Some people decide to start a business because they have a great idea that they feel the need to pursue. Other people just want to quit their 9-5 job and travel the world. The legitimacy of these two different motivators is equal in my opinion. Maybe you feel motivated by something entirely different. All of these are ok. They are great.
In my case I decided to start a business because I wanted to make more money. There's no shame in that. Many entrepreneurs like to shame people that are just after the money and I think that is wrong. Money can be a great motivator.
For people that don't have a clear specific idea about what their business is going to be and how they are going to monetize it, it can be very helpful to see what others with similar ideas are doing.
If you still don't have an idea, DOWNLOAD our FREE Worksheet: Find your profitable idea in 3 steps
Maybe you're a graphic designer. Maybe you are a psychologist that is looking to start a side hustle. A yoga enthusiast, a rock climbing expert, maybe you have a clear idea of the market that you want to explore and serve, but you don't know how to make it a business.
Well... I have to tell you that not knowing how to monetize or even make a business from an idea is very normal. Most entrepreneurs aren't 100% sure about their ideas or their business model.
I think that there are a few entrepreneurial business models that you should look at and consider, if you don't have a clear idea about how to monetize your passion.
The following are business models that are great for starting entrepreneurs. If you don't have a specific idea and business model, consider monetizing one of your passions using one of these model.
Online courses: This is the ultimate goal of every person who is looking to start a side hustle without spending a lot of money. It can be almost free to create an online course, and you'll get more than 95% of the profit. Any information product will do the same. E-Books, audio training, etc.
Teaching 1 on 1: This one is a bit less glamorous than creating online courses that sell while you're sleeping, but you can see it as a validation phase before you create an online educational product.
Coaching: If you are looking to help people 1 on 1 in almost any field, this is a great model. The cost of setting it up is very low and once you made your first investment, everything from there on is 100% profit… Plus, you'll get to help and positively affect a lot of people's lives.
Consulting: If you are someone like me, who's field of expertise is a bit more “technical”, then this model can be VERY lucrative. Offering guidance within a specific niche can become a very profitable business.
Online Services: AKA Freelancing. In BIZdesign.agency, this is what we do. We do Business Consulting (idea generation, validation, etc.), and we also provide design services (web design, UX design, Webflow development, branding, etc.)
Blogging: Blogging is one of my favorite models, but it can be one of the slowest ones to make you profit.
There are many other ways of monetizing ideas, but for entrepreneurs that aren't sure about what they want to create, any of these models could work.
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