Owning your own digital business can provide freedom and creativity while living overseas. While it can be an exciting and rewarding venture, it requires careful planning and decision-making. The Black Expat tapped business strategist and long-term expat, Christine Job to share her quick insights from the TBE strategy session, Building Your Business Framework, on how early stage entrepreneurs set themselves up for success with a viable business idea.
Understanding the Business Model: Christine emphasizes that a business model is a plan to make money. While a business idea is a concept, the business model outlines the specific ways in which we can generate revenue. It could involve teaching one-on-one or to a group, providing tangible or digital products, offering teaching materials or consulting services. By considering different business models, we gain clarity on how we can structure our business effectively.
Lifestyle Considerations: Choosing the right business model goes hand in hand with considering the lifestyle we desire. Christine highlights that in today’s digital age, we have the freedom to create a business that suits our preferences. It’s essential not to blindly follow others’ success stories but to think deeply about the type of lifestyle we envision. This includes how we work, who we work with, and the level of passion or passive income we desire. Defining our ideal lifestyle helps us narrow down the possibilities and focus on a business that truly suits us.
Finding Professional Wellness: Professional wellness encompasses various factors that contribute to our satisfaction and fulfillment in our work. Christine encourages reflection on what is currently working and what isn’t. By identifying the aspects that are not working, we can envision their opposite or potential solutions. This exercise helps us define our own version of professional wellness. Knowing what works for us and what doesn’t enables us to shape our business accordingly, attract the right clients, and establish boundaries that align with our values.
Defining Financial Wellness: Similar to professional wellness, financial wellness requires an honest assessment of our current financial situation. We need to evaluate what is working and what isn’t in terms of our income and financial goals. By considering the solutions or alternatives to the challenges we face, we can craft our definition of financial wellness. Moreover, it’s crucial to understand how building a business can contribute to our financial well-being and support our personal aspirations.
Building a successful business begins with intentional decision-making and self-reflection. By following Christine’s guidance and engaging in the exercises she suggests, we can define our business model, lifestyle preferences, and financial goals. This process not only clarifies our path but also helps us communicate our unique value proposition to potential clients. Remember, building a business is about rolling up our sleeves and taking action.