If you created your current business model based on external circumstances, people or even what you see on social media, then your business may not be set up to achieve the success you want. The reality is your business is probably running you and we need to change that! We need to reclaim your time by looking at your business model and adjusting it if necessary so that your business supports your life the way you want it to.
Here’s the thing about running a business and making money. There is more than one way to do it. Besides that, you have a different definition of success than I do. That being said, there’s no magic business model that can guarantee us success. The problem is we sometimes get duped into thinking that investing in a mastermind or coaching whether it’s one on one coaching or group couching is going to be the magic pill to our success. I’ve made this mistake and if your business is generating some income, I know you have too.
They told us if we did these specific things that worked for them that we can achieve success that we’ve only dreamed of. And sometimes it worked. But other times it didn’t, no matter how many different ways we tried. The truth is, if it doesn’t align with your values, if it doesn’t light you up, it won’t work for you. Now I’m not saying that everything is going to be fun. But I will say that you might be following someone else’s plan right now but it isn’t really serving you. That’s why you’re not getting the results you want from it. It might just be that the plan you’re following led you to create a business model that is too restrictive for you or it may not have the type of structure that you need. You may need to just make a few tweaks to create a hybrid model that works for you. The same approach is needed for things in your personal life as well. An all or nothing approach usually doesn’t work no matter what it is you’re trying to do.
Here’s a real life example. One of the most common resolutions people make every year is to lose weight. So you may sign up for an online program that teaches you how to eat the right food and the correct portions to eat every meal. That program also outlines the workouts you need to complete to reach your weight loss goal. But what if it only gives you one exercise to do every day, like 50 burpees, and that is it. There is no variety. There are no modifications that take into account the fact that you are trying to get in shape and can’t do five burpees let alone doing 50. You also don’t have the option of walking, riding a bike or using an elliptical machine. How long will you stick to that program. Not long right?! Or if you signed up for a certain amount of time you may tough it out until your subscription expires if you can’t cancel it without it costing you a lot of money.
Well unfortunately that’s what some of these online programs are like when it comes to creating your business model. They lock you in and stifle your creativity. You’re not a robot and let’s be honest. As creatives, we’re always coming up with ideas and thinking of new offers. So having a business model that locks you in and doesn’t allow for you to change, which is inevitable, you are never going to be happy with your business.
And please, do not let anyone convince you that once you start something you have to stick with it even if it isn’t working. Now I talk about being focused on getting things completed, one thing at a time. Otherwise you end up with a bunch of incomplete things and you get nowhere. But if you have given a product or service a good amount of time, like 6 months to a year, and it’s not working. Then you need to evaluate your goals and your efforts and see what needs to be changed to improve your results. And since this is your business, it’s ok to experiment with different things because sometimes something may work out better than we anticipated. And if it doesn’t, you tried and you can still learn from that experience. The key is understanding what lights you up and understanding that you can change your mind along the way.
I’ve been running this business for almost 10 years now. And let me tell you, my business model has shifted over the years and I’m pretty sure it will probably shift again in the future. This happens because nothing in life is constant but change. My business model has shifted so that my business could support the season my life was in at the time.
When I started this business I was a virtual assistant and my business model was direct support. I forgot to mention that I was working a full-time job and I had a 10 year old daughter. So eventually my business grew and ended up taking more time away from my family than I anticipated. I was always working even on the weekends and on vacation. I was chasing money and trading hours for dollars. My business had taken over our lives. I wasn’t happy with the clients I had, with the work I was doing or with my home life and my husband wasn’t happy with how the business was affecting us either. So I took a step back to reevaluate my priorities and decide what to do to get my life back in balance. That required me to change my business model.
So I switched to a retainer model while still providing direct support. But I only worked with two clients. I also invested in private coaching with one of my mentors which helped me identify my mission, vision and purpose. That was six years later in October 2018. After continuing to work with this coach I decided to take a major step in February 2019…I burned the boat and ended all of my contracts and went back to work part-time to reduce the financial pressure we had started to feel.
So in 2020 I launched this podcast as the next phase of my journey and decided to just focus on being consistent. Once I got the hang of it I incorporated more calls to action to drive traffic towards my existing digital freebies and a few low cost digital products. People could grab what they wanted from my online resource vault, complete the mini courses which were self-paced. I have a free Facebook group which was the community component for anyone who had questions or just wanted to be part of something online with like minded women. By the way, you can feel free to join. I’ll put a link in the show notes.
That was my business model for about a year and then I incorporated one-on-one coaching. I love the coaching aspect of my business! But it did not take long for me to learn that more energy is required when working that way. I was all in and enjoyed the calls I had with my clients. But after the call I would look over my notes and send a follow-up email with the actions they needed to take. Keep in mind, I was still working a part-time job, navigating the waters because our daughter started homeschooling, and my podcast was new. So at the end of the day I would be exhausted.
Now I have considered switching to an online course model. But after doing some market research I realized that would not work for me. One, I don’t have the space in my brain or in my life to create it. And two, my ideal client doesn’t even have the time to sit down and finish the course. I’m my own type of client and I have not completed any courses I’ve signed up for ever 100%. There’s a lot of people that say you can’t scale unless you have an online course. I don’t think that’s true and my mission is to prove them wrong. If we’ve been connected for a while you already know I’m a rebel. And since you’re part of my inner circle, I want to let you know what I’m working on behind the scenes because it aligns with the next shift in my business model which will be another hybrid.
I’m creating an online resource center with on-demand content that you can absorb to help you learn how to use the tech tools. This is going to save you time because you won’t have to spend time searching for how to videos on YouTube or using Google to find the answers. There will be short mini how to videos organized by tool. So you get to choose what you want to learn about. And if you run into any hiccups along the way, there will be a community piece where you can ask questions and get assistance. So if you want to get updates on this, be sure to follow me on Instagram because I will be sharing in stories or again, join the MTCM Facebook group. I will still offer coaching and as I always have, I limit the number of clients I work with directly on a one-on-one basis. That works for me so I’m not going to change that.
So now let’s talk about how you can evaluate your business model. Start by taking a look at what you do and how you do it. Review your week. Do you work one-on-one with your clients or do you work with a group? How much time does that take? Does it require time you want to be spending with your family or your friends? How can you change that?
Now if you look over your schedule and you say out loud, I’m busy. I know that already. But busy isn’t always a good thing. For example, if you take calls multiple days during the week, you can adjust your boundaries. Reduce that to only taking calls 2-3 days a week and only for a portion of the day. And you can even designate certain days for certain types of calls. That way you are in the same creative zone mentally.
Also think about the types of questions you get asked. Do you find that you’re answering the same questions over and over again? Maybe you can consider creating a group offer or a membership that addresses those questions and gives the solution. That way you aren’t spreading yourself thin throughout the week. And most importantly, you have the time and the energy to enjoy time with your family and friends.
The key to assessing your business model is to figure out the lifestyle you want to live. What kind of things you want to do. What kind of things do you want to invest in that will bring you joy and happiness? Whatever you pick, you are going to encounter challenges, and a range of emotions. And don’t forget that no matter what you choose, you’re never going to find something in your life or in your business that is exactly what you wanted. And there’s never going to be a business model that doesn’t come with some sort of difficult situation that you have to deal with.
Every chapter of your life, every leg of this journey as an entrepreneur comes with different levels of commitments which requires different boundaries. It’s going to require a different way of doing things because your energy levels will vary, your responsibilities will vary, and what your time looks like will change. How you can work and how you can get things done will change too. At one point you may only have 20 minutes every day. At other times you may only have three minutes. You have to take all those things into consideration. You have to look at your current set of circumstances and then make changes because once you accept the reality you’re in at that moment, you need to adapt to it and implement new habits or new strategies in your business.
Give yourself permission to start from where you are. And when you’re thinking about what your life model could look like, don’t think about what anyone else is doing. When creating a lifestyle business it can be easy to lose sight of true success. Success is different for every one of us. So you need to define your own success and focus on that no matter what everyone else seems to be achieving around you. Take it from me, it’s easier said than done. But it can be done. If you want to know how, be sure to check out this blog post. I share the process I go through to identify my success and what I do to keep it front of mind.
Another thing, I don’t even think about what you used to be able to do. Make your decisions based on where you are right now, in this moment. The great thing is you can do this evaluation every quarter or once a year or as often as you want. That way you can really adjust on the fly if you can make small changes or you can plan for any major changes.
And as you start to make changes, if someone tells you that you can’t or you shouldn’t…ignore them. You don’t need their permission to pause or to make changes. Just like anything you’re doing in your life, what’s the point if you can’t enjoy the process along the way. There are so many limitless ways to make money in your business and to help other people to do things. But it can also be overwhelming and liberating because you will suddenly realize that it’s actually not about finding a perfect business model or the perfect lifestyle. It’s about experimenting and finding what works for you right now. It’s about finding what feels good, what motivates you, what gets you that new lead that turns into a sale.
And if a certain business model isn’t helping you do those things or a certain lifestyle isn’t helping you do those things then you need to give yourself permission to start from where you are. Do it your way, be flexible and have fun with it!. Experimenting in your business is going to help you and your business thrive and you will achieve success on your own terms.
Links mentioned in this episode:
Episode 81: How to Measure Success When Building a Lifestyle Business
Join the More Than Capable Mompreneur FB Community: Connect with me and other busy women that can support you and help build the business you desire. We collaborate with each other, learn from each other and cheer each other on in life and in our business!
