You have what it takes to start an Online Business. The best one you should start is a: Service business
Well done for completing the Online Business Quiz. Based on your answers, the best online business you should start is a Service business. Also known as Audience Aggregation. Keep reading to learn more about this type of business and your next steps to make it a reality.
What is a Service Business?
A service business is a type of business where you provide beneficial help, advice or implementation for a fee.
How does it work?
Example of this Type of Business
A hairdresser is a great (off-line) example of a service business. A hairdresser has years of training cutting hair. Also, it’s difficult to cut one’s own hair. Therefore when we need a haircut we pay a hairdresser for the benefit of their skill.
Generally, the more in demand and difficult the skill is the higher paid the service provider will be.
A consultant is another example of a service provider: they provide knowledge and expertise based on their experience and training. Because often the problems that they solve are very complex consultants will often be paid a lot of money for their time. A brain surgeon is similar: it’s a very difficult skill to master and people are willing to pay top dollar for access to that skill.
Service businesses are great if you already have an in-demand skill. You can theoretically set up today and have paying clients tomorrow with a service business. The main provider of value will be yourself and your skills and expertise.
How to make money with this type of business?
The problem is with a Service business is that it's not truly a business. It’s just you being self-employed as a service provider. Don’t get me wrong: this is a great step forward from employee to business owner! It’s just also very easy to get stuck here as self-employed rather than truly owning a business.
Service businesses are always constrained by time. Unlike a product, a service is hard to duplicate reliably. Once you’ve created a product once (especially a digital product) you can sell it many, many times over.
With a service offering though you are limited by the time it takes to deliver a service. A hairdresser will have a limit to how many haircuts they can provide in a week. A brain surgeon will have a limit to how many surgeries they can perform per day.
Services are often a fantastic way to get your online business started, especially if you have marketable skills. If you charge enough you’ll be able to replace your 9-5 income and (planned correctly) free up time to work on your business.
Use the BATON Model
Services are also a great way to test out a market before you start investing in building products. You can use a service to see if there is any market demand in the first place.
In fact, in the BATON model, we often recommend producing your first product whilst providing a service. You basically get paid for product creation!
Note: Further down the line Services will generally have a place at the end of your sales funnel (more on this in the BATON model). Basically, all online businesses benefit from having a very limited (and expensive) personalised service offering for your best customers. It’s just important to limit this only to the end of the sales process so that it’s not available to everyone - we restrict time-intensive service availability to the highest paying prospects.
PROS and CONS for this Type of Business
Pros
Cons
ConClusion
A service business is not truly a business. But it's a great bridge to get you an automatic online business. But be careful not to have all your time sucked up. You won't have time to build an actual online business. Instead if you build a Service business the BATON way, you could be selling high-ticket services at the END of your funnel. As a bonus, after you've already collected automatic income.
How YOU can Get Started and Build Your own Attention-Based Online Business
Now before jumping in and offering up every hour of your day to provide a service (consultancy, coaching, hairdressing etc). And then wondering why on earth you just created yourself another job which is even harder than the one you quit. Instead...
We want you to set off in the right direction and see this through. By learning how to build an Online Business - the right way. From the ground up. Avoiding all the expensive and time consuming mistakes we made when we started 15 years ago.
You can do this by learning the fundamentals. Which in turn will allow you to turn any idea into an automatic money making online business.
So it doesn't matter if you want to build an - attention, resale, service, product or subscription business - it all starts with the BATON Model.
We've created the BATON Model over the last 15 years through - building our own businesses and client business - to the tune of £10's of millions.
The BATON Model walks you through each vital stage an online business must have in place to guarantee financial success.
Here's a visual diagram of each important stage of online business you must set up and have in place:
BATON Model: 5 Key Stages to Any Business Success.
In fact, once you learn our BATON Model you'll be able to build any type of online business you want, whenever you want. It's that important to your online business success.
Because let's face it, we're not building a business for fun. We're building it to make money. And if you do it the BATON way, you'll be making automatic money.
And don't just take out word for it, we've helped 25,000+ people get their online business started using the exact same BATON model you will have the opportunity to access...
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DIMITRIOS KONTZIAS
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ALGIN TIAGAN
Although I'm experienced, these guys still bring me back down to earth with their marketing fundamentals. It can be confusing when I'm in the thick of my business so having these guys have my back is great.
CHEYNA B GRIGGS
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