The business model that you decide to adopt plays a crucial role in determining its relevancy, sustainability, longevity and continuity. In short, it must be creative in the true sense of the word. My suggestion is this—avoid having a model where the business is dependent on you almost completely. Avoid having a model where the business needs you to be around all the time. Just don’t. You need to work on a model that allows it can run smoothly without your presence medium to long term.
2 months ago, a friend of mine suddenly fell very ill and went into a coma. It happened just like that, with no prior signs or warning. Our circle of friends were shocked after hearing it. Recently, I was told that her growing business has to be closed down, after 5 great years. This is sad.
Key Components of a Successful Business Model
What are the key fundamentals to building a business without relying on our full-time presence, or even better, without us being around at all?
- Do it once, earn regularly
- No time-selling
- Leverage
- Global-bound
- Community building
- Earn in multiple currencies
- Digital
Here’s the logic. It’s tiring to rely on one effort to earn a one-time revenue from that effort. Another effort then is needed to earn another revenue, and this thing will go on and on. Why don’t you build something just one time, and then early from it continuously? I believe this model is better. When you build this model, automatically you will spend lesser of your precious time in the business. You can use the available time to work on your business instead. Leverage also will help you move away from the operations. You can either leverage your team members, the automation of your platform or both. Limiting your business geographically is risky. That being said, why limit it to just your country when you can get the revenue globally?
Community building is crucial too. Let’s look at YouTube. The brand hardly markets itself. It’s their community that is doing that for YouTube. That is probably the reason why YouTube today is ranked 2nd in the world after Google on global internet traffic. This is how YouTube leverages its community. You can too. And when you are having a global community, earning in multiple currencies is possible. By diversifying your earnings in multiple currencies, you’re going to be less nervous about losing out on revenue if the currency you’re depending on is in trouble.
All these can only become a reality if your business model is running digitally. Yes, internet-based.
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