I see lots and lots of people in the online space and I doubt most of them have a plan about how to make a business out of posting, engaging and shooting selfies.
The common slogan constantly appearing „work smarter not harder“ is easy said but what is smart in the online space.
Many listen to Garyvee these days and he is without a doubt a genius but I think sometimes he gets way over the head of somebody who is just starting and trying to get a business running in the online space.
It is hard to work smart and I still have no exact formula but I want to bring up some ideas about what does not work and what is proven to work.
What is your plan to make it?
Engaging with the crowd is quite easy these days but what is it worth, if you can’t generate money for yourself to bring food on the table.
Just being patient does not seem like a great answer. Gary is a great salesman and I am sure he nails his deals as this is his main craft.
Let’s face it! Many of us are not great deal closers and sale is not what we learned, so most of his strategies in my point of view are based on this craft he owns.
I started my journey in the online world by promoting great artists and I had a lot of success in building a following on Youtube and Facebook at the time.
What I absolutely underestimated was the willingness and maybe even the possibility of any possible client in this space to hit the button and BUY.
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I attracted a crowd without buyer potential!
At the same time, I had no real product to sell and generate revenues out of it! This is the second biggest issue I identify!
I am not alone on this.
Then I had built various services together with my ex-wife.
Organizing trips from Switzerland lacked the potential of returning and paying customers as the market here in Switzerland was too small. We would have had to do an effort to get into the US market to attract customers in this space, looking for cooperations with agencies and other initiatives.
I was not really interested in this business case, so I did not explore it further but I had some major insights.
- If the possible customer base is too small, even ads on social media and targeting will not help to build a business.
- If the offer is too deep in a niche there is just no business.
- The effort during the trips was big and the outcome insecure as providing the service (entire travel arrangements) was hard work and depending very much on people.
Don’t get me wrong about this. We had been able to generate some return but it did not cover our invested time and it was far from a sustainable solution.
My conclusion: The business model did not work.