Have you ever taken time to think about your ideal business model? Perhaps your current business model doesn’t tick off all the right boxes with what you had hoped to accomplish in your company.
The good news as that there are many ways that you can capitalize on your company’s existing success and expand it by participating in what’s known as knowledge commerce. This is known as the process and strategy that you follow to make money for your business by creating products first and then selling them to matching audiences or building an audience first and then making products to suit them.
You can give your knowledge away for free to generate a brand platform that attracts other income sources when you are just getting started, but you can also sell your knowledge directly as services and products. If you are a solopreneur, this is a great opportunity to think about which business model you might be able to easily support as the primary person in the business. All solopreneurs have many different factors to consider in establishing and scaling their company, such as your work-life balance, your type of target audience, and your own intuitive hits about what is lined up properly for you. Very few marketers and entrepreneurs today recognize that there are two types of knowledge commerce business models that can both be successful but are quite distinct from one another.
The first business model comes when you know what you want to sell. By creating products and services that you intend to sell to chosen target audiences, you first create the services and products and then set up conversion sales funnels on your website to make the experience easier for your site visitors. However, not everyone who is establishing their online knowledge commerce business knows what they want to sell. The second way to accomplish this is to decide on a niche you are attracted to and then begin creating content to attract your community of loyal subscribers and followers.
The purpose here is to create something known as a minimum viable audience, which is the fewest number of subscribers you would need for a particular service or product to get information and feedback about how you can serve them more effectively.
You build enough subscribers in this model to get those people to tell you the kind of products they want and need so that it makes any kind of selling effort of anything in your niche is relatively cost effective and risk free because you already know what they are looking for. The big advantage with the first business model is that you get over your product creation process over with at the outset.
However, you are taking a risk to create all products without any hint from your audiences on what they want to buy, which means a lot of upfront time invested in creating something that doesn’t ring true with your audience. If you are getting ready to sell your established business, schedule a consultation with an experienced and knowledgeable business broker.