Many of my conversations with fellow business owners have been revolving around scaling their business. It's been a year where we've re-evaluated what's important to us (personally and in business) and want to make changes.
But people feel stuck, and many are unsure of what they should do.
It's the fear of the unknown. Like, ‘What if I tried something and it fails?'.
I believe that if you feel like your business is killing you, you're overworked, and you're underpaid, then there's no harm in making changes.
And that's where your business model comes into play.
How does your business model allow you to change and scale your business? And in terms of scaling, I mean economically. How can you make more money without doing more work – working smarter, not harder, is legit!
In business, it's easy to get feelings of the should do's. For example, you see people talking about scaling business, and you think you should do that.
But if you love your business model, your work, who you work with and your team around you – don't change! You don't need to. That's the beauty of being a business owner. You make decisions to suit you.
I often hear people say, ‘I really, really want to do that, but I'm not there yet'. And that's fine too. Again, it's on your terms.
Trust me; you'll know when you're ready to make changes.
My business model was events and 1:1 coaching when I started my business. I shifted my business model to online and digital products as I grew. From there, I shifted to group coaching and speaking.
A hot tip: Allow your business model to evolve with you.
People have differing ideas on how a business model should be classified. But I like to keep it simple.
Your business model will determine who you're selling to and how you're selling to them.
Most businesses can be classified as bricks and mortar, franchises, B2C (Business to Consumer) or B2B (Business to Business). Most of the people in my community would fall into the B2B business model.
Defining your business model comes down to knowing who you're selling to, the structure of your business, how you price it and how you get paid.
If you're feeling stuck in a rut with your business, or it's not going how you planned, your business model may simply need tweaking.
Here's what I hear from clients:
When you're feeling like this, it's the perfect time to see if you should change your business model. Sometimes, it's not about your products or services but changing how you sell them to others.
Some people offer ‘done for you' services – everything is taken care of, and you don't need to think of anything (e.g. coaching programs like my BBA or Amplify). Do you offer a service where clients can get everything they need?
You may also want to consider affiliate marketing or joint ventures, where you promote another product in return for payment if someone clicks your affiliate link and signs up.
Another one is to add physical products to your offering if you're a serviced based business (e.g. eBooks, checklists, how-to guides etc.).
Perhaps, like me, you love speaking. Have you considered doing some speaking events to share your knowledge, and in turn, promote what you do?
Or finally, could you be outsourcing parts of your business? For example, if you're hating the social media side of business but know it's vital for community connections, outsource this to a social media manager. Sometimes stepping back and letting someone else work in their zone of genius can give you a great ROI.
When talking to my community members, it was interesting to hear that some felt ‘boxed' into their business model. They had been working in a certain way for so long that they didn't know how to change it.
Or they said, ‘I don't have time to shift', ‘I'm burnt out', or ‘I have too many clients to change now'.
Well, guess what. No matter what your business model is or what you're looking to shift – it is doable! But there are a few things to consider.
You won't wake up one day and, out of the blue, decide to totally change your business, especially if it's running at a profit. To be successful, you need to plan and take steps to achieve it.
Where do you want to be in 12 months? What steps can you take today to make that a reality?
Anytime you make significant changes, it's normal to be a little nervous. Negative thoughts are little buggers when it comes to holding us back (especially if money is involved).
And that's why I suggest planning. Write down all of the ways you could alter things. You're only playing – not committing, so do it. This is a brilliant exercise that I think all business owners should do at least once a year.
I say to clients, ‘In order to speed up, sometimes you have to stop earning money, or as much money as you're earning to hold fire, build what you need and earn more down the track'. And yes, they're mostly horrified.
But let me tell you. When I moved away from coaching, I cut down clients. Hell yes, I was scared to let go of the money. But I used my time to build my programs. And now I'm thankful – these programs make a lot more than 1:1 coaching ever could.
My biggest hint here: Put a timeline on it.
Save some money, so you're not left short (and set up regular business payments to yourself – a ‘wage' if you like), communicate the upcoming changes with your clients and then start taking steps to alter your business model to scale in the direction YOU WANT.
I'm a big believer in surrounding yourself with supportive people. That's what my Amplify program is all about. It's a safe place for you to play with ideas, voice your ideas, get your flow going and get valuable feedback.
It's much easier than doing it alone.
And shifting your business model is potentially something that won't come easily for you. But having that community support, you know you've got a solid sounding board.
If you're serious about shifting your business model to scale, you really should consider joining my Amplify Accelerator program.
Or to hear me speaking about shifting your business model, pop on and listen to my podcast, episode 187.
As always, feel free to DM me on Instagram if you've got any questions.
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