Is Your Business Model a Money Maker?
by Liz Uram | May 27, 2013
You probably spend a lot of time thinking about how you are going to make money. And at it's simplest, that's what a business model is. It's really about how you will get your product or service into the hands of the people who need it.
A strategy is helpful to make it happen as quickly as possible. A strategy lays out the roadmap so you don't waste time on detours. Don't short change yourself by thinking that strategy is just about marketing. It's so much more than that. To keep things simple, let's look at 3 things:
What do you do. The first thing you need to do to get more cash in your pocket and get on the road to results is to be super clear on what you do. Have you ever had someone explain their business to you and when they were done you still had no idea what they did? They probably won't get a lot of referrals from you will they? I learned that lesson the hard way. I had to take a hard look at my message and set aside some things that weren't working and focus on the things that were and get better at those things. As soon as I did that, doors immediately began to open up and my business began to grow.
Who do you do it for. The second basic that will bring more cash into your business is getting clear on who you do it for. This means erasing the words 'everyone' and 'anyone' from your messaging and figuring out who needs and wants to hear what you have to say. What good is a great message if there's no one to hear it? By focusing on your ideal client and what makes them ideal, and knowing what's important to them, you will be able to use the words that they will respond to. You will be attractive.
How do you do it. The last basic is where do you do it? It's time to put that message out there where your ideal client can find it. People can't do business with you if they don't know you exist. But, in order to keep cash in your pocket you need to put your message in the right places. This is where saving money comes in. There are many ways to get your product or service to market and you need to find the best distribution method for you. You can choose in person through expos or networking, online methods, if you have products you can get them into stores or have other people sell on your behalf.
There is more to a successful business model than these 3 things but these basics must not be overlooked if you want to be profitable. There are many options for developing the right business model for you. The key is to get a clear strategy. A good place to start is getting super clear on what you do, who you do it for, and how you do it. Remember, you achieve whatever you believe as longs as you are willing to work for it.
About Liz Uram
Liz Uram helps solo entrepreneurs attract more qualified leads, get more clients, and make more money by developing business and marketing plans. She is a certified professional coach, has a B.A. in Organizational Leadership, is the author of 'How to Organize & Manage Your Time - A One Year Planning and Action Guide', and is an award-winning speaker. Visit http://www.coachandmentor.net to learn more.
About Chia-Li Chien
Chia-Li Chien, CFP®, CRPC, PMP; Chia-Li “like JOLLY,” Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase their company equity value. She is the award-winning author of the books Show Me The Money and Work toward Reward and a faculty of the American Management Association. Her blog and newsletter was named a Top Small Business Resource by the New York Times You’re the Boss blog. Contact her at firstname.lastname@example.org or (704) 268-9378 .