I guess the first question is: What’s a business model?!
Business models map out the functions of your business, partnerships you have, key players and key resources that your business has to offer what you have of value to your ideal customer or client.
Ultimately, it’s a visual representation of your business. Clear, concise, complete.
One that we absolutely love is the Business Model Canvas, and have put it to use on a quarterly basis (because it’s always good to check in).
But anyone can write some stuff down on paper and say that’s their business. How do you actually make it WORK for you?
There is a ton of information out there about what the key to success is or the key to getting customers or clients, and so on. There’s too much marketing noise out there. #truthbomb.
So how do you pay attention to what works for you? How do you figure out what business model makes the most sense FOR YOU?
1 – Ask Yourself What Business You’re In
This question will blow your mind if you answer it properly. Ask yourself: What business am I in? And really think about the answer. For example:
Rebel Office is NOT in the business of business consulting and brand strategy.
Rebel Office is in the business of helping entrepreneurs build and run their businesses so that they reach their fullest potential.
This now allows Rebel Office to adapt while maintaining our vision and ultimately staying aligned with what matters to the Rebel Office team.
Now you try.
2 – Dig Deep Into Your Own Head
Ask yourself what you want. What do you want your business to accomplish for you? Do you want freedom? Do you want income? Do you want purpose? Get clear on what your business is doing for you so that you can build it to actually achieve that. If you want freedom, build your business to generate passive income for you, not something that you have to be there every single day showing up to ship out the product to all of your customers.
Now that you have a clear idea of what your business *is* at its core, and you’re confident that it aligns with what you want out of it, you can brainstorm ways to make it happen.
Yes, brainstorm. Think of every opportunity. Could you sell your service in an online course? Do you prefer talking with people and therefore would rather build services that are more 1-on-1? Virtual products? Physical products?
Write down ALL of your options. Keep that first question of “What business am I in?” in mind, and the clarity will come quicker than you think.