TBL Episode 75: The importance of understanding your business model

Online entrepreneurs of all sizes love to complicate their businesses—why? Because they think it's supposed to get more complicated, more sophisticated, more like a big corporation over time. After years of watching successful online businesses thrive, we've come to realize that simplifying and streamlining is the real path to building a business that operates smoothly and builds wealth for the owner over the long run. A foundational piece of this is having real clarity around your business model. That's why for this episode, we discuss: The most common online business models we see and how they work Why your product or service offering plays a huge role in your business model How a clear and defined business model can generate more profit and create a smoother running business Why it's ok to pivot your business model if you need to What we learned trying to add another revenue stream