Which business model is best for you and what one revenue stream is most feasible?
Wow, I made it to Day 11 of The Suitcase Entrepreneur’s 30 Day Blog Challenge – I’m rather proud of myself! Today, Natalie talked about the Two most viable business models and they were as follows :
- Selling yourself – selling access to the knowledge and skills you’ve acquired in your lifetime.
- Selling other people’s stuff – being a distributor or affiliate for other people’s stuff.
If you’re thinking about starting an online business or a business that you can take with you wherever you wish to go, this is one of the key pieces of information you’ll need to decide on. Think about what you would be most comfortable with, what suits you best and what feels most natural to start. You can always branch out into other areas once you’ve got yourself off the ground and running.
Secondly, she wants us to think about what type of revenue stream we would like to choose, either :
1. Active revenue stream or
2. Residual revenue stream.
An Active revenue stream will suit someone who is a people person, and hands on who prefers to do consulting, coaching or that type of work whereas a Residual income stream will suit someone who wants to trade less time for money, do more of the hard work at the beginning and benefit over time even after the initial load of work has been done. This could be by creating digital products, video training programmes, books etc…
So what did I decide?
Well, I’ve always used a core business model of ‘Selling Myself’ as it is my message and learnings that I want to get out to the world. My goal is to create a brand around my philosophies, and a business that inspires and helps other people to see how they too can ‘Harmonize Wealth Online’ for their own wellbeing.
I started out using more of an Active revenue stream as I was coaching one on one in my office based in Hamilton, New Zealand. I was enjoying the benefits of being self employed but once I realised I was still really trading a lot more time for money than I wished to, I decided I wanted to move totally to a Residual income option.
So, currently, all my energy goes towards learning how to create digital products, training programmes and books. It is a huge learning curve and having created my very first ebook product late in 2012 (Project Liberate – click here for details) has helped me to take my first steps towards creating a residual income stream that is strong and consistent. Obviously, it takes baby steps and my next goal is a second product that will be an improvement on the last. My idea is to continue to create powerful and purposeful products that provide solutions to people’s everyday problems and as long as it builds on the last, I am happy.
So what will you decide for your business? Leave me a comment with your thoughts, I’d love to hear from you.
To read other posts in the 30 Day Blog Challenge, click here.
Until tomorrow x
Feature image courtesy of freedigitalphotos.net