Should you try the one to many business model? – Kimberly Gosney
My oh my.
I’m feeling a little bit ranty today. I guess it’s because I’m looking forward to lasagna and it’s 8:30am so I can’t bake it for a few more hours. Le sigh.
When I’m hungry all kinds of ideas pop into my head, especially ranty ones. But, today’s idea that popped into my head is a very valid one.
Should you be using the one to many business model?
Sure it’s super hot right now to go all in and be able to automate and funnel up everything so you’ve got more flexibility and freedom.
Who wouldn’t want to sip margaritas by the beach while money flows like an avalanche into your Paypal account.
But, let’s take a good hard look at the one to many model.
In case you’re new around here and you’ve got no idea what I’m talking about when I say one to many business model here’s the gist of it.
The one to many business model favors you doing things that are heavily automated in your business so that you’re not working as much or at all 1-on-1 with clients or customers. So, basically you’re presenting things like:
- Online Courses
- Paid Webinars
- Group Programs
- Monthly Memberships
And, you’re working with many people at once inside of one big thing versus offering a 1-on-1 service.
Oodles of people are very successful in this one to many model and it’s really tempting.
It’s also being touted that the one to many model helps you scale and grow your business and revenue without you having to trade time for dollars.
This can be risky and dangerous.
Especially risky if you’re a new entrepreneur and you’re seeing this as a viable business model early on for your business.
I can’t believe I just warned you that something could be risky and dangerous because I’m not very risk adverse and take big risks all the time in my business.
Why is one to many a risky business model?
Because you’re putting all of your effort into creating a lower priced offering that you’re going to serve up and sell to hundreds or thousands of people.
That’s really hard to do if you have a small list or you’re not a business celebrity with expertise and authority.
It’s also dangerous because it gives you a false sense of security.
That by creating this thing and working hard you will be able to work with more people at once and free up the time you would have spent working 1-on-1 with clients.
Is the one to many model bad?
No, it’s very good – when executed at the right time in your business. When you’re established and ready for it. When you’ve created a service focused business 1-on-1 style and you’re bringing in steady income and you can not work more because your schedule is booked out for months in advance.
When this happens to you inside your service focused business… one to many it up to the roof!
But, let it simmer on the back burner as a business model and think twice about trying it if you’re not bringing in steady income with growing service focused business because it may fall flat of your expectations and leave you feeling frustrated.
I’ve got a resource to help you on this one!
My favorite strategy for growing a small intimate business without you sacrificing profitability or earning potential is Tara Gentile’s Living Room Strategy. This strategy focuses on growing a business that’s intimately in tune with your audience. I love this strategy and I’m using it to help me in grow my service focused business and I wanted to let you know about it.
Share your thoughts.
Pop in your comments below and I’ll shout back at you.