Hopefully, you’ve been following me on the Be Your Own Boss series. This is number 6.
Today I want to talk about 3 Home Business Models. Now, I’m not going to give you an incomprehensive list of really specific ideas. Instead, I will discuss the types of business models and the 3 big categories your home business can fall under.
Just like there are loads of different martial arts and all of them work, there are loads of different business models that work. What we want to find is the one that’s gonna help you become your own boss.
The first type of business model is when you sell stuff to your friends. There are a lot of different ways to do this.
I've met a lot of people who go down this path and it's not the right fit for them. It comes down to your personality. Plus, it relies on very specific skills and not everyone has them. I don't like mixing friendship and business. But if you're super social and good at doing it in a way that's not annoying, go for it.
Our second model for a home business is to sell your expertise. It’s selling access to something that you are excellent at. This can be in the form of day trading, consulting, or selling digital services. It’s how I started – by selling search engine optimization services to people in my hometown.
What's good about this type is that you can generate fast revenue. You can get paid at the start of a project rather than at the end. It allows you to get paid to learn! Start off with cheap clients and work your way up. You can generate a lot of money when you're getting a percentage of every sale from a sales letter, commercial, or ad that you wrote.
The third and my favorite model is selling your creations. It could be something crafty that you’ve made, a course, an invention. You can make buttons and sell them on Etsy or make stickers or coloring books. I think crafty businesses are very cool.
I prefer courses because I make them once, but sell them a thousand times. If you have an invention, you can make a business and sell it yourself, or license it and sell the idea over and over again, until you become a millionaire.
The beauty of having your own home business and going through these ideas is that they all work for different people and we can merge and combine them in different ways.
What I want you to do is invest your time in a long-term strategy that has the ability to make you money while you're sleeping. That's when you know you have something really good. And when you do, I want to hear about it!
- 3 Models for Home Businesses
- Make sure you have a recession-proof business
- How to generate fast revenue