Crafting a Business Model that Actually Works with Mark Deal —PEM016

“[A business model] forces you to think about certain elements that most other people and processes and things online don’t really talk about, such as your cost structure, activity resources, and how you’re actually going to serve your customers. A lot of [what you hear emphasized] is just marketing funnels, marketing funnels. And I think that misses the broad picture of actually running a sustainable business.” - Mark Deal

Whether you’re looking to run your business full time or are a side hustler (perhaps with the dream of full time one day), you need a business plan, a business model and a business map. Creating these crucial guides can be intimidating, but fortunately, aren’t as overwhelming as they sound. You just need to break it down.

In this episode of Podcast Editors Mastermind, we’re blessed to have Mark Deal teach us how to break down and fit together the pieces that bring business models to life. Like a puzzle, Mark explains how to intelligently input pieces until your complete picture emerges. And, relax, the puzzle is easy. It only has nine pieces Mark calls blocks.

For your first block, Mark advises a simplified value proposition (how you’ll make your money). Number two is fleshing out your customer segment. Once you’re clear on the first two, you evaluate marketing techniques and platforms. Then it’s time to put motion to your value proposition with an outlined activity block. With these all at the ready, you can start taking on customers (or more customers if you jumped right in), and much more, until all nine are in your business puzzle. Feeling anxious about all this? Don’t worry, we’ve captured every minute of Mark’s wisdom about executing these steps and more to structure your business. All you have to do is hit play.

Highlights:

Important differences between a business plan and a business modelWhy even freelancers and side hustlers need a business road mapWhen you should create one and how often you should revise your plan, model and road mapThe 9 blocks of creating a sustainable business modelHow your elevator pitch is simply a combination of your value proposition and your customer segmentUnderstanding a customer segment so yours makes senseHow to formulate a mission statement that concisely conveys what you doHow to choose your marketing channels wiselyHow to craft a clear activity blockWhy you must specifically outline customer relationshipsWhy and how to structure an attractive value gapWhy partners, strategic relationships and joint ventures can take your business so much furtherWhat kinds of costs you need to properly track

“I will make you sound less like a crazy wingbat.”

Thanks for the quote, Mark Deal! (Watch for the T-shirt - coming soon.)