Day 2: Building a Sustainable, Profitable Business Model as a Subject-Matter Expert
DAY 2 - Build Your Model
This 5-day series is specifically designed for subject-matter experts who want to turn their service delivery into a sustainable, profitable and fulfilling business.
The BUILD Momentum Method™ serves as your roadmap for this content series and for the path that takes you to your first $50K in revenue and beyond.
If you love what you do as a subject-matter expert, but you’re confused about the “business side of things” and how to monetize and market your expertise, this is for you.
The Method that Takes You From Being an Overwhelmed, Underearning Subject-Matter Expert to a Confident and Profitable Business Owner
Today, we’re talking about your business model.
What even is a business model, you might ask?
Simply put, it’s your plan for making money.
What do you sell? How valuable is this service to your ideal client? What is the cost of delivering this service and how does that rate align with your value proposition, vision and goals?
If you’re a subject-matter expert that doesn’t feel expert at the “business side of things,” you aren’t alone.
Almost 1 in 5 small businesses fail to create a sound business model, and it becomes the reason that their business flops.
Let’s address some of the most common mistakes service providers make around their business model so you can avoid becoming part of that statistic – and running your business on overwhelm, confusion and burnout.
MISTAKE #1 - Introducing more than 1 offer
If you’re in the early stages of your business, or growing to that first $50K in revenue, introducing more than one offer is a recipe for confusion.
Many new experts-turning-towards-business-ownership think that more offers is better because they can see “what sticks.”
More is not better.
In fact, trying to sell your audience on multiple offers confuses them and dilutes your messaging.
MISTAKE #2 - Pricing for confidence rather than profitability
What most subject-matter experts do is come up with a price for their services that they feel confident selling.
The problem with this approach is that they typically undervalue their services, which leads to a lack of profitability for the business and a feeling of burnout within themselves (working too many hours for the amount of money that’s coming in).
MISTAKE #3 - Being in a rush
Here’s the equation for a sound business model = OFFER + VALUE + PRICE.
Designing something that is well-balanced and sustainable doesn’t happen overnight. It takes time and intentionality to put together the pieces: creating an offer your ideal clients need and want, ensuring that the value of it mirrors the transformation they envision, and pricing it in a way that serves you and them.
Being in a rush leads to a lack of understanding of how the math works… and ultimately, an unsustainable model.
The risks of not giving attention and intention to your model are great. Doing this work early in your business helps you avoid spinning in confusion, pouring time/energy/resources into something that’s not sustainable, and leaving money on the table.
As you review Day #2 - Build Your Model - and assess the sustainability and profitability of your business, how are you feeling about the alignment of your own model? I’d love to hear from you below!
In all of our programs, we use The BUILD Momentum Method™ to guide you into becoming an empowered, confident business owner.
If you’re ready to monetize and magnify your expertise to create a thriving business on your own terms…
I want to invite you to join me for my free masterclass - 5 Steps to $50K - where I will break down what it takes to unleash your brilliant expertise and get your business going and growing to that first $50K in revenue and beyond. Click here to sign up!