As a reminder, this is part 2, so make sure you listen to last week’s episode first! We covered the first five business models I used when I started Classy Career Girl, including banner advertising, sponsored blog posts and social media posts, ebooks, speaking, and online courses.
Today we are covering five more business models that I tried. At the end, I am going to share the one I really love and could talk about forever because I love it so much. This business model has allowed me to have more happiness and revenue and less stress in my business. I now have more time to do what I love because of the final business model we use today.
But first, as a reminder, there’s nothing wrong with any of these approaches. They just didn’t work as well for me because I didn’t love it. They could be perfect for you, and I truly believe that some were better at certain times of my life. And, I learned so much from doing every single one of these. So let’s get started.
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The 9 Business Models That Didn’t Work & The One That Did (Part 2)
6) Affiliate Marketing
In affiliate marketing, you promote a product or course. We do this one time per year for a course we love. In affiliate marketing, you earn a commission for promoting another company’s product. For example, we promote a photo site we use, and the website hosting we use. I also have a business tools ebook where we share affiliate links to products we use.
Pros: You don’t have to create the product. We do great with the TRIBE promo because I love the course and take it myself. Also, it allows me to add bonuses and make it a unique experience for our audience. It is a compliment to my business, and many of our members in CRP join because it’s like the next step from my membership site to learn from my mentor.
Cons: You have to be REALLY into it. You have to use the product. Do no promote something you don’t use yourself.
The first step if you want to do affiliate marketing: List all the products you love and use. See if they have affiliate programs. Target and Amazon are great places to start.
7) Individual Coaching
This is a great, easy way to start making an income. You don’t have to mess with tech stuff or anything online, really. You can focus on just finding ONE client, and the income is often higher because you are working with people individually. This is how I started, but over time it became too much, and I got majorly burned out. I used to have calls all day. I was helping people, and the calls were going great, but it’s just not for me. I was getting majorly drained.
Pros: You can have a significant impact on one person. There is a lot of accountability and support. You can learn so much by doing individual coaching, and it is a great place to start. You can make more with this option and charge a higher price.
Cons: You can’t impact as many people. It takes up a lot of your time. The only way you can grow is by increasing your prices which also means you can’t help people who can’t afford you.
First step: Create a way for people to schedule time on your calendar, using a tool like Calendly and create a survey people can fill out, so you know what they need before you get on the phone with them.
8) Group Coaching
I love group coaching. I love communities, and I love that the group supports each other. Example: One member in my group coaching program knew something about using Vistaprint as a website that I didn’t know, and she was able to help her. You get a small group together and keep them accountable and on track. Often, questions they have are questions other people have, too, so people can get value even without you coaching them. Some people are shy, so sometimes they want to listen. Also, people can watch the recording later if they wish.
Pros: Set the call around your schedule. You only need to be available for an hour and all ten people can come to you at that time. You make more charging ten people rather than one, even if your fee is lower. This is called leveraging your time. They get the benefit of knowing each other in the group and splitting into partners, etc. They don’t feel alone and realize that other people have the same questions, the same feelings, and the same struggles.
Cons: Not everyone shows up to the calls. You have to be good at managing a lot of questions and handling the group. It’s hard at first, but you get the hang of it. There are not too many cons. You might need an admin helping you with your call or handling emails and scheduling. I still do this, but I know it’s not the best use of my time.
First step to take: Set up a time each week and put it in your calendar. When you have a sales call, share the group coaching program you are launching and the date it will be launched. Start with a small group and grow it, so you can get used to coaching two people and then three people, etc. Create the outline you want to take them through or a video that they should watch beforehand so when they come to the call it’s just Q&A.
9) Physical Product
Last year we launched our first physical product!! It is so different. You have to get it created and figure out shipping, so it’s very different than what I have been doing. I love having a physical product, though. The margins are very different on a physical product; we don’t make a ton. You have to sell internationally. It’s a lot you have to figure out, but don’t hold yourself back. Once you figure it out, it gets easier. Look into drop shipping and other places that will fulfill your product for you.
Pros: Something physical is so valuable and special in today’s online world.
Cons: Shipping and manufacturing or printing is difficult to figure out. You still have to create a full launch around the product; that is a lot of work. You still have to create content and figure out social media and have an email list and brand.
The Business Model that Did Work: Membership Site
Recurring revenue is the portion of a company’s revenue that is highly likely to continue in the future. Recurring revenue is predictable, stable, and can be counted on in the future with a high degree of certainty
This is leveraging your time to the max. You can have hundreds of people in your membership site, and as your subscribers grow, your monthly income grows. You don’t have to rely on launching. However, it is difficult to start. I’m not going to say it’s easy. I actually had a site fail, but that was before I took TRIBE from my mentor Stu and learned how to launch and grow a site.
You can rely on the income to pay your basic expenses and do other things like launching a planner which isn’t a significant revenue generator. I now have more time to focus on creative projects, writing, podcasting and making photos because I have my basic expenses paid and don’t have have to focus on launching the next course or ebook.
Here’s the thing: It’s not content crazy. I discovered my members actually don’t want a ton of content. So I only give out one new thing per month on the first of every month. I batch create the material ahead of time, so it’s not the hamster wheel of content like it used to be. Your members want a benefit, and a membership site helps them get there.
Pros: Recurring revenue. Less launching. More time and less stress. The smaller dollar amount makes it a no brainer for people. It also serves as a place to house all your basic info so you can work individually with people who are higher level. This lets you impact far more people.
Cons: Membership sites are difficult to launch and grow by yourself. If you aren’t careful, it can become a content hamster wheel. Retention is super duper important and a huge focus. You need to focus on keeping members happy and paying.
If you want to learn more about launching and growing a profitable membership site, make sure you are registered for Stu’s workshop starting April 25th and going for a couple of weeks. It’s amazing. I watch it every year, so this will be my fourth time, and I always learn something new. You can register at www.classycareergirl.com/tribeworkshop
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What if it doesn’t work? Ah, but what if it does!
It’s your life. No one else is in control but YOU!
Make it a 2019 goal to find YOUR people who love you and cheer you on!
You probably won’t be great at first, but think about how awesome you’ll become by consistently taking action and learning.
- Should You Start a Business - May 25, 2020
- How To Do a Founding Member Launch - May 18, 2020
- Productivity Challenge Day 3: Vision and Making of the Create Your Future Planner - May 11, 2020