Three Ways To Identify the Best Business Model For You
When you have an idea for a new business or project, sometimes the hardest part is getting started. Especially when it's something you're passionate or excited about, it can be tempting to dive in without a plan. The good news is that you've already conquered one of the hardest things– nailing down your idea and figuring out the work you want to do that lights you up.
The next step can sometimes be where people get hung up or anxious because they lack clarity around how they're going to carry out their idea. Should you quit your job or side-hustle it? Should you freelance full-time? How about starting a new company from the ground up? If these questions are swirling around in your head, take some time to consider these three key things that will help you identify the best business model for you.
Understand your priorities
If you're wondering where to start when it comes to finding the right type of business model for your passion project or idea, it's super important to get clear on your priorities first. What is most valuable to you at this stage of your life? Is it total freedom and control over your work? Or maybe, you need a lot of financial stability and a secure paycheck every month, so making your idea a side hustle may be best for now.
Which values resonate the most with you?
Structure, stability, and consistency with a side of autonomy? Try a side-hustle for now and see how it goes. Do you like to change things up and work on new things every day? Are you a natural problem solver? Maybe freelancing is a good fit. Finally, if what you really want is complete control and autonomy in your work, and you have stability and security coming from elsewhere, then maybe starting a new business is right for you.
What sh*t are you willing to put up with?
Every gig comes with a side of shit, so what do you want to deal with? If we're being totally honest here, there's always going to be some type of headache that comes with your work. It doesn’t matter how much you love your job (which definitely helps make the shit easier to put up with) there's always going to be something. So the key here is to pick and choose your battles wisely.
For example, if you're side-hustling then your struggle may be trying to balance your full-time gig with your part-time hustle. Are you prepared to give up some nights, weekends, vacation, etc. to make sure your side hustle gets done? When you work 40 hours a week already, you'll have to make some sacrifices in your personal life to carve out time for your side-hustle.
For freelancers, a lot of times the flexibility is amazing and exactly what you're looking for in a work situation. But also know that this means you are still working for other people (your clients) which means you ultimately have to stick to their ideas and their own goals. On the other hand, being a full-time business owner puts you in control, but that also means you are responsible for keeping everything going. And whenever you encounter an obstacle, it's on you to come up with a solution.
Know your desired outcome
One of the most powerful mindsets to take on in your business or work is to begin with the end in mind. This means picturing the outcome or result that you want in your business and letting that lead you. Some examples of business model outcomes include more free time, more money, more expertise, or more creativity. Whatever it is, let that lead your decisions and move forward with that end result in mind.
Finally, identifying a business model is an important part of the entrepreneurial process but don't let it create more stress than necessary. If you aren't ready to take your business full-time, don't think that makes you any less serious about your idea. Your model can be flexible (i.e. you can always transition from side-hustle to full-time business owner when it feels right).
At Mavenly + Co., we focus on helping women work for themselves. From free resources and podcasts to private coaching and events, our team is here to help you take your career + business to the next level. Whether you are a freelancer, side hustler, or full-time business owner, we want to help you succeed in your work. Want to learn more? Click here!