What Business Model Is Right For You?
So you have chosen a business niche, and chances are you’re now contemplating your business model. This can feel overwhelming. There are a number of business models to choose from. Each has their own advantages and disadvantages.
Before you decide, consider the following questions:
- How much time do you have to devote to your business?
The amount of time you have is critical to your business model decision. For example, if you decide to be provide a service then you’re going to need a lot of time to provide that service. If you only have five hours a week you’re going to have to charge a high premium for your time (and do your best work during that time). Depending on your niche topic that may or may not be possible.
Affiliate marketing, information marketing, and even membership marketing don’t have to consume vast amounts of time. If you’re short on time these models may be a better fit for you.
- Do you want customers?
I know this seems like a strange question right? If you’re in business then you’re going to have customers. But that is actually not necessarily the case. In the case of affiliate marketers they don’t have customers. An affiliate marketer earns a living by promoting the products and services of others. You have website visitors, but no customers to manage or maintain. They are directed to someone else and becomes their customers.
On the other hand a business that sells a product or a servicewill have customers. That includes information marketers and membership marketers.
3. What fits your personality?
Some business models lend themselves to introverts. If you’re shy or prefer to keep to yourself then becoming a service provider might not be the best fit for you. However, affiliate marketing or information marketing can work for you. It is important to pay attention to what business model best fits you. It will make starting and growing your business much easier.
Finally, spend some time considering how you can best solve your customers problems. For example, if you’re going to create a business on the topic of learning to sew you might…
* Create an information product
* Provide information/content and become an affiliate marketer
The business model you choose can then be chosen based on your answer to the questions posed earlier.
Your business model is an essential ingredient to the success and fulfillment you find as an online business owner.
