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Introduction
Today’s episode is about choosing the right online business model for you. Maybe you’re just starting out and you’re feeling overwhelmed by all the possibilities out there, like freelancing, coaching, content creation, digital products, affiliate marketing, e-commerce. Or if you are a seasoned entrepreneur but you’re feeling unaligned with where your business is and where it’s going, this episode is going to help you gain the clarity you need. In my last episode, business baby and a new chapter, I shared how I personally am shifting my values and business goals after becoming a mother.
Embracing Change and Growth in Business and Life
And the amazing thing about having an online business is that you are allowed to grow and your business will grow with you. For the past eight years now, I have been working and growing the Wanderlover. I’ve introduced so many income streams (check them out here) and tested out so many business models. I’ve helped hundreds of clients start and grow their own online businesses that are aligned with their current chapter in life, the one that fits their lifestyle goals and strengths. My intention with this episode is to help you do the same. So let’s dive in. I have a few steps laid out for you so you can hit the ground running.
Step One: Self-Audit
Step one is to self-audit. What works for you? You do not have to be tied down to any one of these business models. You have to start from within and recognize which one is going to give you the highest chance of success. So take a moment to reflect on how much capital you are working with off the bat. Are you starting with zero money, or do you have a safety net or a chunk of capital that you can invest into your business upfront? Consider how soon you need income. Some business models take longer to monetize, so if you are looking for quick cash flow to replace your nine-to-five salary in the next month, you are going to tackle different offers than someone who doesn’t need to monetize immediately. Although it’s preferred to have money coming in as soon as possible, know that if you have the time, the benefit is that there are going to be opportunities for you to tackle something that is more passive, bringing in recurring revenue, etc.
Step Two: Identify Your Interests
Think about what genuinely interests you. You’re going to be spending a lot of time building this business and these products or services, so make sure it’s something you enjoy doing. Before I started The Wanderlover, I took a blank sheet of paper and wrote down everything that made me happy, things I would lose track of time doing, and what my focus naturally gravitated towards. Needless to say, finance was not a part of that list, and that was what I was working in at the time, so it was a clear sign that I should quit. Since then, I have been working with clients, engaging in social media, content creation, marketing, podcasting, and expressing myself authentically online. I have never regretted that decision. It has evolved with me as the years go by, and I want you now to ask yourself what genuinely interests you.
Step Three: Assess Your Skills
Consider whether you already have marketable skills or are starting from scratch. If you are already good at something, maybe it’s a job you are currently doing or something you’ve studied in university, or skills you’ve picked up along the way like writing, design, or social media, then freelancing could be a fast track. However, if you have to learn something to create a business around it, you can work backward. Ask yourself what format would get your audience results the fastest. Let’s say you are studying nutrition and want to work with clients to improve their diet, lifestyle, and health. You can then explore the online business model I’ll share in the next segment and ask yourself whether you want to work one-on-one, start something more passive, scale, or lean into being a content creator. You get to decide what the business model is as you learn this new skill.
Step Four: Determine Your Time Commitment
Finally, consider how much time you can realistically dedicate over the next year. If you only have a few hours a week like I did when I was working a corporate job, a model that is time-intensive in the beginning will not be ideal. A model that requires you to have your calendars open for bookings might not work out. If you want more time organization tips, I have an entire episode and blog dedicated to time organization for entrepreneurs.
After clarifying all these factors, it will help you choose a model that fits you, not just what’s trending online. Choose a business model that will give you the highest chance of success because you’ll be in love with it and understanding what you’re doing without feeling overwhelmed. Also, know that you’re allowed to shift at any time. Just because you’re choosing one to go forward with today doesn’t mean you have to dedicate the next 5, 10, or 20 years to that one model.
Exploring Common Online Business Models
Freelancing and Service-Based Offerings
The first is freelancing and service-based offerings. This is suited for those who already have existing skill sets, like copywriting, graphic design, video editing, photography, or social media management, allowing you to package it online and offer it as a service. It’s easy to get started with minimal overhead, and you get paid directly for your time and skills. Often, you may already be working in that field and are just transitioning it online under your own brand. This is often the quickest way to make money online because you already have a marketable skill. However, with the freelancing and service-based model, it is initially a time-for-money trade-off. It’s not very scalable unless you build an agency, outsource, or introduce another income stream to your business. But if you need money immediately, it’s perfect to start getting clients right away, and you can always build other revenue streams in the background.
Coaching and Consulting Opportunities
Next, we have coaching and consulting. If you love helping people transform, overcome challenges, or achieve specific goals, this could be your path. Let’s revisit the nutritionist example from before. If you are studying to be a nutritionist, you can package your offers into coaching and consulting services. I always recommend if you are learning a skill from scratch to dive into something that’s health, wealth, and relationships oriented, as that is where the money is. With this model, it’s highly rewarding and very profitable. You can scale easily, taking your zone of expertise and applying it into group programs, masterminds, or courses. Often, it does require some confidence in working with people to help them achieve results and being in front of the camera, as you will likely be creating your own content. I recommend coaching or consulting if you love teaching, empathizing with clients and your community, and if you see yourself as a coach. I love this business model; I have a lot of experience in it and know just how rewarding it can be.
Content Creation
Next is my favorite: content creation. Content creation involves creating content for brands, hotels, and businesses to help them drive sales, as well as content creation as your income stream, like blogging or podcasting where you earn ad revenue. In this discussion, content creation as a marketing tool to drive sales to your products and services will not be included. Instead, monetizing from the content you put out is the focus. This model is amazing if you’re creative, love storytelling, and enjoy being online, but it’s the most time-consuming and takes the longest to pay off. If you create content aiming to monetize via affiliate marketing, brand sponsorships, or ad revenue, you’ll need traffic to come in, which takes time to build. So this won’t work if you need to monetize immediately and lack income or a safety net to pursue this option. Personally, I think it is the most fun and flexible, and you build such long-term brand equity. I have been creating content on The Wanderlover for over eight years now. It takes time, consistency, strategy, and patience before seeing income. But if you consistently create branded content combined with other business models like coaching or digital products, you tap into a gold mine, and your traffic grows exponentially. If you identify as a creative, thrive online and in social media space, I encourage you to pursue this. Know that the first years may be difficult as it is a marathon, not a sprint, but in the end, it is so worth it.
Digital Products
Digital products are next, including online courses, eBooks, templates, and workshops. With digital products, you build it once and it sells on repeat. This is my favorite when it comes to passive income. It’s definitely scalable and offers you freedom but takes upfront time, energy, and an audience to market to. There’s backend tech you must understand for success. However, implementing digital products into your online business model is never too early to get started. You can always create them and start marketing later. Again, consider how much time you have now to realistically dedicate, how quickly you need income, and if you have a safety net to sustain yourself. If you already have a community, or if we refer back to the nutritionist example and you work one-on-one with clients, your next step could be packaging what you offer into an online course or eBook when your income is consistent and framework proven successful.
Physical Products and E-Commerce Options
Lastly, we have e-commerce or physical products, something I tackled initially and left last because I don’t recommend starting here from the beginning. This is where you sell tangible items on your online store or via platforms like Shopify, Etsy, Amazon, FBA, or drop shipping. This model is more product-focused and operational, with additional costs like inventory and shipping. It requires more upfront investment and isn’t as scalable, but if you enjoy branding or have your brand and think physical products are the logical next step, introduce this into your business. It’s best if you love creating and selling products, want to build a recognizable brand, and have physical products you can hold. However, consider these passion projects and products because it shouldn’t be your sole income source; profitability takes longer, and it ties you to one location most of the time.
As you can see, there are many online business models, and you aren’t confined to just one. The right choice for you in this chapter will depend on your current financial situation, the audience you do or don’t have, how soon you need income, and what genuinely interests you. Personally, I advocate for a freedom-based model, offering time, location, and financial freedom. As a mother now, I’m diving into more passive income streams to enjoy the time with my baby boy.
Test and Review on Repeat
The last step is just to test and iterate because you don’t have to perfect it from the start. Before COVID, The Wanderlover was mainly a collaboration and consulting-based business model. After COVID, we shifted to digital products, coaching, and consulting. This is where Masterminds came in, and years later, we introduce courses, eBooks, and memberships. Start with what feels aligned with your skills, interests, and needs. Try it out, learn as much as you can, and pivot as you grow. Every successful entrepreneur has tested multiple paths before finding their own. Successful business owners exist in every path, so don’t let paralysis by analysis stop you. Take action and learn as you go. Action creates clarity.
In my next chapter, I am shifting away from more active, time-consuming income streams to focus on more passive ones like affiliate marketing, ad revenue via podcasting, and my blog and digital products.
If this episode helped clarify your direction, please share it with a friend or leave a review on Spotify or Apple Podcasts. If you’re ready to start your online business but unsure where to begin, I’m taking a select few new clients for the Start Your Business Intensive, where I guide you step-by-step from idea to income with the exact strategies I used to build a multiple six-figure business while traveling full-time and now raising a family. All links are in the show notes, and if you have any questions, my DMs are always open at The Wanderlover. Have an amazing week, my loves, and I will see you in the next episode.
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