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7 things Every Business Owner MUST do – Choosing the Right Business Model – Part 3

by Guest on October 1, 2012
Business

In the business success secrets so far we’ve covered how to identify and play to your strengths, as well as the importance of following your passion (which reveals more than just what you love to do). Today’s business secret is on a topic that’s essential to get right from the outset if you want to avoid burnout.

Secret #3 – Choosing the Right Business Model

A business model is the way you sell your products/services to your customers. It could be online, through a physical store, commercial space, or an office, as a franchise, wholesaler or distributor, or even as a home based business. It may also involve a combination of these.

Many people make the mistake of fitting their life in around their business when in fact it should be the other way around. If you don’t you may find yourself working hard all the time without much of a life.

That’s the quickest way for all the fun, passion and joy to be sucked out of your business, and create stress. You give so much of yourself to your business that you have little time or energy left for anything else – including your family and friends.

As business owners we’ve all been guilty of this at one time or another. So how can you avoid this? Start with the end in mind and work backwards.

  • Your business vision – Make a list of all the reasons you started your business (or want to) and the different ways you can accomplish this.
  • Your ideal business – Imagine how your ideal business would look. Where’s it located? What hours are you working? Do you have any employees? What’s your role?
  • Your responsibilities and commitments – Look at the relationships, duties and obligations you have in your life that you need to allow time for. How will they impact on your business?
  • Your needs – It’s also important to allow time for you to do the things you enjoy. Give yourself a chance to exercise, relax and unwind. Remember it’s your life and your business. You’re the one who’s in control of how you spend your time.

Now that you’re clear about where you’re coming from, it’s easier to find a business model and strategy to match. For example, if you’re a parent and only want to work school hours then opening a restaurant probably isn’t going to be a very good fit based on your needs. Perhaps you could look at other cooking options like holding classes or a mobile café.

Likewise, if you rely on passing traffic to come into your store, a home based business probably won’t work so well unless you sell your products online. You might be better off with a retail store or commercial space.

There’s never only one way to do something. You don’t have to use a particular business model just because everyone else is. Think outside of the square and create a lifestyle business.

The next topic in the series will cover free and low cost strategies to get your message out.

Leonie Hope

Leonie Hope is known as the Purpose, Passion and Profit Specialist, and founder of Inspired Life Paths. She’s also a speaker, author, and qualified NLP Coach. Leonie’s passionate about empowering entrepreneurs and business owners to create a profitable, unique and authentic business that stands out from the crowd and makes a difference. She achieves this by interpreting the information found in your fingers and fingerprints.

Image: Credit

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