7 REVENUE MODELS - Richa Jain - Richa Jain - Business...

Copyright 2016 | theRicherJane.com

STRATEGIC

BUSINESS

MODELS

TheRicherJane Presents

Thriving

OnlineBusiness

7

to turn your Expertise into a

http://thericherjane.com/

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.

featuringYOUR ONLINE BUSINESS



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.

featuring1. ECOURSE / EBOOK



featuring2. 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.


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.

featuring3. AFFILIATE PROGRAMS



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.

featuringEr, the Catch.



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.

featuring4. CONSULTING/SERVICE



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.

featuring5. COACHING



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.

featuring6. RETREATS


http://mixergy.com/interviews/selena-soo-s2-groupe/


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!

featuring7. MASTERMINDS



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.

featuringSo, What's Next?



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.

If you’re ready to be your own boss, and launch that dream

business, connect with me here. Click here.

For more guidance with a generous dose of inspiration,

follow me on Facebook. 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

share it!

featuringLet's Connect


http://mixergy.com/interviews/selena-soo-s2-groupe/

http://facebook.com/thericherjane

http://thericherjane.com/work-with-me


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