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Episode 2 What Is Your Business Model?
What IS your Business Model?
Welcome to OEP 2
What is your Business Model?
Have to design your business
Optimise resources and maximise profits
How can we do this?
Lets look at a couple of essential frameworks
The Product/Price Pyramid
Scalability
Product/Price Pyramid
Range of Products and Services on offer
Range of prices from low to high
The more value, the higher the price
The more time you have to commit, the higher the price
Free – Convert visitors to leads
Low – Convert leads to customers
Med High – Upsell, Cross Sell and create repeat customers
Higher value products require less selling time and offer potential for higher profits
Discussed in my Sales Closing Course with Dr Subayal Khan
Scalability
Must be built into all Entrepreneur led businesses
Do not sell hours for dollars
Repeat sales, low incremental costs
e.g. Microsoft Software
More difficult in a Service business
Designing your Offline/Real World Business
Bricks and Mortar
Products and Services
Michael Porter’s Value Chain model – discussed in my Business Strategy course
Take each step of the business
Procurement
Value Add/Processing
Sales and Marketing
Supporting Activities
Outbound Logistics
After Sales
What can you do to make the business efficient and profitable?
Online Business – Digital Entrepreneurship
Products and Services
Scalability and Passive Income
How can you offer value to your prospective customers?
Focus on the customer not on making money – one reason I am doing this podcast…
What is your Revenue Model?
One off sales? Your products and services?
Marketplaces or Platforms?
Repurpose Content: Course – eBook – Audio Book
Freelancing? Gigs? Fiverr?
Subscriptions?
Affiliate sales?
Measurement and recording results is essential
Keep track of costs
Design KPIs to help you track growth and success
What IS YOUr Business Model?
Here are some thoughts on where you can start your online business.
Amazon FBA/eBay selling
Source products from wholesalers in your country or abroad
Sell through Amazon/eBay
Set up your own online store and sell from there too
Affiliate Marketing
Review and promote other products and services and receive a commission
Need to build a large audience with trust to be an effective business
Useful sideline and incremental income when it comes in
eBooks and Audio Books
Sell through Amazon and other platforms
Need to be well written and edited, audio books recorded
Gig I offer in Fiverr using my audio skills
Fiction or Non Fiction: what is your niche?
Needs to be consistent and build a portfolio of content over time
Freelancing
Offer your skills on gig platforms such as Fiverr and Upwork
Takes time to build reputation
Offer a range of related gigs
What can you offer?
High Ticket Selling
Courses and high end products
Webinars
Sales Closing calls
Third party or your own products and services
Coaching/Masterminds/Community Memberships
Build a community and charge for membership
Must be consistently adding value and be present
Focus on your highest value skills
How can you combine these?
I offer:
Online Courses through many marketplaces including Udemy and Skillshare
My Online Courses through my membership site
High End courses on Thinkific
Gigs on Fiverr
Coaching and Consulting when asked
Public Speaking at Conferences
Sell my photographs on Fine Art America
Sell surplus personal “stuff” on eBay – learned that “skill”
Online Business needs online skills, all part of my Digital Business Transformation framework
Requires:
Strategy
Business Design
Product Service Creation
Channell Selection and Marketing
Customer Engagement
Digital Skills
Tools and Resources
Optimistic Entrepreneur Podcast
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Compendium of Cheatsheets and Checklists to help you to create your first online course
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