a guy writing business model on a whiteboard

Business Model

Having a business model for your new business is an important step. By now you should have your Top 5 Passions from the Passion Test. Now, look at these 5 Passions. Can any of them be turned into an actual business? Can you start a company with one of these topics? Is there a large enough audience?

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Where does your passion lie?

For example, if one of your passions is golf then that’s definitely something you can create a company from because there are a ton of people that like golf. But, if one of your passions is hanging out with friends, this isn’t something you could create a business from.

Once you narrow down your passions that are viable Business Industries, you may have 1 that stands out or even 5 that could all be businesses. Regardless, now you want to look at the different business models in these industries. Going back to the golf example, you could start a variety of businesses in the Golf Industry. So, you want to pick something that also aligns with your other passions.

For example, you can start a golf magazine, podcast, blog, Youtube channel, sell golf merchandise, create a golf brand, or create golf products. If you enjoy writing and creating content then maybe you should go the magazine, podcast, blog or youtube channel route but if you enjoy designing and creating things maybe you should look into starting a brand, selling golf products or an E-commerce store.

Picking a business model that can be started in one day can include but are not limited to: E-Commerce/Online Store, Blog, Podcast, Youtube Channel, Music, Art, Consulting, Virtual Assistant, Magazine, Social Media Manager, Website Creator/Manager, SEO Manager, Freelancer, Writer, Real Estate, Stock Investing, Forex Investing, Affiliate Marketing, Sales, Apps, Influencer, and Coach/Trainer.

a guy writing business model on a whiteboard

But nothing really seems to align. Now what?

You can do these first 2 exercises over and over again. They will change from the first time you do them so if nothing seems really aligned and true, I would suggest starting over with the Passion Test. You’ll think of new passions over time that you didn’t write down the first time.

Here’s the bottom line when you’re picking your business industry and model. Ask yourself, “Am I doing something useful for other people?” A company is a group of people that creates a product or service and should only exist if that product or service is truly useful to its users.

Act like you’re the customer. What do you really want as a product or service? That’s what you should really be thinking about.

If you haven’t been reading this entire series, I highly recommend going back and reading from the beginning before going any further.

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