So many people start out with this Big Idea. The Message they want to take into the world. And they plunge into the world of online business.

What proves to be elusive is – How on earth do they turn that Big Idea, into a thriving business.

Some women just start by creating an eCourse. Some start consulting on the side. And then they find that

  1. The money isn’t quite flowing in like they expect.
  2. They’ve created this business that’s so out of alignment with the kind of lifestyle they want.

So how do you make sure you don’t fall into that trap?

You need to choose the right revenue models from day 1.

Catch is, when you’re starting off, you probably don’t even know them.

And that’s where my geekiness and stupid need to research just about everything comes in handy. Over the years I’ve studied hundreds of online businesses – what works and what doesn’t.  And from that, I’ve narrowed it down to just 7 strategic revenue models for service based, solopreneur driven online businesses.

So here you go…. the 7 Most Strategic Revenue Models  to help turn your expertise, into a thriving, profitable, online business – neatly packaged into a cool infographic! [ Hey, I know you’re super busy! You don’t have the time to read through hundreds of pages of research! ]

 

7 StrategicRevenueModels

 

You have to choose a model, rather a combination of models, that’s most suited to your niche, your market. How do you that?

Well, I could help you map it out.

Are you ready to fast track your business?

Work smarter, not harder!  😉 Let's talk! Book in a free call with me to explore how best I can help you!

 

Ok, before we deep dive into revenue models, remember than an “Online” business is one where one or both of the following hold

  1. You get most of your clients/customers via the Internet
  2. You deliver your services via the Internet

Simple, right! 😉 

Many women start their online business only thinking about eCourses, probably because they first learnt about an online business from an eCourse.

After struggling to build an audience, they often find that the money isn’t flowing in the
way they thought it would.. the way all those ‘experts’ promised.

Don’t be fooled just because everyone is shouting from the rooftops that the future of business – especially online business, with ‘passive income’ – is the ‘Ecourse business’.

ECourse is just one of the possible delivery mechanisms.
Your online business can be whatever you choose it to be!As long as you’re solving a problem for people, as long as you’re providing them a solution – that they’re happy to pay you for.

Your solution can take many forms – depending on what works best for you, and your clients; and how you want to structure your lifestyle.

The thing is that business, revenues, profits – they’re all a numbers game. You’ve got to know your numbers. Here’s a rundown of 7 STRATEGIC revenue models to creating an online income, along with the numbers, to help you pick the right model.

1. ECourse / Ebook

This is probably the most talked about. Everyone and their aunt is trying to make – and sell – an ecourse. Which is great! After all.. you should never stop learning. And it’s a great way to launch an entry level product say at $49 or $499.

But before you jump head long into creating a business that’s solely dependent on eCourse, do the math first. Here’s some quick numbers for say, if you want to make $50,000 selling an eCourse:

Average conversion rates are 1­-2% i.e. if you have 100 people on your email list, only 1 or 2 will buy.

So to make $50,000 in sales from a $50 course, you’d need to build your email to at least 50,000 people! That’s a lot!

And growing to that level takes a few years. If you want to grow faster, you’ll have to throw a ton of money on paid ads! 

Which means if you want to make real money selling an eCourse, you need to build up either one or more of:

  • ­ The size of your email list ( so that you can reach a really large number of people) 
  • The engagement of your audience (so that more than 1­-2% convert) 
  • The price of your eCourse (selling just a $10 eCourse will only get you so far)

People like Marie Forleo and Ramit Sethi have built really large email lists over the years. They’ve put in considerable time and effort into improving their conversion rates, building their networks, AND creating high end eCourses priced from $1000 ­ $12000.

Are you ready to fast track your business?

Work smarter, not harder!  😉 Let's talk! Book in a free call with me to explore how best I can help you!

2. MEMBERSHIP PROGRAM

One of the most popular ways to generate a recurring online revenue is to set up a membership program, where members get access to a group, videos, audios, files, or something.. on a monthly basis.

This could be either audio/video/files that you create yourself, around a particular topic. Or you could invite guest experts. Mixergy.com is a popular membership site that lets members access premium interviews, and courses from guest experts.

Membership programs are priced anywhere from $10­ to $1000 per month. (There are even higher priced
membership programs). 

Let’s say you want to make $5000 each month from a membership program. You’d have to sell

  • 500 membership priced at $10
  • OR 100 memberships priced at $50
  • OR 50 membership priced at $100

The catch with membership programs is that each month, some people may drop off, and you’ll need to get more people to sign up to your program.

One way to avoid this is to offer special bonus or discounts to tie in members for longer duration – say 6 months or 1 year.

Are you ready to fast track your business?

Work smarter, not harder!  😉 Let's talk! Book in a free call with me to explore how best I can help you!

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