Quitting a 9-5 is a common aspiration. Many people want to achieve financial independence and work on their own schedule. With a computer, the dream is a reality, and it’s even achievable without a large amount of starting capital or a degree in business. All you need is a solid plan.
To scale faster and avoid guesswork, many successful founders rely on a clear business growth plan that aligns the model with revenue targets.
This guide will help you create a business model, a business plan underpinning how you create and capture value. Many new entrepreneurs don’t succeed because they choose the wrong model. With the right model, you can avoid the time and money pitfalls. This guide will help you replace your salary in the shortest time possible by focusing on high-profit online business models.
Why Speed Matters for Side Hustlers
Many individuals launch a business while maintaining a full-time job. Time is limited. You may only have five or ten hours a week to work on this initiative. This limitation alters the landscape. You can’t choose a business model that involves selling thousands of inexpensive products.
Marketing is difficult for beginners, and to sell a lot of low-cost items, you need volume. This is a marketing trap for novices.
It is easy to understand how to achieve six figures in record time. You need to sell a high-ticket item to a target market. This provides the complexity to reach your income target with less volume. It gives you the freedom to work less while maintaining higher quality.
Choosing the right model also depends on understanding the business life cycle stages, especially when time and resources are limited.
We will examine the top online business models that fit this criterion.
Model 1: High-Ticket Coaching
The coaching business is increasingly successful. A beginner in coaching can make six figures relatively quickly. You could start a business model that helps people achieve their goals. You leverage your success to assist people.
You get to sell success. It is not a product that people are paying for. It is a service that people are paying for. They are paying for a service that achieves a success they could never reach on their own.
One-on-One Coaching
This is the best starting point. You work privately with a single client. You meet with them weekly or biweekly. You give them personal attention.
You do not have to begin with a website. You do not have to start with expensive software. You do need a way to chat, just like you need a way to get paid.
You also get paid to do market research. Working closely with clients helps you refine your marketing. You learn the specific problems they are facing. You understand the terminology they use. It helps you figure out what their problems really are. That information is a goldmine for your marketing.
Group Coaching
Your time with one-on-one clients is going to run out at some point. This is a good problem to have. It means you’re ready to scale. With group coaching, you can help a lot of people at the same time.
You teach the same subject. However, the value is still there because students teach one another and build a community. Your hourly rate goes up tremendously with this model. You can make five times the money for the same amount of time.
Model 2: The Service-Based Consultant
Consulting, like coaching, can be a bit different. A coach guides you through the process. However, a consultant does the planning or some of the work for you, and it’s a more expensive option.
There is no shortage of businesses that need help. They need help with marketing. They need help with writing. They need help with operations. If you have a skill, you can turn it into a service.
You need to package that skill as an offer. Stop charging by the hour. That’s a quick way to hit a ceiling with your earnings. Charge by the project or the outcome instead.
For instance, avoid saying “writing hours.” Say “a finished email marketing sequence.” This way, you link your pricing to the actual value, enabling you to price higher.
Model 3: Digital Products and Online Courses
This model has the biggest potential for freedom. Once you create a product, you can sell it forever. This is what passive income is all about.
An online course is what you get when you take the knowledge from your coaching sessions. You create videos and worksheets and have students complete the modules on their own. You are not present.
This is a little tricky, though. Selling a course is more difficult than selling coaching. There are a number of things you have to know: copywriting, sales funnels, and usually a website.
The best way to go is to start with coaching. Validate your ideas first. Check if people are willing to pay for your support. When you do have a proven framework, turn it into a course. This lessens your risk and means you create a product that people want.
The Three Pillars of a Profitable Business
A thriving company has a minimum of three core elements. These need to be nailed down to make online business models work for you.
1. The Transformation Product
You need to sell a solution. Don’t sell information. Information is freely available on the Internet. What people are willing to pay for is clarity. They are willing to pay for a clear, step-by-step plan.
Your product needs to address a painful problem. The more costly the problem, the more you can charge. Getting people to lose weight is a big problem. Helping people move forward in their careers is a big problem. Major life enhancements are where the focus needs to be.
2. The Ready-to-Buy Audience
You can’t sell ice in a place where it is cold. You need to find those who need your product and then find those who can pay to obtain it.
The importance of audience selection should not be underestimated. You are looking for people who are already spending money on solutions to their problem. You are looking for people who value their time. If you target those without money, your business is going to run into difficulties, no matter how great your product is.
3. The Salary-Replacement Price
Pricing is a tool that dictates how many clients you will need. With low pricing, you need a large number of clients. With high pricing, you need a small number of clients.
Price your services so that you can offer exceptional service. If you price your services too low, you will become overwhelmed. You will need to service too many clients to pay your bills. When you charge higher, you can work with fewer clients. You can provide them with more support. They will achieve even better results. It’s a win-win-win situation.
Conclusion
It is possible to build a six-figure income without too much hassle. Ignore the complexity of using advanced technology and try to sell low-margin products. Instead, focus on high-ticket online business models, such as consulting or coaching. Help people by solving their problems.
Start by getting a single client. Then provide outstanding service and get even more clients. This is a method that has helped many side hustlers achieve their income dreams. You have your strategy in place; now you just need to begin.
Frequently Asked Questions
What is the fastest online business model?
If you don’t have to consider inventory, the fastest business model would likely be high-ticket coaching, as it also has low initial investment costs.
Do I need a website to start?
No, social media is a great place to get clients, and you can use easy payment and video call tools.
How much should I charge?
You want to set a price that allows you to hit your income goals with 10 to 15 clients, so charge based on the value of the outcome.
Can I start while working full-time?
Yes, you can. These high-value models are great as side hustles since they require you to have a larger client base.
What if I am not an expert?
You just have to be a few steps ahead of your client. You should be able to help them based on your own accomplished experience.
