The most commonly asked question Ryan is asked is, “What type of business should I start and what market do I go into?” In this episode of Freedom Fast Lane Ryan Daniel Moran explains the three business models that will never ever go away.
1. Selling Quality Physical Products
Ryan’s main businesses are selling physical products. He uses Amazon as a channel and the place where he takes most of his orders but he doesn’t have an ‘Amazon business.’ The place where you sell things does not impact the business you are in. Nothing changes about the business model that you’re in, except that you are in competition to have the highest quality product.
The business you are in is the products you sell for the end result of the customer. If you think the channel you are in is the business you are in then you are dead in the water from the start. The differentiating factor is that your channels change but your business doesn’t. If you think that your business is a channel then you are always a slave to the channel that you are on.
2. Information Publishing
Information publishing is a lot like a physical products business in the fact that the channels change but the business never does. The model remains the same it is simply the channel that has changed. Information publishing has existed for thousands of years and as long as business has existed.
People want information and how they buy it changes but what they buy is the same. People still want to look better, feel better, make more money and have more fun. The five markets that people buy information and physical products in are health, wealth, love, expensive hobbies, and pets.
3. Business Services
Perform services that a business is paying for to maximize their exposure in a specific channel. The business model rarely changes but the channels change very quickly and have two-three years of shelf life. Businesses often pay people to be ahead of the curve on the channels.
A year ago Ryan predicted that one of the big waves that would happen in 2015 is that people who understood the channel of Amazon would approach major businesses and either take equity or high consulting fees for getting the businesses physical products onto Amazon. People are taking $2-3K per client per month in order to work with businesses that have a product but aren’t on Amazon in order to get it on there.
When a new channel opens up and becomes popular, it is very efficient to charge businesses high premiums to perform services. Business people don’t have the time to know every nuance of every channel so they pay others to do it for them.
Many people have figured out channels but have no idea what their business is. Do what it is you know for businesses. The channel that you know can be a business. When the channel changes, just keep up with the times so you can offer that service to your clients as well.
Channels change but don’t go away so there is always a business to be had in servicing a channel. The first way to start a business and make $10K a month is to take what you know and turn it into a service. Take the channel to the people who already have the products, take a cut of their business or charge a hefty monthly fee for managing that channel for them.
How to Get Customers
Do this through audience building and having people who see you as an authority and follow you. Announce your services to that audience. If you don’t have an audience then leverage someone else’s audience (advertising.) Either way this is the crux of getting your first clients.
1. Get leads or customers.
2. Sell things to those leads or customers.
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Links to Resources Mentioned