There is more than one type of luxury that money can buy. While some people may value their cars, boats, or mansions, others may covet extra weight loss or financial freedom. A perfect example of this are our celebrity clients who may need to shed a few pounds for their roles but want to do it the healthy way and earn money while doing it. This blog post will give you an overview of a business model that allows you to accomplish both of these things. Sound interesting? Keep reading.
The Basics
First things first, let’s discuss the fundamentals. This is the minimum level of requirements for the business to operate. Typically, these are things like a website, a domain name, and a mobile app. While it would be best to have all three of these, you can start small and build your way up to include them later when you’re ready.
The Product
The product is, in this case, a digital fitness product that helps you lose weight. It can be anything from a simple meal planning tool to a complete weight loss program with a personal trainer, group coaching, and an all-in-one app that does it all for you. Your product is what you sell. What is the core concept that you can implement to help people lose weight? What makes your product special?
The Price
The price is, in this case, determined by the demand for your product. Since this is still evolving territory for you, it’s a great opportunity to learn. Measure the demand for your product and set a price that you feel is fair and won’t hurt your bottom line. There’s nothing worse than setting a price that is too high and having to eat the loss. It can be incredibly frustrating to put in all this effort only to have it end up being a total waste of time.
The Distribution Channels
Now that you have a product that people want, it’s time to discuss how you’re going to get it to them. This is where things can get a little tricky. You have a couple of options when it comes to distributing your product. You can either use online platforms like ClickBank or Amazon’s Mechanical Turk to create special pricing for certain geographic locations or you can use traditional methods like retail stores or websites that accept digital payments (stripe.com, etc.)
The Overall Business Idea
At this point, you may be thinking that this is all quite vague. How can I lose weight and get paid at the same time? This can be hard to understand if you’re not already familiar with the concepts behind this business model but, fortunately, there is an easy way to explain it. Let’s say that you’ve been searching for a health and wellness product that will help you lose weight. You come across a product that seems to fit the bill but, unfortunately, it’s sold out. You think to yourself, “Omfg! These people are crooks! They stole my money! I’ll report them!” So, you go to the police and begin to tell them your story. The officer listens patiently until you get to the part about how you lost money because the vendor didn’t honor their price commitment. At this point, the officer interrupts you and says, “Hold on there a minute. Let me write this down. Wait until I get my notes organized. Then I’ll have you sign a complaint and we’ll get this person arrested.”
The reason the officer interrupted you at this point is because there is already a solution to your problem. The vendor, in this case, offered a money-back guarantee. The product (or service) works as promised but you don’t believe that it’s worth full price. So, instead of taking them up on their offer, you decide to create your own company that provides the same product or service at a lower cost. Essentially, you are creating a two-sided market. It’s a win-win for both you and the vendor. They make money and you get your product or service for less than what it would cost to buy it from them directly.
If this sounds like something that would be useful to you, feel free to explore how you can create a product like this or if you’ve already got something in mind, visit our Digital Marketing and Product Launch Courses to learn more.