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.
- Important differences between a business plan and a business model
- Why even freelancers and side hustlers need a business road map
- When you should create one and how often you should revise your plan, model and road map
- The 9 blocks of creating a sustainable business model
- How your elevator pitch is simply a combination of your value proposition and your customer segment
- Understanding a customer segment so yours makes sense
- How to formulate a mission statement that concisely conveys what you do
- How to choose your marketing channels wisely
- How to craft a clear activity block
- Why you must specifically outline customer relationships
- Why and how to structure an attractive value gap
- Why partners, strategic relationships and joint ventures can take your business so much further
- What 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.)
Mark Deal is the founder of Podcast Atlanta, the co-founder of Podcast Editor Academy and Podcast Guest Academy, and runs a few podcasting communities with combined memberships of over 8000. With the experience of writing hundreds of business plans and helping dozens of businesses and entrepreneurs, Mark’s expertise is coveted. Located in Atlanta, Georgia, he also specializes in guiding podcast hosts, co-hosts and guests for both multinational law firms and companies headquartered in Atlanta.
Connect with Mark Deal:
Podcast Editors Club Facebook Group
Podcast Guest Experts Facebook Group
Twitter | @MarkDealPod
Resources Mentioned in this Episode:
Michael Port -- Book Yourself Solid (get 3 free chapters!)
Podcast Editors Mastermind episode with Chris Hines
Podcast Editors Mastermind episode with Britany Felix
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This episode of Podcast Editors Mastermind was edited by Jennifer Longworth of Bourbon Barrel Podcasting.
Appearing in this episode:
Jennifer Longworth: bourbonbarrelpodcasting.com | @KYPodcasting
Carrie Caulfield-Arick: yayapodcasting.com | @carriearick
Daniel Abendoth: rothmedia.audio | @rothmedia_audio
Chat mod and Question guru:
Bryan Entzminger: TopTierAudio.com | @TopTierAudio