A guide to choosing the best business model.
When you decide to start a business of your own it can get quite overwhelming and confusing at times. There’s so many options and it can be hard to choose the best business model for your vision. Well I’m here to help break it down for you.
If you’re reading my blog then chances are you’re probably looking for a way to build a business online. However, you’re probably not quite sure how or where to start, or what you can even do to make money online.
That’s ok, I was in your shoes once, and that’s why I want to break it down for you step by step.
A little while back I spoke about the importance of finding your why. By now, you should know why you want to build an online business and now you’re probably ready to get started. If you don’t know why then it’s a good idea to go back to my earlier posts about this.
But WHAT sort of business can you start?
There’s four main business models. I’m going to break them down for you so you can make an educated decision on the best business model to suit your goals.
1: PERSONAL PRODUCTS OR SERVICES:
You may already be using a product (eg. wellness shakes and supplements, beauty products, weight loss products etc.) and want to start selling it. That’s difficult to do locally. Once you exhaust your friends and family where do you turn? You could turn to the internet and figure out how to market the product.
You may have developed your own product you want to start selling. Again difficult to do locally, so you turn to the internet.
Does it work?
This business model can work well if you have a product people want and you know how to market it. Remember you’re looking to establish a target market and provide a solution to their problems.
Most people don’t already have a product, or if they do, they don’t have the skills or training required to market effectively.
**If you fit into this category and need some guidance with your marketing strategy, reach out to me on Facebook and let’s chat about some options.
This is a great option but may not be the best business model for the majority given most people don’t come online already having a product to sell. Those that do have a product are probably going to need some sort of guidance on how to go about actually marketing.
2: BLOGGING and AFFILIATE MARKETING:
Blogging is one of the fastest, easiest, and funnest ways to get started online. It’s super cheap to start a blog and you can get one up and running in no time. If you’re not sure how to go about this check out my post on how to start a blog. Learning how to monetise your blog is also pretty easy as there’s heaps of companies you can become an affiliate for. If you do that all you have to do is share their links in your posts and you can earn an income (you’ll notice this in some of my posts).
Does it work?
Definitely – it’s easy to stay motivated with a blog because you get to write about whatever you want so it’s easy to stay passionate. If you know where to look you can pretty much find an affiliate product for any niche.
You won’t build a following overnight. Although you might have great content and all the right links you won’t make money until you get people reading your posts. This is more of a longer term strategy so if you’re looking for a way to get online and make money
This could be the best business model for a lot of people, especially if they don’t need to build a large income quickly. It’s flexible, easy to set up, and pretty easy to learn, but it does take time to grow a following and start earning an income.
3. AFFILIATION WITH BUSINESS OPPORTUNITIES:
There are different styles of opportunities in the multi-level marketing (MLM’s) or direct sales bracket. This is a great way for someone to get started if they don’t already have a product or service to sell and don’t want to wait for a blog to take off. There’s low ticket/front end products vs high ticket/top tier products. You can still use a blog as a marketing strategy to sell these products. With the right product choice you can market a lot smarter and have success a lot faster through social media and attraction marketing (I’ll cover this off in more detail in another post).
Does it work?
Definitely – find a high ticket product you’re passionate about and align yourself with a good business coach/mentor to form a marketing plan and you’ll more than likely get results. The great thing about these types of high ticket opportunities is the mentorship and education provided. You’re never left on your own to try figure stuff out. The key is duplication – the system will work for those who get involved, follow the plan, and do the work.
There’s so many different opportunities out there, make sure you do your research and choose something that you feel is right for you. There’s generally a higher cost attached to getting involved, but it’s also a much higher return, so weigh up what you want and if it’s the right fit for you. Don’t be sucked into get rich quick schemes, if you’re looking to build a genuine business you need to be ready to put in the work and follow the leaders.
For me, this was definitely the best business model. This one is great for anyone who prefers to follow a system and likes having guidance, as well as anyone who loves networking and wants to have potential to earn income quickly. I like to use blogging and this type of affiliation together, I think they go pretty hand in hand.
4. BRICK and MORTAR
A traditional business that deals with customers face to face, usually from a storefront or some kind of real life facility. If you’re reading posts about building an online business then this generally wouldn’t be the type of business you’d go for. However, if you’ve already got a brick and mortar business and are feeling like you want more freedom then you could still keep your business and just learn to leverage the internet.
Does it work?
Yes, if you already have this type of business then you need to be turning to the internet. Small business owners need to start thinking globally rather than just locally. If you have a product or service that is meaningful then you can leverage the internet to explode your business.
If you’re looking to build a location independent type business, then you wouldn’t want to be tying yourself down to a physical workplace. Even working your own business can keep you tied down if you have a shopfront where you have to be present. So if your why is to travel etc. then this isn’t the sort of thing you would want to look at. But if your why is to design and sell clothes, then you could definitely start a business and leverage the internet to reach a global market so you’re not just relying on a perhaps saturated local market.
Probably not the best business model if you’re looking for a location independent lifestyle.
So, which is the best business model for you?
Well it’s not my place to tell you that. Everyone is different and what worked for me, may not work for you.
I’ll let you know I went with option 3.
I saw someone living the travel lifestyle I wanted and I approached her to find out how she was doing it. She introduced me to the high ticket business opportunity she was affiliated with. I decided to get involved as well. I love the product, I really enjoy networking and building relationships, and I was looking to have more flexibility to travel. I’ve now been able to go on three separate holidays just since starting in late 2015. I went to NZ, Phillipines, and the latest trip for our event in the USA, plus I’ve done a few mini getaways within Australia.
It’s just proof that knowing your why, and finding the best business model for you, goes a long way.
So, like I said, I’m not here to tell you what the best business model is, because I don’t know you right now. But I’d love to get to know you if you want, especially if you’re interested in learning more about option 3. But it’s ok if you’re not. Just add me on Facebook and let’s chat.
P.S. If you do want to know more about the high ticket system I’m affiliated with, check out our products in this post.
And that’s it from me for now. I really hope you found this article useful and are now ready to make a decision on how you’ll make your mark in the online world. Like I said, if you want to chat, just reach out to me on Facebook.
P.S. If you like what you’ve read feel free to like, comment, or share. Your time reading my post is greatly appreciated. 🙂
**Please note, there are affiliate links in this post. The system I have recommended is the system I personally use and honestly recommend to anyone wishing to start a business of their own. No extra costs are incurred for you; the referral commission simply contributes to bringing you valuable content.