TBL Episode 75: The importance of understanding your business model
Apr 20, 2020•22 min•Transcript available on Metacast Episode description
Online entrepreneurs of all sizes love to complicate their businesses—why? Because they think it’s supposed to get more complicated, more sophisticated, more like a big corporation over time. After years of watching successful online businesses thrive, we’ve come to realize that simplifying and streamlining is the real path to building a business that operates smoothly and builds wealth for the owner over the long run. A foundational piece of this is having real clarity around your business model. That’s why for this episode, we discuss: - The most common online business models we see and how they work
- Why your product or service offering plays a huge role in your business model
- How a clear and defined business model can generate more profit and create a smoother running business
- Why it’s ok to pivot your business model if you need to
- What we learned trying to add another revenue stream
