If you’re stalling at the thought of having to choose a business model before embarking on your entrepreneurial journey, here’s some millionaire wisdom to help move the needle.
Becoming an entrepreneur can feel a bit overwhelming…
Especially when it comes to picking the right business model…
eCommerce, freelancing, coaching and consulting, creating digital products, brick-and-mortar business…
They have their pros and cons.
And it can be tempting to choose the model that seems the most profitable or exciting.
However, this decision needs more than just ambition… it requires a thoughtful assessment of your unique situation.
Think about it like this…
Imagine you're at a car rental with various options: sports cars, SUVs, sedans, and trucks…
Each has its strengths, but the right choice depends on the journey ahead.
If you know you’re going to be driving through city streets, a sleek sports car might be appealing.
But if you’re going through mountainous terrains, an SUV makes more sense.
Similarly, a truck can be great for heavy loads, but not for a casual road trip.
In your business, this translates to choosing a model that aligns with your resources and skills…
Do you have a lot of capital to play with and start?
Or a wide network of contacts you can rely on?
Or perhaps your strength lies in creating and delivering physical products… or maybe digital products and services…
This approach to selecting a business model is about understanding your 'driving conditions' – your resources, skills, and circumstances.
It's not about the flashiest or most promising model… it's about what you can successfully navigate and manage.
First, start by assessing your resources.
Just like choosing a car based on your trip, assess what resources you have.
Do you have enough capital, or are you working with a tight budget?
Second, understand your skills.
Are you more skilled at creating physical products, digital content, or providing services?
Are you more comfortable on video and social media?
Or do you want to be behind the scenes?
Match your skills to the business model.
Then, consider your network.
If you have a strong network, consider a model that leverages these relationships, like referral-based or partnership-driven businesses.
Or maybe, you already have someone in your network that… if you were to ask for their help… you’d have 90% of the path taken care of.
Finally, factor in your dream lifestyle.
Just like choosing a car that suits your driving style, pick a business model that fits with how you want to work and live.
How many hours do you want to work per week?
Do you want to take weekends off?
How much money do you need to make to live your dream lifestyle?
Can that business model make you that much money working that many hours?
Once you've chosen your model, prepare for the road ahead.
Plan, research, and get ready to navigate your chosen path.
Remember, in business, like in choosing the right vehicle for a journey, it's about matching your choice with your unique circumstances and the road ahead.
This way your path is a lot smoother and with higher chances of success.
Ultimately, you undertake this journey for the sake of fulfillment and reward in its various forms.
You’ll make money if you’re good at what you do, love what you do, and help many people with what you do.
Also, you’ll be able to do that when you have a clear picture of how you’ll get there, which makes planning and strategy a very important part of your journey.
Becoming an entrepreneur is about more than freedom.
It means you are accountable and take responsibility for your levels of success…
Which also translates to making the best decisions possible when you’re choosing your mode toward millions.
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Has your Mind ever wondered…
Assess your resources and understand your skills.
Match your skills to the business model.
Take into account your network and consider any leverage you have.
Finally, factor in your dream lifestyle before deciding on a final business model.
Of the dozens of business models available, here are 4 basic models to consider.
Now you can start figuring out where YOU fit in best with what you have, what you know, and what serves your strategy most.
Not only is okay to start a business with no money, but it is reasonable and possible.
Your experience, knowledge, and skills are some of the assets you’ll use to start your venture with.
And because you take yourself with you wherever you go, WHO you are should be in alignment with WHAT you do.
Choosing the right vehicle for your journey on the road to success in the entrepreneurial world ultimately comes down to one thing… living a life of purpose and making a mint while you’re at it.
I liked the examples and clues to think of when thinking in starting a bussiness. Before this I didn't have any idea about what to ask to myself when starting a bussiness.
This information is very critical . The statement that one is accountable and takes responsibility for his or her level of success is most fundamental. It means our outcomes depends solely on the individual, no one else to blame.
Great
Great article, it gave me the confidence to look further into starting my business model and the judge to get started on my business plan.