#17 Is your business model costing you money?
|This is the first in a six-part series of episodes all about how creating an online course is a way for coaches, consultants, trainers and freelancers to leverage their expertise. I look at seven problems with the ‘time for money’ business model and then provide five possible solutions to issues.|
|As a business consultant, I know only too well the drawbacks of charging based on an hourly rate or day rate. Unless your business model is based on a performance fee or on a project basis swapping time for money isn’t scalable.
I talk about the problems of:
1. Lack of financial leverage
2. Time-consuming nature of the 1 on 1 approach
3. Scope creep
6. Proposal writing
7. Feast and famine
Although there are benefits to the model, there are solutions too, including:
1. Raising prices
3. Productising your service
4. Training one to many
5. Creating an online course.
In the next episode, Part 2, I look at the different models of online learning.