There’s a good chance that you started your own business because you wanted freedom. It’s something that so many entrepreneurs want; that freedom-lover lifestyle. For some, that may mean financial freedom, whilst for others, it’s the freedom to take time off or travel as often as they want.
But with so many business models to choose from, how do you know you’ve picked one that supports that need for freedom?
Not all business models will suit a freedom-lover lifestyle. So here is a breakdown of the main five that will.:
One-to-one client business models
On the surface, a one-to-one client business may not be the best of business models for a freedom lover. But they do afford you some flexibility. If you’re looking to create some freedom in your life, consulting or coaching one-to-one can still work for you. You can book calls based on your available times, and you can automate the client onboarding process. This type of model can work well if you’re looking to free up some of your time and still be present in your business.
Passive income products
If you’re looking for a totally freedom-based lifestyle, passive income business models will work well for you. You’re essentially putting in the time and effort to create something that you can then sell over and over again. This includes products, self-study courses, downloadable templates, recorded masterminds and webinars. You need to be there for that initial creation stage, but you can then set the marketing and selling of it to run automatically.
Membership sites are great business models
Membership sites offer you some freedom too. With private membership sites, you’re receiving recurring revenue without having to be there all the time. And that is the crucial point – you still need to be there some of the time. The beauty of a membership is you know when you have to be available (such as monthly training sessions or live Q&A calls), so you can plan your freedom-based lifestyle around those slots.
The affiliate marketing business model
Affiliate marketing is a model where you’re promoting other people’s products to your audience. You need a decent-sized audience to use this model and some good products or services to sell. The beauty of this model, though, is you don’t have to create the things you’re selling – you simply have to factor in the time to market them. And this is something you can automate quite a lot.
An eCommerce model means you’re electronically buying or selling products online. This includes print on demand products (such as books, mugs and t-shirts), dropshipping – where you source products other people manufacture, so you can then promote them on your site. When someone buys from you, you then order from your supplier and get them to deliver directly to the buyer. It’s a model that needs you to spend a little time upfront sourcing decent products, but you can then automate the marketing process.
It isn’t always easy to build financial freedom into your business. But it is possible, as the five business models above illustrate. The key to any successful venture is to know what you’re aiming for and then pick a solution that best suits your needs. And that’s no different when you’re looking to achieve a freedom-based business. You simply need to ensure you’re picking a business model that feels right for you and best suits your needs.