My friend Miri Rodriguez is a brand consultant, brand storyteller and international keynote speaker. We were recently talking about our two business models.
My business model is all about promoting the “Ramon Ray” brand, personal branding, lots of social media and photos and video. I do quite a bit of free speaking, to promote my brand. This free speaking leads to paid opportunities.
My style of speaking is broad and for beginning small business owners. What makes it VERY unique and special is the high-energy and humor that I bring to the stage. It’s why companies hire me to inform and entertain their audiences on stages around the world.
What Miri shares is special and unique. Her framework for teaching how to tell a story and expand your brand is mind-blowing.
Whereas I speak a lot for free and do quite a bit of personal brand promotion, Miri’s model is limited free speaking and saving her proprietary framework for paying clients. She’s created demand for herself by picking and choosing how and where she shows up.
What’s the lesson learned?
There are many paths to living the lives we want and making a great living. You have to know what YOUR business model is to support the life you want to live.
As an entrepreneur, it’s essential to find the right business model that works for you and aligns with the life you want to live. One of the most significant factors is whether your business model generates adequate revenue and fits your lifestyle. Let’s dive further into discussing the importance of creating a business model that aligns with your goals and values and why it’s essential to avoid adopting someone else’s business model.
One Size Doesn’t Fit All
The lesson here is that there is no one-size-fits-all model for entrepreneurship. While my model may work for me, it may not work for others. It’s essential to have a clear understanding of your business and what it takes to accelerate its growth. You must determine the right pricing and value proposition for your products or services, such as how best to package and market them.
Another important consideration is motivation. Your motivation and passion for your business will often determine its success. You must ask yourself what drives you to operate your business. Is it for financial gain, personal fulfillment, building a legacy or contributing to society and the world at large?
Your Personal Values
It’s also important to consider alignment with personal values. It’s not enough to set financial objectives for your business. You should also take into account your values and how well your business aligns with them. For instance, if you value autonomy, you should avoid a business model that requires lots of support staff that curtail your autonomy.
Finally, it would help if you avoided adopting someone else’s business model. Successful entrepreneurs like Steve Jobs, Elon Musk, and Jeff Bezos did not achieve success because they copied someone else’s business model. Instead, they developed their models based on their visions and understanding of their customers’ desires and needs.
Finding the right business model is crucial to achieving success as an entrepreneur. However, there is no one-size-fits-all model; it’s essential to develop your business model and align it with your values, passion and unique talents. You will often need to make tough decisions, including pricing, marketing, staffing, and other challenges that come with starting and owning a business. Always remember, your business should serve you and not the other way around. So, be unique, innovative and authentic in developing your business model, and you will achieve success beyond your wildest dreams.