Optimizing your business model and revenue potential

A business model describes how you'll make money. So, this is obviously very important. However, far too many entrepreneurs believe there's only one way to make money or don't fully understand how to maximize the revenue potential. So, let's walk through four ways you can make money as an entrepreneur based on various price points. The first is a low price, high-volume sales model, for example, selling online courses. This model is easier to scale since you're not trading time for money. However, you need to develop a repeatable process for attracting and converting customers. Next up, a mid-price offer with limited access to you. This could be a self-guided online course-which includes limited access to you via Q&A sessions. Again, this can scale well, but you'll also have to spend more time answering questions from your clients. A third option is a high-priced, cohort-based program with live guidance from you. I've used this model several times. One of the coolest parts is the sense of community that forms in these cohorts. After a while, you notice the members start supporting each other in ways that you could not have imagined. Yes, it takes more time, but you can also grow quickly by earning numerous testimonials and referrals. And here's the final option. A premium-priced one-on-one service. In this model, you work intimately with your clients and do some of the work on their behalf. So, for example, let's say you're a marketing consultant. You'd be responsible for designing and implementing your client's marketing strategy. One benefit of this model is you can charge a lot of money. I'm talking over six figures. The downside you need to be in constant communication with your clients, and be prepared to justify why they should continue investing with you. But like I said at the beginning, you don't need to just choose one. In fact, you're limiting your income potential if you don't explore other options as well. You have a unique talent, but there are several ways to monetize it, so don't hold back.