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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
Having said that, I honestly believe that if you want to start a business you should at least have an idea of how you’re going to make money in the future, even if you are not planning to implement this process today. There are several ways today you can make money online. Sell a product Pretty simple. Charge a onetime fee for your product. Sell a subscription. Charge a recurring fee on a timely basis (month, week, year). This works better for a service than for a product. Create a freemium. Create a product, give it away for free in a limited version and charge either a onetime fee or a subscription for additional features. A good example of a freemium would be Wix. They let you set up a website for free but with limited features. You can then pay to get additional features available. Refer to an affiliate offer. This is very common if you’re creating an information product or website. Just refer readers to an affiliate offer and get the commission for the sales you bring in. Ask for donations. Always an option, although I personally don’t like it.
The “how will I make money” assumption, or business model assumption in short, is closely related to the outcome assumption we talked about before. Since the outcome will usually predict if you’ll make money and how much money you’ll make. Again, let’s visit our 99Bitcoins’ example. My proven problem assumption was. People are looking for ways to buy Bitcoins with PayPal. My still unproven solution and outcome assumption was. A written guide that reveals a way to buy Bitcoins with PayPal will get 2% of its readers to actually buy Bitcoins using this method. And my final business model assumption was. A will make money through affiliate commissions from the exchanges I recommend. In this case you can see that once I prove my solution and outcome I’ll also prove my business model assumption since they are basically the same. If people buy from the exchange I refer them to I also get my affiliate commission. On the other hand going back to our mining blog. The problem assumption was. I think people don’t know how to mine Bitcoins and are looking for guidance.
The solution and goal assumption were. If I hand out a PDF guide about mining Bitcoins to my blog subscribers, 10% will sign up to get it. And now I need to come with a business model assumption which can be. I will sell second hand mining rigs to my email subscribers and 2% will buy them. So in this case the solution and outcome assumptions are still related to the business model, since I won’t have any audience to sell to if people won’t sign up for my list, but they are not the same. You’ll notice that I also try to be very precise in my business model assumption. I want to give an actual number of sales I can make a month. This is important since what you don’t define you won’t track, and what you don’t track you can’t optimize and improve. The business model assumption is also something that can’t be tested out in theory but has to be actually put to practice through the MVP, and that’s exactly what we’ll cover in the next chapter. But before that, don’t think I forgot.
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