BUSINESS BREAKDOWN

‘IF YOU CAN SEE IT, YOU CAN ACHIEVE IT’

by Brendan Chaplin

Hey friend,

I write this a week into my month long break with the family. We’re in the UK right now then moving around Spain. I have no idea where just yet! And I say that because all of that has been made possible by embracing and mastering online business models, of which this weeks breakdown is all about.

I’m going to share the core 4 business models in detail. All you need to do is pick the one that works best for you based on the pro’s and con’s.

Before I get into that thank you to everyone who contacted me for my ‘Rebuilt Human’ programme. I’m working through the applications now. If you missed it click here to find out more.

Back to online models.

Each and every one I’ve used and continue to do so to this day. I teach them all to my mentorship and private coaching clients. But the key is there will be one or two that are more appropriate for you than the others. And all have nuances for you and your audience.

So when you’re looking at the guru’s offering this 90 day thing or that 14 day programme be mindful that the model has to fit you as a person, your attributes, skills, and frankly your ability to take what’s in your head and convey it online.

Oki Doki, let’s do this!

1-2-3-4 

1. Membership sites:

Think Netflix but for your thing. My very first online offering around 2009 was a membership site offering a strength training programme every month and a discussion forum. I launched it for £9/m and got a bunch of customers.

People love this model because it builds what’s called MRR or ARR, monthly/annual recurring revenue. If you get the ‘stickiness’ of the offering you can build a seriously valuable asset. The valuations of these type of companies are far higher than other models because the revenue comes in every single month once the customer joins.

But, there is a constant churn and burn effect too. People cancel unless their business literally depends on it. And at lower price points it can be a real slog.

Pro’s: Builds MRR.
Con’s: Can be tough to get going and often needs a higher following before you begin.

2. Products:

Think build it once sell it a thousand times. For years this was the bedrock of my business because I had a full time job and was running the business on the side. I built hundreds of products including masterclasses and workshop recordings. They still sell to this day, that’s why I love products.

Pro’s: Quick and simple to launch and sell.
Con’s: You have to keep iterating, typically lower price points.

3. Coaching and Consulting:

Coaching:

Think offering coaching sessions for a fixed price all the way through to offering outcome led programmes designed to take someone to a specific outcome eg weight loss, leadership, confidence, business growth.

Where this comes into its own is when you work with high value clients and have super high ticket offers. You can really make an impact for people and get seriously well paid.

Pro’s: Highly profitable. You get to deliver your very best work.
Con’s: You have to deliver. It can be less scalable. They need to be marketed and sold pro-actively.

Consulting:

This is the classic marketing agency done for you type offers. If you have a skill that can be monetised and you enjoy that work it’s a good one.

I did this when I launched my marketing agency in 2018. We ran paid ads, did branding etc for larger companies. And of course managing athletes and teams in this way is a form of online consulting too.

Pro’s: Highly profitable if it’s you doing the work.
Con’s: You have to do the work!

4. Courses:

Teaching someone a skill that they can benefit from is great for courses. Think personal training courses, learning to play the guitar, languages etc. You can add coaching within courses to get leverage or do simple ‘work at your own pace’ courses. They will have very different price points.

Pro’s: Reasonably quick to launch and often higher price points than products.
Con’s: Can be a large amount of work to get ready with no guarantees of sales.

Combining the models:

This is how you build a great business. In my history I did a lot of products and membership stuff early in my career alongside my in person coaching business because they work well like that. Then I moved to courses, then mentoring and coaching whilst still keeping the other offers in my business.

Where you are at in your career will dictate your online business model and strategy.

Audience:

I’ll be honest, literally none of the above matters if you don’t have an audience to sell too.

80% of your time should be building your brand, creating really great value for people, listening to them and building solutions for them.

Don’t be the person that builds a product that you want but with no audience to sell to. You’ll end of pissed off, bitter and jealous like a lot of poor coaches out there.

Instead, learn the rules of the game, pick your model and make some sales.

That’s my advice, now over to you!

Love as always,

B. Xx

PS: If you’ve read this and you need help see the options below 🙂

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