Business Model - Design Your Profitable Business Model

A business model is simply what activities you do to make money in your business. Missing just one major element jeopardizes the ability of your business to achieve the income results you desire.

The good news is a viable, profitable business model isn't hard to create. I have clients who've used the same tips I'm about to share with you to grow their own businesses into multi-6-figure empires.

Following are some quick ideas and tips you can use to compare your current business model and lead generation activities. If you find you have some gaps in your money-making plan, simply apply the following ideas, and you'll be on your way to creating a better performing business:

Define Your Business Model

Decide on three core ways you will be paid for your topic, such as through teleseminars, workshops/retreats, and coaching programs.

Decide what percent of your income will come from each of these three core activities.

Identify Your Signature System

Create a signature system; be known for something (such as how to help others make more money in their service business, or how to create a brand identity).

Think about steps you take a client through to achieve a result; this is your signature system.

What are your clients repeatedly asking for? This could be your new information product.

Create Your Profit Pyramid

Create a profit pyramid for each product and service your offer; include a minimum three levels, at three different price points.

Example: the first level will be your free gift, the second level will be an eBook or home study system, and the third level is your "big ticket" item.

Create Your Website, eZine, and Blog

Be sure you can collect the names and email addresses of people who visit your website. These people are warm leads.

Start publishing an eZine so you can keep in touch with your prospects, develop a relationship with them, and eventually promote and sell to them.

Start a blog. Google loves the contemporary nature of blogs, which will help with your Google ranking.

A blog gives your readers a chance to respond to you, comment and hold conversations with each other, which in turn builds relationships and strengthen the bonds of your "tribe" or followers.

Build Your List

Leverage your list-building activities. Think about how you will connect with the most people, with the least effort.

List-build in any number of ways, which may include; offering free teleseminars; be a guest on other peoples' teleseminars; offer a free special give-a-way, such as a bundle of your articles, templates, etc.; launch a direct mail campaign; advertise; use Pay-Per-Click campaigns; and get a strong business referral network working for you.

Also consider public speaking, press releases, and social networking.

Develop Your Customer Service Strategy

How will you create raving fans? Think about what would delight them, offer it, and reward them for buying your products and services.

Read Raving Fans: A Revolutionary Approach to Customer Service, by Ken Blanchard and Sheldon Bowles to get great tips, as well as strategies for following up.

Use the tips above to increase momentum, and fast-forward you toward creating a profitable business model that'll help you achieve the income goals you desire.

Copyright 2009, Bonita L. Richter