Your business model describes the way you do business. It involves your products and services, packaging and pricing, revenue generation, your target market, their needs, your solutions and the value you provide. Successful businesses use empowering models. How is yours working for you?

In this article I am going to focus on the aspect of a business model called revenue generation. This simply means how you provide value and solve your target market’s problems in a way that generates revenue and then profits. I am also going to slant things even further so that I am talking about how coaches, consultants, therapists, trainers, speakers and other solo-professionals generate revenue.

Today’s solo-preneurs are now serving one-to many instead of, or in addition to one-to-one. I still love traditional one-to-one coaching and mentoring. However, in the spirit of empowering both myself and my clients, I now offer these as premium packages. This is the way I can fully commit to supporting my clients and help them achieve results

Apart from serving one-to-many, today’s solo-professional is also incorporating multiple streams of income into their business models. This means they have several avenues for generating revenue instead of focusing on one core stream of income. See part 2 of this series for practical examples.

Below are examples of revenue generation models that serve one-to-many, leverage the solo-professional’s expertise, and bring in far more revenue, with much less stress, than charging dollars for hours:

1. Subscriptions or memberships

Participants pay a monthly/quarterly/annual fee for receiving products or service, or for membership of a group/club/forum etc.

Given that great value is provided, members stay on for fixed or indefinite periods, ensuring leveraged income for the business owner. These could be moderately priced or high ticket memberships. They could be open to the public or exclusive. E.g. gym memberships, mastermind memberships, book or DVD clubs, forum memberships, monthly teleseminar clubs, personal development clubs. If you can package your expertise and deliver it in small doses, over a period of time you can create a membership or subscription.

2. Group coaching/Support programs

Instead of supporting one person at a time, this model involves coaching or supporting groups. It offers a win-win solution as participants access the support they need at lower fees than for one-on-ones and the business owner profits from the volume of people served e.g. weight-loss support groups, group coaching programs, writers’ coaching programs.

3. Continuity programs

This involves providing product or support over an agreed period of time instead of a one-off solution e.g. a 6 month fitness package, with other bonuses, instead of individual classes; on-going business support for a fixed monthly fee or a weekly massage or aromatherapy package for stressed city executives. The customer agrees to keep receiving your product/service and paying for it until they cancel their membership. This way, the business owner serves a fixed number of people over a fixed term, and is thus guaranteed a fixed income for a given period. With 2 six-month programs in a year, or 3 quarterly ones, a year-long income stream is in place.

4. Events – Live/recorded; virtual/in-person

Instead of sharing the same information with each of your clients, why not hold an event and reach many of them at the same time? These could be live, as in workshops, speeches or training sessions. They could be recorded – as you deliver your workshop, speech or training session, have it recorded, then packaged as a DVD series, home study course, Do-It-Yourself system, workshop-in-a-box or paid-for broadcast. Events could be virtual, as in webinars, teleclasses, broadcasts or podcasts. Or they could be in-person events such as live classes, seminars or workshops.

5. Affiliate programs

Reach more people and earn more money by giving commissions to others who sell your products and services. Invite affiliates to sell your workshop places, eBooks, DVD series etc.

6. Licensing

If you have a system or product that works you don’t need to be a Nobel Prize winner to have it licensed. Once this is done, you can offer others the license in exchange for licensing fees which are periodically renewed. Every time you up-grade your system or product, or licenses are renewed you generate more revenue. Examples of licensed products or services are software, training programs, cartoon character names and images, fitness systems, coaching models and educational courses.

7. Franchising

Create a system that works and turn it into a franchise. E.g. there are coaching franchises (ever heard of a Tony Robbins or Bob Proctor coach?), Health and wellness franchises (you must have heard of LighterLife!) networking groups (Are you in Athena?) and more.

8. Bait and Hook

This isn’t devious like it sounds! A typical example would be to hold a low-cost or free workshop where you train participants to use a time management system then you keep on selling them the tools to implement the new system. For as long as they use your system they are buying your accessories. It’s the same system used by printer manufacturers – you need to replace the ink; luxury pens where you need to buy refills, or low-cost razors where you buy blades for life! What can you create that would require recurring accessory purchase? A coaching program plus journals and CD series? Business solutions plus software subscriptions? Go on, think harder. You can come up with something!

These revenue models could be used in isolation but I would recommend a combination. In my business I use the first five and have plans to add more!

There are also other models for leveraging your expertise and earning more money. Examples include the premium model (serve fewer clients but charge higher fees for the premium service you provide); freemium model (offer something for free with great value, but restrict access to higher value content/service. To access the higher version the customer must “upgrade” at a price; loyalty model (clients receive rewards, such as loyalty points or bonuses for coming back or staying longer), and more.

This concludes the series on business models. I hope you have been inspired to stop selling hours for dollars or to up-grade your business model to a more empowering one. If you would like to make changes along these lines but do not know where to start, contact me today. I am happy to help!

What revenue generation models or combinations are you using in your business?

Which do you most enjoy and why? Share your thoughts with us below!

Oma Edoja is a UK-based business coach. She helps women small business owners attract a steady stream of clients using feminine, value-based strategies. If you are a female small busines

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Here are five questions that will help you ensure that you are continually improving your business model in the most profitable ways.

1. Where has your current business model made you the first to offer an important stakeholder benefit?

You will have to look back in time to locate this. In the case of American Woodmark, it was providing fast delivery for customers who bought at home centers. If you are not sure what you were the first to provide, ask your customers why they first selected your company. You should begin to notice patterns of what you did better and differently than others.

2. Are you still the only organization to provide this benefit?

If you made your innovation more than ten years ago, the chances are that someone else has either duplicated or surpassed you in this area. The closer competitors are to surpassing you, the more urgent is your need to make the next business model innovation.

3. How can you build on your initial innovation in ways that greatly expand benefits to customers, allow you to provide fundamentally more attractive pricing, and reduce costs?

Although you have looked at these areas in detail in chapters three through ten, you may well find that focusing on where you innovated in the past will stimulate new ideas. This dimension is especially important because your customers in many cases will have retained needs and preferences that favor further innovation in those same areas.

4. If you have not been changing your business model in fundamental ways at least every five years, what has held you back?

Most companies find that they could have made their most successful business model innovations many years before they did. Usually, the reason why this did not occur is that business model innovation was put as a lower priority than expanding the last innovation. That’s usually a major mistake, because the growth associated with the next innovation will normally be much more substantial than is achieved from optimizing the last innovation.

Also, by moving faster, you cut off the opportunity for someone to get there first. If you assume that in the worst case you will either be put out of business by the competitor’s innovation or have to acquire that rapidly growing, profit-margin-expanding company at a high price, you can see how quickly your innovation can leave you way ahead of where you would otherwise be.

5. How can you accelerate the rate of business model innovation you are doing to build on places where you innovated first?

Immediately, you should realize that more focus is needed on this question. Most people realize that they are conducting a small fraction of the experiments that they could be doing. Can you use recognition and financial incentives as part of a solution to shift attention? What else has worked well for your firm in the past to create more attention and innovation?

Copyright 2008 Donald W. Mitchell, All Rights Reserved

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Your investment club will need to decide what type of entity you’re going to adopt for business purposes. You’ll have to decide whether you’re going to be a corporation, a general partnership, or limited liability partnership.

Each of these business models has their own advantages and disadvantages.

* Corporation. Most investment clubs will avoid becoming a corporation. This is because corporations are taxable business entities that require knowledgeable accounting skills to make them run smoothly and in accord with government regulations. A Corporation generally means a lot of paperwork. This paperwork can be avoided by choosing another business model for your purpose of running an investment club.

* General partnership. This type of business model requires less paperwork and knowledge about taxes and other financial issues. Most investment clubs choose a general partnership as their choice of a business entity. A general partnership has nominal paperwork and costs associated with it because the taxes are passed to each partner’s tax returns. This type of business model will let you accomplish what you need to do to run your investment club with the least amount of tax influence.

* Limited liability corporations. This type of a business model is much like the general partnership but it gives individual members of your investment group a bit more liability protection. Keep in mind that this type of business entity can be expensive and will need more paperwork.

Members of your investment group will have to decide which of the above business models works best for your club.

You will have to make a decision one way or the other since establishing a business entity is a requirement for tax purposes.

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