When I started building my expert business, I didn’t really understand what a business model was or why I needed one. However, as I progressed on my journey, I realized the importance of having a solid business model. I learned that a business model is a plan for how a business will generate revenue and make a profit. It includes details like the target customer, the products or services offered, and the pricing strategy. In this blog post, I will discuss the expert business model framework in detail, which is a crucial element in building a successful business.
1. Private vs Public Market
The first distinction in the expert business model framework is whether you are focused on the private or public market. Private work involves working with organizations such as large or medium-sized businesses, while public work involves working with individual contributors, entrepreneurs, and professionals.
There are advantages and disadvantages to both markets. Private work can provide a steady stream of income, but can also be limiting in terms of the type of work you can do. Public work, on the other hand, can be more flexible and allow for more creativity, but can also be less stable.
When I first started in the industry, I did a lot of corporate work, which involved doing keynotes, corporate training, and one-on-one coaching with executive clients. I spent nine years of my business career in the private sector. However, four years ago, I made a transition from private to public market. I started working with public clients, selling courses, and helping entrepreneurs and experts solve their problems.
Both private and public markets have their positives and negatives. However, choosing one market and focusing on it is crucial for success. One can also have a main focus while still doing a bit of both, but usually, one will have a primary focus.
2. Leveraged vs Unleveraged Work
The second distinction in the expert business model framework is whether you are doing leveraged or unleveraged work. Leveraged work involves one-to-many work, while unleveraged work involves one-to-one work.
One-to-one work is usually looked down on in the industry. However, I believe that if you are making less than $100,000 a year, you should be doing one-to-one work. Doing one-to-one work helps you understand your audience’s problem on a specific level and allows you to articulate it effectively.
One-to-one work is also great for discovering and understanding your audience’s needs. For example, I still do some one-on-one work with my group coaching clients and have a handful of private clients that I work with. These clients are usually running multimillion-dollar businesses and want help on a deep level.
Leveraged work, on the other hand, involves one-to-many work and is usually more scalable. Courses, memberships, group coaching, masterminds, and books are examples of leveraged work. Leveraged work allows you to reach a larger audience and have a greater impact.
3. Combining Private/Public Market and Leveraged/Unleveraged Work
The expert business model framework can be applied in a variety of ways, depending on your goals and values. For example, you can focus on the private market and do only one-to-one work, or you can focus on the public market and do only leveraged work. Alternatively, you can have a combination of both private and public market work, as well as a combination of leveraged and unleveraged work.
Bonus: My Expert Business Model
My expert business model involves leveraged work in the public market. I make 80% of my revenue from online courses, memberships, group coaching, masterminds, and books. On the other hand, I still do some one-on-one work with private clients, which is more manual work.
I made a transition from private to public market about four years ago and have been able to scale my business significantly. I help entrepreneurs and experts solve their problems and create meaningful impact in the world.
The expert business model framework is crucial for building a successful business. Understanding the differences between private and public markets and leveraged and unleveraged work is key. Choosing one market and focusing on it is crucial for success.
My journey in the industry has taught me the importance of having a solid business model and focusing on one market. Doing one-to-one work is also important for discovering and understanding your audience’s needs.
I hope this blog post was helpful in understanding the expert business model framework. Remember, it’s never too late to start building a successful business.
Take the time to think about your goals and values, and use the expert business model framework to create a plan for success.
I go over this in depth on this week’s episode of The Expert Edge Podcast which you can listen to here.
Episode 161 | The Million-Dollar Business Model
In the expert industry, your income is largely reflected by the amount of leveraged vs unleveraged work that you do… And whether you work more with private spectrum clients or public spectrum clients. There is no right or wrong here as oftentimes I find experts really enjoy 1 or the other. However, you typically have to choose one or the other. In this episode, I break down my Million-Dollar Business Model so that you can clearly see where you’re at and what changes you may need to make to take that next step up.
>>> ALL PODCAST PLATFORMS: listen to The Million-Dollar Business Model episode
>>> iTunes ONLY: listen to The Million-Dollar Business Model episode
Colin ‘Clarity’ Boyd
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