Close this search box.
Blog » Business Tips » 3 Questions To Ask Yourself When Creating a Business Model

3 Questions To Ask Yourself When Creating a Business Model

global small business marketing

global small business marketing

Because I run a group coaching program where I help clients find their ideal business model, I’ve noticed that often times people miss some key points. Let’s be frank, not every model is created equal.

A lot of people want to jump into a particular business model because they get excited about a service or product. Or, maybe someone told them there is money in it. While excitement and market viability are important, there’s more to it than that.

Here are some of the questions I urge my coaching clients to ask themselves when creating a business model for themselves. It’s been in asking these questions myself that I’ve been able to create a business that works for me.

What kind of lifestyle do you want to have?

Listen, there’s no point in making a boatload of cash if you are unhappy. We all know this.

That being said, it does cost money to live. That’s why one of the things I encourage my clients to ask themselves is how they want to live.

  • Do they want an oceanfront apartment? (That’s me.)
  • Where do they want to live? Do they want to live in the country or the city?
  • Do they want to be able to travel all the time?
  • Are they planning on having children?

The answers to questions such as these can help you determine what kind of a model you want to build. For example, I want to live in an expensive city. Therefore, I need to build a business model that fits with that lifestyle.

How do you want to spend your time?

Another important question people ask themselves when deciding on a business model is how they want to spend their time. Alternately, they could also ask themselves how much time they want to spend actually working.

That’s what my friend and colleague Michelle Schroeder-Gardner asked herself when she decided she wanted to focus on an affiliate marketing business.

She didn’t want to trade hours for dollars, so that meant she would need to make money passively. While she could have gone into real estate or just start dumping money into the stock market, she decided a blog that makes affiliate sales was the best choice for her.

By having that sort of focus, she was able to build a website that will generate $1.5 million in revenue this year.

What are you willing to say no to?

I left the hardest question for last. In order to choose the business model that will work best for you, you need to be clear on what you are willing to give up. The problem is, us natural born entrepreneurs want to do everything.

In all honesty, by answering the first two questions you should already know what to say no to. Michelle knew she wanted to make passive income and travel full-time. She also knew affiliate marketing fit in with that lifestyle. That means she said no to anything that wasn’t about helping her blog produce affiliate income for some time.

I recently interviewed her and it amazed me how she still says no to a lot of things so she can focus on the business model that fits best with her life. Even with all the success she has, she is still laser focused.

Final Thoughts

By answering these questions, you’ll be able to choose and create a business model that fits with the life you want to live. By starting with the end in mind, you can reverse engineer the steps to reaching your goal.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Millennial Finance Expert and Writer
Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you’re passionate about.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More