I’ve realized that nearly every business model is based on the idea of keeping four key stakeholders happy. This is where it all begins. For a model to work, it has to meet the needs of all four. Let me explain.
The first and most important stakeholder is you. Our goal is to build a business model that you love and gives you exactly what you need. It needs to give you the money, meaning, and freedom you were planning for when you started coaching in the first place.
The model then needs to be attractive to prospects. Otherwise, no one will say “Yes” to your offer, give you money, or become a client.
The model also needs to rock for your clients. If it doesn’t, what are we even doing this for? It needs to make a significant impact on their world and help them achieve incredible results. Otherwise, to put it bluntly, you’re just taking people’s money and you don’t deserve to be in the coaching business.
A lot of coaches and business owners leave this stakeholder out of their model, but it’s really important. Your model must work well for you business.
If your model doesn’t meet the needs of all four stakeholders, there can be some serious problems.
When the model doesn’t meet your needs first, you become overworked.
If you’re working long days and weeks with very little rest and rejuvenation in between, there’s a good chance you have a model problem that needs to be fixed.
The job of the model is to set you free, not to trap you.
You know the model’s not doing its job for your prospects if your marketing is getting ignored.
If the model doesn’t meet your prospect’s needs then they won’t listen when you speak and you’ll end up with low (or no) response to your promos.
If your model doesn’t meet your client’s needs, they won’t stay with you and if your clients don’t stay, they won’t pay.
It’s not rocket science — when you’re not getting paid, you’re going to struggle. The third symptom here is that you’ll be underpaid.
Finally, if your model doesn’t meet your business’s needs, the possibilities of your business will be limited in income, scale, and reach.
We want your prospects to see your marketing and think, “They’re talking directly to me!” -Taki Moore [Tweet This]
Designing Your Million Dollar Model
Let’s bring it back to you. If you get this wrong, you end up overworked, but get the model right, and it’ll give youfreedom.
Dan Sullivan talks about having freedom of time (spending your time however you want), money (affording what you need and want), purpose (deciding what difference you want to make), and relationship (working with who you want).
If you get the model right, it gives you an incredible amount of freedom.
On the prospect side of things, if you don’t give your prospects what they want, they’ll ignore you. What your prospects really want is connection. They want to look at your marketing and recognize themselves in it.
That means when we get the model right for our prospects, we achieve the right fit.
We want your prospects to see your marketing and think, “They’re talking directly to me!”
That feeling of personalization makes your prospects think your program is designed just for them. When your prospects feel like you know exactly who they are and understand their needs and wants, they’ll see you as a perfect match and pay attention to you.
Regarding our clients, we obviously don’t want them to leave. We want them to stay, refer, implement and win. The way we do that is by focusing on getting clients results.
Finally, the wrong model limits our business’s possibilities, but the right model allows us to scale and serve as many clients as we wish.
When you get the model right in all four areas, life gets pretty fantastic.
You get a ton of personal freedom. Prospects find you incredibly attractive. Clients stay, pay, and win, and your business scales up.
Where are you right now?
Do you feel like you’re working too hard?
Do you feel like your prospects aren’t responding as much as you’d like?
Are you having trouble hanging on to your clients?
Are you limited and unable to scale your coaching business?
Take a second to write down why you want to get your business model right and what specific areas of your current model need to change.
Over the next several weeks on the blog, I’ll give you five keys for creating and refining the perfect model for you and your business.