Finding your perfect business model (and strategies)
Updated: Oct 21, 2020
There are so many ways to strategize or run your business; so many ways to market your business; and so many ways to grow your business and no specific way is the wrong way, it's simply about always keeping your core essence, or big vision, in the back of your mind. For example, this morning I was working with a client on her business vision, and in particular incorporating her dreams into her 10 year strategy. We were looking at how she could incorporate products into her coaching business and as we worked through it, it became apparent that it was becoming a giant of it's own, so I advised her against it. She asked me why and I replied "because you always have to remember what your core business activity is and then everything secondary to that core activity has to filter back into it or support it. If it takes too much time or takes you away from achieving your core vision, then you need to decide if you want a service based business or you want a product based business". Of course, this doesn't mean she shouldn't sell products this simply means that the products she chooses to sell should do the following:
Support her primary or core activity not overtake it.
Feed into her core activity as a lead magnet or lower priced product so potential customers can 'try' her out first.
Add value to her core activity.
Be something that she can put onto 'rinse and repeat' ie. she doesn't have to recreate the wheel every time and thus taking up all her valuable time.
So, what are perfect products that she can sell?
E-products such as books, audio's and workbooks.
Subscription boxes that feed into her lifestyle brand and allow her customers to get a flavour of who she is (with a view to eventually hiring a VA to help manage this side of her business).
Cards, art, jewelry or any other creative products.
Toiletries either hand-made, such as soaps/perfumes/skin care or white labelled to fit under the brand.
Online courses that teach or educate people.
As anyone who has worked with me can attest to I have always been a fan of selling products in your coaching business or selling a service in your product based business (ie. online courses on how to make the products) because I feel it is a good way of attracting customers that wouldn't otherwise have bought from you, but time is just as important as money.
Contrary to popular belief if you teach people how to make your product, it doesn't mean you won't have customers anymore. Far from it. There will always be people who want to buy a ready made product and there will always be people that want to learn how to make their own, so why not tap into both markets?
Believe it or not, not everything is about sales, sometimes it's about marketing or PR. For example, when I ran strategy workshops at a discounted price as a marketing tool. I needed to get in front of more people and this allowed me to do just that. Of course you have to monitor this approach because you don't want to attract the wrong people but this worked well for me because I put my high energy behind it (and it's all about energy). I got this idea from Bertolli who set up restaurants as a way of marketing their new product range and testing them out on customers. When you are running a business of your own, you really need to shift your mindset to a higher level because not everything is about selling. It's mostly about strategy and always keeping the big vision in your mind. Whatever you do always has to support this big vision and not get in the way of it. And creating the wrong product may just get in the way of it.
If you want to talk more about your big vision why not book a chemistry call HERE and let's see if you are still on track with your dreams in life.