Saturday, 2 November 2013

3 steps to choosing a business model

After considering the 3 online income streams covered in Day 10,  today we are asked “Which business model is best for you and what one revenue stream is most feasible?”

Step 1: What do I want to do?

My gut is leaning towards creating products or offering my services, I have the positive affirmation post it notes on my desktop background to remind me that I am worthy of achieving the lifestyle I want.  They serve as a nice little inspirational pep talk every time I open up my laptop, and today these two jumped out at me:
  • I know I have something to offer the world
  • I believe I’ve gained valuable knowledge and skills in my lifetime

I also keep thinking about how awesome it would be if I could create a product that helps me out too, you know when you think "wouldn’t it be great if there was an app for that, why hasn’t anyone built it yet?" Well, why I can’t be that person, instead of waiting for someone else to do it?!

But since i don't have the skills to create an app straight away, i will need to take some time to either learn how or to raise some funds to be able to outsource to a developer. Which makes me consider endorsing other people's products...maybe i could start with the Suitcase Entrepreneur’s book, which would be beneficial to me and help me achieve my goals, but is that the type of product my readers are interested in? 

Step 2: What do my future customers want?

Thinking about my reader base and future target market, i want to develop a business model that meets their needs, otherwise who will buy my products or those i endorse?
  • What interests them?
  • How can I add value to them?
  • What problems are they having?
  • What product or service can I develop/endorse/advertise to solve or reduce their problems?
  • And how can I do that differently to everyone else out there already doing it?

Step 3: What am I capable of?

Before choosing a business model I also have to think about what I am capable of doing, so not just what I want to do, but what would I be successful at, does my business model support my strengths and weaknesses?

For example, if I built up a travel blog there are so many sponsorship opportunities I could pursue locally or though global partnerships, and whilst I could produce a marketing sponsorship pack to present to a global corporation do I have the personality and relationship 
building skills to persuade a local company to work with me???

The good news is that personality and personal USPs are the subject for tomorrow’s challenge…

The 30 Day Blog Challenge is run by Natalie Sisson, The Suitcase Entrepreneur. Join in and discover how to create freedom and adventure in life and business through location independence. Plus – enter to win prizes – including a $500 blog coaching session with Natalie!

If you’re following the challenge please drop by and say hello J Leave a link to your blog and I’ll be sure to check it out!

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