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This week on the podcast we’re talking about shifting business models in order to scale your business. 

Just a reminder that scaling to me is about economies of scale, you can work with more people without necessarily increasing the number of people in your business or the cost of servicing those people. 

This is something that I have a lot of conversations with clients and followers and I know that shifting business models is not for everyone. Some people love the work they do, how they do it and who they get to do it with and that’s amazing. 

I also think that there are seasons in your life where certain business models work for you and your lifestyle and then other times when it has to shift and change. 

So let’s start off looking at what a business model is. 

Your business model will determine who you’re selling to and how you’re selling to them in the most basic way. 

The common types of structured business models that we know are:

  1. Bricks & mortar
  2. Franchise
  3. B2C – Coaching, Mentoring, Selling individual products to the mass markets like clothing, jewellery etc. – Bricks & Clicks (which is a term I like) is where a bricks and mortar business has a strong online presence as well. 
  4. B2B – is focusing on selling to other businesses which a lot of you, my listeners, would be focused on if you’re a web designer, copywriter or photographer. The businesses you service are small businesses. The brand agency I used to run would do big employer branding projects for other corporates.

So I’m a B2B because I work with registered businesses as a business coach. 

But within the model, you’re looking at how you’re earning your money.

When I look at someone’s business model I’m looking at:

  1. Who are they serving?
  2. How are they serving them?
  3. What is it costing them to serve those clients in the way they’ve chosen?
  4. Does it work for their lifestyle as well?

As we’re going to talk about. If your business model and business is killing you, you’re overworked, you’re underpaid and you’re stuck – then the bottom line is – your business model is not working for you. 

So this is where talking about changing your business model is worth looking at. Looking at the way you deliver your products or services and how you earn money.

  1. Done for you – Consulting, Copywriting 
  2. Done with you – is like BBA & Amplify, my group coaching programs or DWY could be one on one coaching or consulting.
  3. On-demand (online courses you buy and DIY)
  4. Affiliate & Joint Venture
  5. Speaking
  6. Selling products

There are more but I feel like these are the main ways that most of my community earn their money. 

The reason that most people change their business model is so they can earn more money in less time and scale what they are doing. It could be that they outsource a lot of the work that comes to them as well. So there isn’t just a one size fits all. 

The thing I do want to talk about is what it takes to change your business model after having your business and building it up for some time. 

The Amplify Accelerator, which is my high touch group coaching program and mastermind, supports businesses to create their own group program. The really interesting thing is that I have conversations with business owners all the time about shifting their business model before they apply for Amplify and when they are in the process of looking to join Amplify. 

The biggest issue that so many of them say to me is – I don’t have time to shift. Which is often followed up with – I’m so burnt out, I don’t have time for anything. I’m working stupid hours because I’ve got so many clients. Or I’ll get a message saying – I really want to do this but I don’t know if I have time. 

No matter what business model you’re looking to shift to there are a few things that you will need to think about and do if you want to shift. 

So what questions should you ask? 

  1. Firstly ask yourself – Is this working?  Does it feel good? Are you happy with the     way you’re working, who you’re working with and how it all works together?
  2. How would you like to be working?
  3. What would need to change to work in this preferred way?
  4. What mindset shifts would I need to have in order for this change to happen?

PODCAST EPISODE #187: Shifting Your Business Model to Scale

2021-12-08

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