What is a business model? It’s simply a system for running your business. It can include how you market, how you deliver your products, and what role you or your team play in the process. As mentioned in Wealthendipity, there are several different types of business models and figuring out which one you will follow is important for your success.
It’s important to follow a model/system if you want to create a sustainable coaching business, whether it be run from your home or from a fully equipped training facility. Corporate examples of successful business models that come to mind are franchises like McDonalds, and MLMs like Amway. Big corporations create their own specific business models, but many times you’ll find that they copy aspects of other business models to incorporate into their own model.
In the coaching world, there are many business models. And the best models to follow are ones that have been proven to work for others. But not all models work for everyone who tries them. There are a lot of experienced coaches who have formulated a model that works for them and their clients, but there’s no guarantee that their model will work for you.
What many coaches have done is just try different models until they find one that works. Usually it becomes a matter if combining aspects from different ones to achieve the right mix for your uniqueness. This means that you have to risk failure in order to achieve success. But that’s part of what being an entrepreneur is all about. And I think I speak for most entrepreneurs when I say that it’s still worth the effort!
In the IAPLC masterclass, we interview Business Coach, author, speaker, and EFT (Emotional Freedom Techniques) expert, Pamela Bruner, on Thursday, February 11th, from 12 to 1pm ET, where we will be sharing her business model, “The Signature System Formula” where you will learn how to:
- Package your unique coaching gifts so they are attract eager ideal clients, and you get paid top-dollar
- Dramatically increase the transformation that you provide to your clients, while saving you private time
- Expand your reach to make much more of a difference in the world
- Discover the 3-step system to create a massively impactful, lucrative coaching business.
For more on Pamela Bruner, visit her at: http://makeyoursuccessreal.com/
