How do you intend to monetize your business?
You’ll be surprised by the number of people who have no clue how they intend to build up the business part of their online business.
For instance, a blogger may blog and blog for years without any sound plan to ever monetize. This is as good as dooming yourself for failure!
It boils down to your online business model
What does this mean? Obviously, different people have different ideas of what a “business model” actually entails.
To me, a business model for your internet business would mean the framework or process by which you intend to run & monetize your business with.
Have you ever given much thought to your business model?
Having a website or creating content is but one part of a business model.
A simple business model for you to follow
If having a business model is something new to you, fret not. Today, I’ll be going through a very simple business model that even an idiot can understand.
It goes along the lines of: Traffic -> Subscribers -> Customers.
Of course, the details make the seemingly simple sentence above much more complex. Let’s go into each component of your online business model more carefully.
How will people hear about your business? For someone to eventually buy from you, they actually need to know that you exist first.
First, decide who you want as a future buyer. I have a blog post about defining your target audience.
Then, figure out how you’ll reach them.
How will this happen? There are a gazillion ways for someone to get the exposure they need – but whatever it is, how you get people into your business will be part of your business model.
- Paid advertisements
- Word of mouth
- Social media shares
- Search engine organic traffic
How do you intend to get traffic for your business?
Often, it is recommended to have more than one method of getting traffic, in case a particular method fails you. Scribble how you want to get traffic down, my friend!
Now that you’ve successfully figured a way to get your blog + biz in front of new people consistently, it’s time to build a relationship with them.
Why? To get someone to buy from you, they need to know, like and trust you first.
Whether you have a $2000 consulting package that you want to sell, or a $47 ebook, you need someone to see you as an expert and be convinced that you can solve their problem.
The best way to retain traffic and turn them into fans is to build your email list.
Getting someone to subscribe allows you to send them valuable emails and build goodwill. When you finally have something to sell, you have an avenue to tell them about it.
Another avenue to build a relationship is to get them to become a follower on social media.
Most people have lots of problems getting traffic and subscribers, so they never get to monetizing their business.
However, monetization is the most important (duh!) part of starting an online business.
No profits = you don’t have a business, simple as that.
Most people aren’t making any money because they aren’t selling anything.
A sound business model includes a plan for you to monetize your business eventually.
For online businesses, some examples include:
- Online courses
- Services (Eg coaching)
- Recommending stuff as an affiliate
- Physical products
- Banner ads
When you’ve people coming into your business, you retain them and build a relationship, and then sell something to them.
Ready to craft your very own business model?
Here’s a one-paged worksheet I created to help you craft out YOUR business model via this 3-step process.
It really helps you to clarify the essence of your business!
From my experience, the biggest stumbling block is…
…that new bloggers and online business owners are unable to grow their blog and build an audience to sell to.
They struggle with getting traffic and building their list.
Of course, they can’t sell anything because they don’t have anyone to sell to.
My course: Traffic, Subscribers, Yours
My latest course will help precisely with that.
Traffic, Subscribers, Yours is my flagship traffic + list building course.
It is a complete step-by-step system that gets you from empty blogland to your first 1000 subscribers and beyond.
In the course, I also go through exactly how I got from 0 to 1000 subscribers in 4 months, plus my best traffic + list building strategies from my 10 years of blogging experience!
Many online entrepreneurs spend years trying to get their first 1k subscribers, but it does not have to be this way for you.