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Business Model Blunders It’s Best Not To Make
July 8th, 2009 by Kendall
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What may be holding you back from reaching 6-figures (or even more) isn’t lack of ambition or desire. It may simply be your business model.
Think of your business model as the design of your various services, info products and programs. Too many entrepreneurs offer a bunch of “stuff” without any real thought as to how each offer will best leverage their time, plus create the maximum amount of revenue.
Naturally, they end up disappointed with their results, which is really a shame because anyone can create a winning six and even seven figure business model once they know a few simple tips.
Here are four simple tips to make sure your business model isn’t making common blunders that will keep your income from growing.
Tip #1 Create A Plan For Moving Clients From 1-on-1 To High-End Programs
The blunder most entrepreneurs make is filling their time with lots of 1-on-1 clients (and often at a low price point), leaving them burnt out. Treat your 1-on-1 client time as the most precious service you offer so that you’re only working with a few clients at a high dollar amount. You’ll love your clients more, you’ll make more and you’ll free up tremendous amounts of your energy.
Tip #2 Include Life-Long Recurring Revenue In Your Model
It’s exhausting to constantly look for new clients. That’s why savvy entrepreneurs have at least one “continuous” revenue stream in their business model. Ideally, this income stream is one clients never want to give up, giving you consistent monthly income.
There are many creative ways you can design continuous revenue into your business. I recommend looking at what support your clients wish they had for your inspiration.
Tip #3 Think In Terms Of A Series Rather Than “One Off” Programs
Every program, product or service you offer must include an option to upgrade to a next level. Waiting to figure this out will cost you a ton in lost revenue and ramp-up time!
For example, your free teleseminar can roll participants into a paid group or teleseminar program. In that program, plan on upgrading a certain percentage of participants to a private virtual retreat day with you. Your virtual retreat day clients can then upgrade to a longer term coaching program. Never let your relationship with your clients end because you don’t have anything more to offer them.
Tip #4 If You Can’t Leverage It, Don’t Offer It
Once you shift your mindset to the leveraged business model, you’ll never again be tempted to offer a stand-alone program or service. It just isn’t worth your time and effort! Even something as simple as an ebook should consciously leverage your clients to upgrade to a higher-end service or program.
If Your Cash Flow Stops And Starts Then Take A Critical Look At Your Business Model For The Solution
Unpredictable, up and down c’ash flow is frustrating to deal with. By redesigning your business model so that every offers flows effortlessly into the next you’ll not only even out your income, you’ll dramatically increase it as well!
Posted in Business Development • • Subscribe to this feed
Tags: business model, entrepreneurs, successful entrepreneurs, women entrepreneurs
ditto times four… I especially like tip #4 - I have my own personal credo that I call my Double Duty Rule and it keeps me from being tempted to veer off the plan! Awesome concise article, Kendall.
Comment by Sherri Garrity - Chief Corporate Fugitive — July 8, 2009 @ 7:09 pm
As always, very powerful tips for ensuring continuous cash flow for business. Thanks Kendall
Comment by Lalitha Brahma — July 8, 2009 @ 7:54 pm
Here I go again! I veered off, even though I have a product in the making AND I have different “1 on 1″ options - they aren’t flowing into each other. Ugh! That’s why I’m back. Need some guidance:)
Comment by Melody Granger — July 8, 2009 @ 9:44 pm
Thanks Kendall. This article offers really valuable tips about how to design a business model that keeps on paying. I especially like the line,”Never let your relationship with your clients end because you don’t have anything more to offer them.” Thanks again.
Comment by Kathy Burns — July 9, 2009 @ 5:53 am
Loved your concise tips, Kendall! Great reminders for my quarterly business progress review, and simple “course corrections” for the areas that got off course.
Comment by Linda Pucci — July 9, 2009 @ 6:26 am
Great reminder to keep my products and services in alignment with each other. It’s so easy to veer off in different directions, but your article is a great reminder to STAY FOCUSED.
Comment by Kim Reddington — July 9, 2009 @ 6:57 am
Awesome article, Kendall! When I started the online portion of my business, I did exactly what you caution against…and I was disappointed in the revenue results. Leberaging is a key for success. Thanks for the reminder to keep leveraging!
Comment by Bonita — July 9, 2009 @ 8:57 am
Great article Kendall! As always useful information we can use right away. Leveraging is key to success. Thanks for the reminder!
Comment by Maureen Campaiola — July 9, 2009 @ 11:04 am
Love the article Kendall. Great tips and solutions and timely words of wisdom.
Comment by Joy — July 11, 2009 @ 3:34 pm
I understand the reasoning to move away from 1 on 1 clients. Seems that the trend is very much moving to groups and membership based options.
However, how about a business owner who is seeking 1 on 1. I completed Alicia’s 21 Step course and am a member in her Coaching Cafe…all of which are great.
But, what I need right now is not another group, I need 1 on 1. Are there still excellent coaches out there that offer 1 on 1?
Comment by Dale Carter — July 16, 2009 @ 12:05 pm
Right on, Kendall, as usual! Good to pay attention to before one gets burned out. I never get tired of hearing your wisdom!
Comment by Sheryl Brown — September 7, 2009 @ 2:57 pm