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The Great Business Model Mistake

Escape_Time_For_MoneyOne of the most popular questions or concerns that I’m hearing from my coaching clients at the moment, (I work with individual experts including consultants, coaches, speakers and trainers) is around their business model…

What is the best way to organize how you do what you do so that you can earn a reasonable amount of money with the least amount of effort?

This revolves around these three questions…

  1. What does your the ideal business look like?
  2. What is your ideal lifestyle?
  3. And, what’s the footprint on the planet you want to leave behind?

Are You Making This Mistake?

Typically, the problem stems from copying someone else’s business model. We see someone else succeeding in a particular way and start doing the same.

[Tweet “Are you running uphill because you’re making the Great Business Model Mistake?”]

That might be a place to start but it’ll only work if you can test and analyse what that business model works for that person. Blind copying is like buying a lottery ticket – unless you’re really lucky it’s most likely you’ll use the wrong plan.

And, sooner rather than later, you’ll notice that you’re working really hard for very little reward.

Business Model Strategy

A smarter strategy is to sit down and do some analysis around what your ideal business model might look like.

  1. For an individual, the first step needs to reflect your individual personality. For instance, I’m a content junkie. I love creating and sharing ideas, information and content. I’ve just made the adjustment to spend more time creating content to attract clients and to create products and deliver as online courses. This suits who I am and how I work best. It probably won’t suit you.
  2. The second step needs to reflect how you deliver your value to your clients. I’m at my best when I’m talking and thinking, planning and designing on my feet.
  3. The third step is to marry your best way of working and your best way of delivering value.

This is likely to result in an increase in your work satisfaction, an increase in your motivation and energy and an increase in the results you produce for your clients.

Professional Service Firms

The same principles apply for professional service firms or consulting firms where there are groups of people. What is the unique set of skills, capabilities, aspirations, experiences and concerns that comprise your firm?

Then, what is the best way to deliver this value to our clients?

The Flood of Opportunity

And, the really interesting thing is the rise of digital media, which creates a host of new opportunities by opening up global markets, breaking the ties that forced face-to-face interactions and allowing for new levels of automation. The mix of product and service offerings is now unlimited.

 

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