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Tropical MBA: Entrepreneurship & Founder Lifestyle
#729 What is the Michael Jordan of Business Models?
Nov 23, 2023
44:12
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Explore the concept of the greatest business model of all time, recurring revenue, and its impact on branding. Learn about the profitability of certification businesses and the success story of Patty. Discover the value of certifications in certain professions and indulge in book recommendations for the holiday season.
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Quick takeaways
- Certification businesses offer brand power and legitimacy while generating recurring revenue, providing a win-win scenario for clients and the business.
- Combining a certification model with a course offering can provide an effective educational pathway and elevate an industry.
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The Power of Certification Business Models
Certification businesses offer brand power and legitimacy while generating recurring revenue. By certifying individuals or companies, certification businesses provide a framework and assessment process that allows clients to generate more revenue or advance their careers. For example, the Professional Association of Diving Instructors (PADI) certifies scuba divers and dive shops worldwide, creating a network of trusted professionals and safe diving practices. Similar certification models are seen in the coaching and therapy industries, such as Scaling Up and Internal Family Systems (IFS), where certified practitioners are listed in directories and can attract clients through brand legitimacy. Certification businesses create a win-win scenario, as clients receive the credibility and leads associated with certification, while the business generates recurring revenue and builds its brand.
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