This month, I’m talking all about business models, particularly what they are and why you need them!
Basically, your business model (or revenue model) is a roadmap for how your business will make money. In other words, what are people buying from you? Remember – if people aren’t paying you for your work, you most likely don’t have a business, but rather a hobby. A business sells things (like a product or service or program) to customers in exchange for money.
If you want a business that is both profitable and sustainable, then you have to know exactly what people are buying from you.
Here are some simple and straightforward explanations of what can be purchased from you.
Most businesses sell products or services, or a combination of both.
For example, if you sell jewelry or oils or clothing, you’ve got a product-based business. You deliver a physical product and your customer pays you. Conversely, if you are a coach, yoga teacher, or photographer, you’ve got a service-based business. You deliver a service and your client pays you.
But let’s say you make money offering training or advice (like me!), you may have a mix of service and product offerings, such as one-on-one consulting (service) and digital programs (product).
Or perhaps you fall under other categories. Maybe you’re a blogger, and you make money through advertising for companies. Or maybe you’ve created a software, and companies pay you monthly for technology use and support.
So, how will your business make you money?
Need more help? Check out my 1:1, group and self-study offerings: https://christinagiordano.com/offerings/