Private Platinum client V. Lichtman with the Ghost of her old business plan
When was the last time you took a really close look at your business model?
If you are like many small business owners, not only have you never really considered this, you may also not even understand what a business model is.
Before I get into the details of why your old business model skeleton needs exorcising (and what to replace it with), let’s first look at a basic definition. If you’ve never thought about business models before, it’s likely you may be conjuring up scary visions of complicated organizational charts, spreadsheets or rows of bewildering formulas…
It’s enough to make your hair stand on end!
But breathe easy, as there’s no need to fear. There are many ways to define the term “business model” but here is a very easy and useful way to view this concept:
Your business model is the system you put in place to make money that will enable you to survive and to grow.
That’s it. Surprisingly simple, isn’t it?
But in spite of it’s simplicity, many small business people, especially solopreneurs, have failed to give the idea of a model any attention. They just get an idea for a service or product, and instead of carefully crafting a business model that will serve them well, they put most of their energy into getting clients, working on their product or even worrying about the design of their business cards!
Now don’t misunderstand me. Getting clients, improving your product or service and making sure you have professional appearing business cards and other supporting materials are important, but without a healthy and robust business model that will enable you to quickly bring in cash flow and that gives you immediate leverage, your business may very well be doomed.
When I work with my private clients, the first thing I do is help them to create a business model that has these three elements:
1) simple and elegant…
2) creates quick cash flow and and…
3) is able to be leveraged for rapid growth and expansion.
You should do the same. Implement a business model with these three characteristics and your business will soon be spooktacular!
Ellen
P.S. I have one last opening in my six-month Private Platinum Mentoring program and will never again offer this degree individual attention at this level of investment. If you are interested, send me an email at ellen@marketingqi.com with the words “Private Platinum” in the subject line. I’ll send you an application and we’ll set up a time to talk by phone to help you determine if this opportunity is right for you. (Serious inquiries only, please!)
{ 6 comments… read them below or add one }
As one of those fortunate enough to already be in Ellen’s Private Platinum program, I can honestly recommend her. During our first two days together, Ellen looked at my business and at me, recognized strengths and developed them into doable, fun, money making action plans…all leading to larger and more productive action plans. I can only guess what the next 6 months will bring. Working with Ellen is delightful and eye opening. She has the ability to see the possibilities and patiently worked with me as I began to see them also. The model is simple and elegantly successful. As, I’m learning, I can be also.
Thank you, Ellen, for the opportunity to work with someone who knows exactly what I need to know and for being willing to teach it. I look forward to working with you and the master mind group of the others who have joined your platinum program.
You are most welcome Victoria…it was a pleasure to work with you over your two day retreat and I look forward to our continued coaching and masterminding with the other Platinums.
I can’t wait for my 2 days with Ellen at the end of January. I was already signed up for another Private Platinum Program with another awesome coach. However, when I heard about Ellen and some of her specialities, I knew I wanted to coach/mentor with her as well.
This will be a rare opportunity to work with her so closely. I’m very excited!
Congratulations Victoria on your successful retreat and all the great business you will be reaping from it!
And I’m so excited to have the opportunity to work with you Sharon…you are a person who takes action to obtain what you want and that is the defining mark of success!
Ellen –
What a great picture to illustrate the point of your blog post – very nicely done!
Jeff
Thanks Jeff! For me, this is the best thing about blogging…I get to look for pics to illustrate the posts. Can’t wait to see you and Maritza at NAMS 3 in January!
{ 1 trackback }