The Other Business Model

In my new book, Entrepreneur Extraordinaire, my chapter is on business models. In this chapter, I discuss what a business model is, what it isn’t, and how to choose one that is right for you and your business.

So what exactly is a business model?

A traditional business model is the way in which you or your company operates on a day-to-day basis, in order to generate revenue, income, and profits. Business models differ slightly from business plans in that business plans are formal written documents (usually written prior to starting the business), that outline the day-to-day operations as well as the long term goals and vision for a company. In contrast, business models usually describe or reference businesses that are already up-and-running. Business models can be flexible (adapt to changing marketing conditions), break paradigms, and redefine entire industries.

While all of this is all well and good, there is actually another type of business model.

What is that, you ask?

Most people work hard and fit their lives around their business or their work. This has been true for many decades, and is the core foundation of the 40+ hour work week. Fast forward to the latter half of the 20th century, when societal changes support more women entering the workforce in the latter half of the 20th century. Today, many moms who are also entrepreneurs are redefining the traditional business model, by making their work fit in with their lives and not the other way around.

Business coach Sandy Krakowski puts it this way:

“Instead of building a business that you have to wrap your life around, why don’t you build a life that you can wrap your business around!”

In other words, have work fit your life – this is the other business model!

There comes a moment for many moms when they realize they are dealing with too much, and/or their plate is too full. Something’s got to give! For me, it was finding out that my daughter had to get on the school bus at 7:55AM, while the classes I was teaching started at 8:00. There is simply no way I could commute and get to a client’s office in 5 minutes!

The bottom line is that today many “Full-Time Women” women (women who are busy working women, moms, wives, and/or entrepreneurs), are looking for more flexibility. Their priority is their family, and they are looking for work (or a business) that fits around their life, instead of trying to squeeze their family into the time that’s leftover outside of work. They want to do it the other way around, so they can see their kids grow up.

Generation X in particular, is the first generation that does not want to sacrifice family time for work. It is especially important to them to be there for their kids, and not miss their children’s piano recitals or school plays due to work, as their parents often did for them!

There are many ways in which you can fit your work around your life. One is to start your own business. There are pros and cons for doing this – yes, you can work when you want to, but it is still a lot of work to start a business!

Another method is through direct sales companies (Mary Kay, Tupperware, Arbonne, various lines of jewelry, etc.) or Multi-level (also known as Network) Marketing. It seems every time I turn around I am invited to a party for one of these products. I just read a great blog by Susan Kherker, who is a Vice-Presidential Marketing Director for ProVision RX. She talks about being able to be there for her son’s golf tournament and watching while he made Eagle. A very exciting moment that she was able to witness in-person! Her MLM home-based business provided her with the freedom and opportunity to do this!

Creating a life that you want, with work that works for you – this is the new business model!

I would love to hear your thoughts.