In preparing for our board meetings this month, we started thinking about our business model and the role it’s played in our business development and growth. Developing a business model starts by getting into the mindset that you can and should charge people for the work you’re doing. Once you’re able to shift the way you think about charging for your work, the next step is to select the right business model. And it’s not just about choosing a business model, it’s about validating it as well. Testing your hypotheses and finding out if people will actually pay you for the thing you’re creating is even more important than the model itself. In today’s episode, we talk about building a business to serve your customers, picking one business model to start, testing your hypotheses, and more.Main TakeawaysWhen you build a business that exists to serve the needs of your customers, you can and should charge for the work you do. Possible business models include: ServicesEvents and workshopsDigital productsPhysical productsAdvertising, sponsorships, and affiliate marketingSoftwareThe business model you choose will greatly depend on the size of your audience—either the one you currently have or the one you want to build. Some businesses, such as coaching, only require a handful of customers, whereas something like software needs a larger number of customers to be successful.Creating a Minimal Viable Product (MVP) is the only way to test your hypothesis properly and determine if people will pay for what you’ve created. Creators of the Day Casey AmesRyan EssmakerTina EssmakerThought of the Day“Good feedback is often really painful at first. You may physically feel it in your body or in your mind, even. But it’s actually a good sign that someone has gone through the time to give you the gift of good feedback. If the person really cares about you, the feedback is something to be considered even if it’s uncomfortable. ” ~ @BarrettABrooksLinksThe Ladders of Wealth Creation: A Step-by-Step Roadmap to Building Wealth by Nathan BarryHarklaThe Great Discontent: Ambition IssueStart building your audience for freeWith ConvertKit landing pages, you can build a beautiful page for your project in just a few minutes. Choose colors, add photos, build a custom opt-in form, and add your copy. All without writing any code! Check out landingpages.new to get started.Stay In TouchApple PodcastsSpotifyTwitterFacebookInstagram

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