and courses and services and get a percentage of the sale.
You can sell these items through social media posts, through a blog, through an email list or even just through word of mouth.
If you are someone who really doesn’t like to create your own products, but doesn’t mind selling someone else’s, then this is definitely the model for you.
Do you like to create your own digital products, like ebooks and printables and other products that can be downloaded from a computer to your purchaser’s computer?
Then digital products may be for you.
You can create an entire shop on your website or use a storefront like Shopify or Etsy to sell your products to your customers.
Depending on the storefront that you use, the storefront may also help you get more sales, than you doing all of the sales yourself.
Have your Own Affiliates
You may also want to have affiliates that help you sell your products. You know those customers who absolutely love what you have to sell, they make really good affiliates too, to help you sell your stuff even more to their followers.
When you have someone else selling your stuff for you, this is usually income you most likely wouldn’t have had coming in anyway, so it’s even a bonus to you.
Want to check out a course that could help you set up your affiliate program? Check out Jessica’s Affiliate Hosting Course and get your affiliate program set up the right way.
This is similar to affiliate sales where you are selling someone else’s products for them, but you must also build a team underneath you to keep even more money flowing in.
MLM is not for everyone. In my experience, there are really only certain people that this works for.
If you enjoy talking to people about what you love to make an income, then this may be an option for you.
It’s Not One Size Fits All
There is no one that can tell you which business model you should be operating from in your business.
You get to decide that. You get to decide which model works for you.
And if you try one model and it doesn’t work for you, guess what, you can actually change your business model.
Mix and Match
You can also mix and match different business models into one business.
You don’t have to operate from just one business model in your business. You can have just one, you can have 2 models, or you can have as many models as you want.
It’s your business, it’s your choice.
Another good idea is to have multiple sources of income coming in. This is another reason why there are so many different business models to choose from.
Do What Works for You
At the end of the day, you just have to do what works for you and your business.
What do you really want to do in your business to bring in money? What really are the easiest ways for you to bring in more money with what you love to do?
You can get all of the advice that you want to get from other people.
“You have to work with clients 1:1 before creating a group program.”
“You have to have xxx number of followers before you sell anything for affiliates.”
“You have to write a book to really attract the right clients to you.”
You really don’t have to do any of that. What you need to do is what works for you and your business.