Thericherjane Presents: Strategic Business Models

TheRicherJane Presents
STRATEGIC
7
BUSINESS
MODELS
to turn your Expertise into a
Thriving
OnlineBusiness
Copyright 2016 | theRicherJane.com
featuring
YOUR ONLINE BUSINESS
An “Online” business is one where one or both of the
following hold
You get most of your clients/customers via the Internet
You deliver your services via the Internet

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 about the future of business – especially online
business, with passive income – is the ‘Ecourse business.
ECouse 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.
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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! Afterall.. 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 eCoures, 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 12% ie 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!
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 12%
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.
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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
$1000 per month. (There are even higher priced
memebership 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 durations – say 6 months or 1
year.
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3. AFFILIATE PROGRAMS
Affiliate programs are where you get a share, or fixed
amount, for every customer you send to a particular provider.
Some affiliate programs pay peanuts – and some pay
handsomely. So it’s important to do your homework right on
this. Signing up as an affiliate for hosting companies and for
Amazon is quite popular.
Affiliates are a great way to build ‘passive income’. Provided
of course
1. You have volumes of traffic to your site.
2. Those visitors actually buy what you’re selling via your
affiliate programs.
Depending on the affiliate program you can make anywhere
from 5% to 50% commission on the products that you ‘sell’.
So, if you become the affiliate for a $100 product/service,
that offers you a 10% affiliate fee, you’d need to sell 100 of
those products each month to make $1000. Depending on
the site of your network and email list – that may or may not
be a large number to sell.
Alternatively, play it smart. Identify high end products you
can become an affiliate for. Marie Forleo’s BSchool has a
really generous affiliate program. Last I checked, Pat Flynn
of SmartPassiveIncome.com was making close to $80,000
each month in affiliate income. No, I’m not kidding.
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Er, the Catch.
The catch with each of the models above is that you need a
really large email list. That takes A LOT of time and effort to
build up.
1000 subscribers in your first year of business is considered
pretty darn good!
Personally, I’d rather have it the other way around – make a
higher impact on a smaller number of people. I’d rather
created higher end products and services targeted to a more
specific audience.
Next, we’ll explore a few models that help you do just that.
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4. CONSULTING/SERVICE
This is a simple model, that doesn’t require an extra
investment upfront – and no need to build a huge email list.
But it does require that you be an expert in something.
Anything REALLY. Even if you specialize in “cat consulting”
like Mieshelle.
Basically, as a consultant, you provide a service or advice
that people pay for. You either tell people what to do – or do
it for them. For example, providing financial advice to small
businesses, or managing social media marketing or any
other such service.
The good thing about consulting is that if you position
yourself and your services right, so that you bag 23
premium clients at say $4000 per month each, you can
easily make 5 figures a month, or 67 figures a year.
The challenge is of course, in finding those premium clients.
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5. COACHING
We’ll use the word ‘Coaching’ to broadly refer to a business
where you’re showing people how to do something that
you’re already an expert in.
For example, there are Life Coaches, Relationship Coaches,
Business Coaches, Copywriting Coaches .. and many
others. Coaching can be provided in person, or online via
Skype/Zoom etc.
In the purest form a ‘coach’ actually works to help people get
the answers from within themselves. A coach is more of a
guide, rather than someone who provides the answers or
tells others what to do.
There are many institutes that provide training and
certification to become a coach, though there are coaches
who thrive even without certifications.
Depending on the expertise level, coaches can charge
anywhere from $40 per hour to $5000 per hour. There are
high end coaching programs priced at $50,000 per year.
Those numbers are not a hard upper/lower limit – but just to
show you the range.
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6. RETREATS
Prefer the energy of a group? Want to make large sums of
money, at one shot rather than $40 per month? Try
organizing a retreat.
A retreat can be a 1or 2 week getaway at some exotic
location; where you get a group together for a specific
purpose.
Yoga&Meditiation Retreats and Writing retreats are often at
picturesque locations, where participants can relax and say,
write the book they’ve always dreamt of. You could also
organize Business retreats around a particular business
theme and have guest experts/others come in to teach about
a particular topic.
Selena Soo is a “Publicity Coach”. She built her business as
a combination of group programs with retreat’s built in, and
netted close to $300k in her first year. Check out her
interview at Mixergy.
Don’t limit yourself. You can conduct a retreat – for just about
anything.
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7. MASTERMINDS
MasterMind programs usually have 610 people that meet
say every fortnight, or once a month; either in person or
online; to discuss things of mutual interest.
For example A business mastermind may meet once a
month, and members discuss their progress, set their goals,
provide feedback & support.
You may also invite a special guest / expert to give insights
or share advice or provide group coaching in these sessions.
MastersMind prices range from free to over $20,000 per
person for the year. So if you could create a high end
MastersMind, with 10 people, each at $10,000 – well, you’ve
already hit 6 figures for the year!
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So, What's Next?
Now that you have a good of idea of the different ways you
can structure your online revenue stream, figure out the one
that works best for you.
The secret sauce, isn't the "BIG IDEA". It's in the execution.
Successful business owners don’t just rely on one of these.
They build in multiple channels into their business, or
combine these channels.
For example, you can have a 6 month mastermind / 1:1
coaching, that closes with a live, 1 week retreat at an exotic
location. Or in your eCourse, offer an exclusive 1:1 coaching
for premium clients at an extra charge.
There are many ways to go about it. Have fun. Mix and
match. Work out the best combinations for your business.
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Let's Connect
And remember, that you don’t have to do it alone.
Entrepreneurship doesn’t have to be a lonely path. Join our
community of Women Entrepreneurs as we create a Richer
Life, for ourselves, for our loved ones. Click here.
For more guidance with a generous dose of inspiration,
follow me on Facebook. Click Here.
If you’re ready to be your own boss, and launch that dream
business, connect with me here. Click here.
PS: Help a friend. If you know someone who'd benefit from
this free guide "7 Strategic Business Models to turn Your
Expertise into a Thriving Online Business", just go ahead and
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