business model

Launching a Business Model: The Top Tips and Tricks

January 24, 2021 by David Sharpe Leave a Comment

Did you know nearly two-thirds of billionaires are self-made? Establishing a successful business is possible with the right business model.

Launching a business model begins with following these top tricks and tips. Read this guide to learn the best business tips for beginners.

1. Find the Best Business Plan Template

Picking a business plan determines the process of launching a business model. Before you ever apply a model, you need a clear plan. Finding a business plan depends on your planned offering.

For clarity, a business plan differs from a business model in one specific way. A business model is a major step in the execution of a business plan. Without a plan, you do not have a launchable business model.

If you plan to market digital products, you can use one particular plan and its relative models. If you plan to work in affiliate marketing, you need another kind of business plan. Your model can then follow the specific demands of this business strategy.

You can create your own business plan if you're a DIY kind of business owner. You can also use templates or blueprints created by professionals in business development. Once you have a plan established, you can consider the best business model.

2. Assess and Research Your Market

Once you have a clear business plan established, you're one step closer to launching a business model. You'll need to assess your goals and conduct some market research first. This evaluation and research help finalize the right model for your company.

When you assess your goals, you'll need to ask yourself a few questions. These are the considerations you may take when assessing your business goals:

How will your business operate?
What are worst-case, best-case, and most likely financial goals?
What problem does your business address for consumers?
Who will your business ideally serve?
What goods or services are the best, to begin with?
Who qualifies as competition? What are they doing?

Once you can answer these questions, you have clear action steps for your business plan. You can then begin to research your ideal customer's market. The more you know, the more easily you can plan for operational processes.

3. Determine Which Process Is Best

With a clear plan established, you should also have a clear vision statement and strategic objectives. These are basic parts of your business plan and will be critical to launching a business model. There are a few steps to follow to help you identify the best operational process for your business.

Direct to consumer
White and private label
Wholesaling
Dropshipping
Subscription-based

Depending on whether you offer goods, services, or a combination of both, you have different options. Your processes could include distribution, manufacturing, and logistics. Your processes could involve web design, digital marketing, and more.

The more you rely on production and distribution teams, the more you need a strong understanding of operations. If you primarily plan to offer services, you need clear pipelines for your customers. Make sure your advertising, follow-up, and invoicing are all clear.

Once you ascertain your business's best operational processes, you're ready to move on to a business model. First, you need a strong understanding of each model to know what best supports your plan.

4. Understanding Each Type of Business Model

There are four different types of business models. The best one for your business depends on your planned offerings. Here's a breakdown of the different model types you can plug into any business plan template.

Business to Consumer (B2C)

B2C is all about the end-user experience. It includes products and services, so it works for any offering you plan. The sales and marketing cycles are shorter, making this ideal for e-commerce.

You also have to spend less on marketing upfront, which is ideal for launching a business model. The less you spend on marketing, the more you can invest in other parts of your business. For example, if you offer software as a service, you can market directly to consumers.

Business to Business (B2B)

Business to business sells products or services to other businesses. This is part of the reason for the longer sales cycle. More time and money are invested upfront in advertising your offerings.

When catering to other businesses, you also have to consider things like a partnership and contract duration. If your offering is one-time or subscription-based, this also helps set the dynamic. You can set the tone for B2B connections with innovative digital storefronts and more.

Consumer to Business (C2B)

This business model is one of the more modern small business tips and tricks. It gives individuals the ability to transform their unique skillsets into profit generation. Affiliate marketing services also qualify as C2B.

For this business model, you need to focus on the competition. Finding ways to help your business stand out puts you ahead of other independent business owners.

Customer to Customer (C2C)

C2C often focuses on one-time sales between users. People post their offerings on e-commerce platforms and exchange goods. These transactions are often regulated via platforms, even for regular sellers.

Launching a Business Model Isn't the Final Step

Even with these top tips for launching a business model, you've only taken the first step. But don't worry; there's more support and resources out there. Legendary Marketer can support you.

Would you like to find a profitable business you can do from home so you can bring in much more substantial income? If so, I recommend you watch this free video which will walk you through our #1 recommended way to earn money online from home.

How to Launch a Business Model: A Guide

January 24, 2021 by David Sharpe Leave a Comment

You may have heard the harrowing statistic that only 30% of businesses will make it to their 10th year.

Don't let this number keep you from acting on your great idea. Launching a successful business can have long-term benefits in your personal and professional life.

The world needs small businesses to start, and to grow. However, you always need to keep the risks in mind. A successful business starts with a comprehensive business model.

Here are some tips on how to launch a business model that will get your business on the right track, and leave room for growth.

Perfect Your Product

Creating the perfect product or service isn't a one-time effort. You may have a product that fits your target segment now, but as you grow, you'll need to consider new things.

Find your target audience. Who are you selling to, and what are their needs?

This requires competitor research to find your niche in whatever market you serve. Your product should directly reflect the people in your target audiences. Be prepared to be flexible as you develop, and make changes along the way.

Analyze demographics and interests within your audiences in order to provide the most attainable pricing model. Finally, leave room for growth. You should always have multiple avenues available for development in order to fit the constantly changing marketplace.

Create an Online Presence

An online presence is one of the most effective ways to build your audience. Rather than shooting in the dark, learn how to launch a business model on social media.

Spend time building up your presence online through social media and a strong website. This will act as a foundation for your business and add credibility to your product.

You can do this by creating a blog, and promoting it on social media. Consider affiliate marketing as a means to bring in traffic and earn a commission. This can serve as a way to survey your audience and develop a product to meet their needs.

The larger your presence on social media, the more you can connect with potential customers, and figure out who they are and where they're shopping.

People tend to trust a name they know. Even if it's your first time marketing a product, people will be more likely to engage with your brand if they recognize your name.

Develop a Marketing Strategy

Now that you have an online presence, and a product to sell, you need a marketing strategy. This is one of the most important ways to grow your brand and can determine long-term success for your company.

Start by developing an unpaid marketing plan using SEO. Conduct keyword research and construct a gameplan around your target audience. Make sure your website is up-to-date and easy to navigate for the best results.

From there, you can tap into your budget for paid marketing. Consult an agency, or learn more about marketing yourself. Create a plan for your first marketing campaign, and begin testing on a small scale.

Small wins in your marketing efforts will be a great indicator of success and solidify your business model to pitch to investors.

Create a Pitch

We've all heard of the elevator pitch. The reason it's used so widely is because it works. Keeping your pitch short and concise will make it easier to establish frequent connections and help people remember your brand.

Focus on your major selling points and lean into your established customer base to prove credibility. Additionally, add points of growth into your pitch. Potential customers and investors want to know that your company is able to adapt.

In summary, why are you essential in your market, and how will you grow to meet the needs of new customers?

Remember to be a real person. People are often deterred by a pitch that sounds too salesy. Being the face of your business means relating to real-life people, and meeting them where they are.

Protect Your Business

At this point, you've created something that needs stability. You aren't just an individual or a partnership anymore, you're a company. Separate your company from your individual assets by making your business a corporation.

Follow guidelines to avoid any legal errors and protect your great ideas. Finalize founder agreements and make your hiring process efficient and thorough.

It may seem like a lot of time-consuming steps at the beginning, but it will pay off in the long run to have documentation for everything.

Start Small

While starting a business is always going to seem like a jump into the deep end, starting small can help you work through the kinks with less investment up-front.

This can look like focusing on your online presence before mass producing your product. There's no point in having a warehouse full of products or spending time developing a huge range of services before you have a base to market to.

Use your budget wisely and invest in the areas that will drive results.

Build Credibility

As you're working on expanding your customer base, don't forget about retention. Those customers that were with you from the start can be an important tool in building credibility.

Keep track of these people through email lists and reach out with any updates on your business. You want to create a reputation of caring for your customers. Many businesses are able to get people through the door, but struggle to maintain brand loyalty.

This can hurt your business long-term and affect your ability to scale.

How to Launch a Business Model Today

Now that you have a business model checklist, it's time to get started. Keep it short and include as much reliable data as possible. Consider giving yourself a head start by seeking expert advice.

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How-To Guide: Launching a Successful Business Model

January 23, 2021 by David Sharpe Leave a Comment

Did you lose your job during the pandemic? Or are you fed up with working in an office or for a company? Many people have dreams of working online but no idea how to turn them into reality.

Fortunately, choosing the right business model can make that dream more achievable. We have a few ideas and strategies you can use to start a profitable business no matter your experience.

But what is a business model and which is best? Keep reading to find out!

Choose a Niche

The most successful business model for you will center around something you like or are good at. You should focus on a specific industry or customer, and this is your niche.

By narrowing the focus of your business model, you can see more success early on. Consider what you like doing or talking about. Perhaps you like cameras and photography, so you start a business around that.

Or maybe you did really well on standardized tests, so you create a business that helps people take tests. Whatever it is, consider what you like, but make sure there's also a need for it.

Research the Market

Next, you should do some market research to figure out what problems people have within your niche. Then, you can determine how to fill that need. If you're a photographer, you could see if people need photoshoots.

But maybe you realize that people need more help in selecting and using cameras. So you can switch your business idea to a business model with more potential.

If you're good at standardized tests, you could see if people prefer tutoring or workbooks to use on their own time. Both can make for great business models, but they can serve slightly different needs.

Find Your Competition

As you research the market, you'll probably come across some people with similar businesses to your idea. That's okay, and it can be even more validation for your idea.

But don't just skip over your competition. Take a look at what products or services they offer and see how customers react to them. Maybe there's something you can do a bit differently to stand out.

You don't need a totally unique business model, but you also shouldn't avoid copying your competition. Perhaps your competition focuses on helping beginners, so you target more advanced photographers or students.

Operate Online

The most successful types of business models don't take forever to see a profit. If you want to start making money soon, you should consider starting an online business.

You can start quite a few different online businesses with little or no money. With an online business, you don't need to worry about finding or paying for a storefront. You don't need to hire a bunch of employees.

If you can keep your startup costs low, you can find business success more quickly. You can also determine if your idea is profitable, and you can choose a different business model if yours isn't making money.

Start With Profit

If you want to start making money from the start, you should consider a simple way to bring in revenue. Affiliate marketing is one of the best ways to make money when you first start your business.

You don't have to create a product or service. Instead, you can sell someone else's product or service and make a small commission on each sale that comes through you.

Affiliate marketing doesn't need to take a ton of time. You can share links to products in your niche on your website through a blog and on social media.

Then, you can use the rest of your time to build out other revenue streams as part of your entire business model.

Use Two Revenue Streams

While you can make a lot from affiliate marketing, you should also create a second revenue stream. You can create digital products, like eBooks, online courses, and other digital downloads.

If you want to offer a service, you can also do that through your website. You can use email and video conferencing apps to communicate with clients.

Consider if you're willing to schedule part of your day for clients or if you'd prefer more flexibility. Online courses can be a great alternative to coaching, and you can make more money without having to work more.

Having at least two revenue streams can give you more security. If your affiliate income dips one month, you can make up for it with more product sales or vice versa.

Productize Your Services

If the best business model for you involves services, create packages based on your offer. Instead of having to create a custom package for every client you get, you can direct leads to your services page.

Your clients can choose from your options, streamlining the sales process for you. That way, you can book clients more quickly.

You can also offer services as products, such as coaching or teaching as an online course. If you're good at graphic design, you can sell templates instead of custom services.

Selling products will give you more control over your business model. You can only work so much in a day, so selling products can get rid of the income ceiling that comes with offering a service.

Build a Marketing and Sales Plan

No matter what business model you plan to start, you need to create a marketing and sales plan. Social media is one of the best places to market your business.

You can interact with people in your target audience to build relationships and a following. Facebook and Instagram are two popular options, but TikTok is quickly gaining traction.

You can use your social media profiles to direct people to your sales pages. If you write the sales copy well, it can help sell your products or affiliate products for you, saving you precious time while making you more money.

The Best Business Model to Choose

You can choose from many different types of business models out there. But if you want an easy way to make money without overworking yourself, make affiliate marketing part of your business model.

Then, you can combine affiliate marketing with creating and selling your own digital products. Both revenue streams are easy to scale and have no limits on how much you can make.

Are you ready to start a profitable online business model? Watch this video to learn more about our top way to make money online.

How to Choose the Right Online Business Model for You

January 21, 2021 by David Sharpe Leave a Comment

You have passion and creative energy. You know that you want to channel your energy into a successful online business. But how can you know what online business model is right for you?

The internet has opened up a world of opportunities that didn't exist fifteen years ago. I know from experience that there are ways to seize these opportunities and turn your dreams into reality. I went from working construction to internet marketing.

It wasn't easy, but I went from an absolute beginner to a seasoned marketing professional. When you find the right online business model that works for you, you'll be able to something that you enjoy and earn money doing it.

Here are some ideas to get you started.

Advertising or Product Sponsorship

This business model depends a lot on personality and your ability to capture people and drive them to your content. Ultimately, you want enough followers or a large enough audience that you are paid to advertise or sponsor products for other companies.

You could start with a blog or podcast and try to gain followers. If you have a hobby or niche interest, this might be a good fit for you. Your revenue can include advertising that is part of your website or from a sponsorship that you do as part of your content.

Instagram influencers and TikTok can also be huge drivers for paid content. Companies like the idea of less “obvious” paid content and use these social media outlets to pay influencers to do the marketing for them.

Digital Products and Courses

If you have knowledge to share, you can make money doing so. You can write an e-book or create an online course. People are willing to pay money to access information, particularly when the person is an expert in the field.

To share an e-book, you can start with a simple web page that includes a download. For online courses, you can use existing platforms like courses on Udemy or teaching on Outschool. The best thing about using other platforms is that feedback from your students will drive more sales.

Software or App

You may have an idea for a product or service that no one has yet thought of. Software and apps can be a way to bring your idea to life. Whether you have some skills as a software developer or would partner with someone, the main goal of software or an app is to create something that people will use.

With this business model, there are different ways that you can make money.

You can start with a free version that requires an upgrade to a paid (better) version
You can offer a free trial to let users try it out and then charge them after the trial is over
You offer a free app or software and then make your money from advertising revenue

While this business model has a potential upfront cost for the development of your software or app, it can be sustainable for a long period of time. It is also something that you could sell in the future to another company.

Web Development

If you have skills in website development, there are always people looking for help. Other entrepreneurs may have the same drive but no skills to create or manage a website.

Your web development services could range from one-time setup to ongoing maintenance and support. As you get clients, you can let your portfolio speak for itself. You would also have an edge in getting started because you would be able to set up your own website easily.

Affiliate Marketing

With affiliate marketing, you sell products for another company and earn a commission for the effort. Your commission is typically 5-10% of the cost of the product. This benefits the seller because you're doing the work for them.

Amazon Associates is one of the most popular programs. If you are able to generate a solid following, particularly in a niche industry, you can earn passive income when people buy products from your affiliate link.

Consulting or Coaching

If you have expertise on a particular topic, you can sell your experience to others. Consulting or coaching have low startup costs. You need to rely on personal relationships and referrals so that you can become known as the go-to person for your audience.

To build a consulting or coaching business, in addition to your website, you'll want to consistently produce content that establishes you as an authority. This could be a combination of blog articles, guest posts, podcasts, email subscriptions, and more. Share just enough knowledge to entice people to contact you for services.

Next Steps for Your Online Business

Once you have decided which online business model works for you, it is time to get set up! The next steps will involve some planning so that you are ready to launch.

1. Choose the Target Audience

Whatever you offer, you likely won't appeal to the entire universe. Decide who your customers are and how you will find them. This will drive your website and also your presence on social media platforms and amid other online channels.

2. Create Your Website

Your audience needs to be able to find you. 88% of consumers do research online before making a purchase. No matter what your revenue stream will be, the odds are that your potential customers will take a look at you before making a decision.

3. Engage Your Audience

In almost every instance, you'll need to have regular engagement with your audience. This can range from email newsletters to social media posts to blog content. You'll want to watch your engagement from different channels, so you know where to focus your efforts.

4. Bring Business to You

By optimizing your website through SEO and PPC, you can let search engines do the work of bringing traffic to you. Pay-per-click has an associated cost, whereas organic traffic through search engine optimization is free. Both will boost your overall audience.

Making the Most of Your Online Business Model

If you are ready to take the next step, start planning today! Once you have selected an online business model that makes sense for you, you can get to work on building your dream.

At Legendary Marketer, we offer online courses to help you learn the skills you need to jump right in. You can start by taking the 15 Day Online Business Builder Challenge for an action-oriented experience. Click here to sign up today.