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Table of contents
- Generate Your Social Business Idea (GYSBI) | Social Enterprise | Social Entrepreneurship
- Coopetition: Winning Strategies for the 21st Century
- Step 1. Unleash ideas within you
- More Money Hacks
- 50 Kick-Ass Businesses You Can Start for Under $5000
If we could actually figure out how to do this well, and then create a site that got this time-sensitive information earlier than every other site in existence, people would want to read it. But we had a place to start. Confession time — Doug and I both had serious doubts and worries early on in the planning process.
At this time, having a roadmap and an accompanying check-list for vetting our business idea gave us an incredible sense of clarity and confidence. We came to the checklist Corbett developed for episode 8 of the Fizzle Show , and realized that we could answer in the affirmative to 8 of his 9 qualifications.
Generate Your Social Business Idea (GYSBI) | Social Enterprise | Social Entrepreneurship
Here are our answers:. Demand — is it something people want? People definitely wanted this information — tons of people were talking about who to play on which night on twitter.
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- 50 Kick-Ass Businesses You Can Start for Under $5000;
Competition — who else is doing it? Are they successful? Other people were trying to provide this information, but at the time, there was only one other site that could show up and do it every single day. Care — how much personal interest do you have in this topic? Doug was a 10, I was like an 8. Expertise — how much do you know about this topic?
Specificity — how broad or narrow will your lens on this topic be? Differentiation — how will you differentiate yourself from others in this market? Likability of Customers — do you like them now? Will you like them later? The one rub was the likability of customers.
Some of them are fantastic, earnest folks who are trying to figure out how to have more fun and make some money at their hobby. And that whole lifestyle thing — both Doug and I have been able to leave our day jobs and spend about half of our working time raising our young kids instead. When people are putting their money into something, they are absolutely willing to pay to be better.
Lifestyle — if this became successful, what would your life look like? Would this be a person company?
A single laptop on a beach? Does that fit with your personal goals? If this thing took off, it would definitely lead to a lifestyle we liked. But what kind of business would we be? Enter the small business archetypes. These sites had great revenue sharing agreements and robust existing affiliate programs, so this felt like a no-brainer.
We had another hypothesis, which looked something like this:.
Coopetition: Winning Strategies for the 21st Century
People show up. We sell them on some other site to play on. We make tons of money. Now that we had a nebulous concept burbling about in our minds, we had to actually make the thing come to life.
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I have to say — this part in particular delayed the launch of our business by almost two months. First of all, we had no idea what to name our new business. We went with the most generic name ever: Daily Fantasy Sports Rankings.
Step 1. Unleash ideas within you
Interestingly, this wound up being one of the most significant decisions in the history of our business. It wound up being great for search engines, and not only because it had keywords in the URL. We consistently got more clicks than we should have for where we were ranked for certain keywords because it was just so obvious what we were. As a result, we steadily climbed in search almost from the outset — more on that later.
We had a few more setup details to work out. And then there was the website itself.
Paralysis time, once again. So, we did two things. What I gleaned there and still hold dear was that the most important aspect of our site was going to be that it quickly and effectively communicated what we were all about. We decided on a very minimalist theme that would just display our main value-add for people: our picks. At the time, we just wanted it to look like the front of the sports page of a newspaper. Nonetheless, we had a site, we had a rough business plan, and a desire to make it work.
We had one fairly tremendous barrier to that — I was the face of the non-profit summer camp I was working for, and telling our potential camp families that I was moonlighting as a guy who gives out what amounts to gambling advice on fantasy sports felt like it would hurt the business with whom I was under contract. So we had to build our audience anonymously. We went over to Twitter, and started engaging with people.
Some of our initial tweets are just embarrassing in retrospect. I would ham-fistedly try to ride whatever was trending, or reach out to and be ignored by A-listers in our space. But then, we had another little revelation. A trickle of traffic started coming in. I wish I had a copy of the excited text I sent Doug when I saw the first little bump in our users and page views inside analytics.
More Money Hacks
Once we got people to our site, the first little bit of our hypothesis was tested. Users who found us kept coming back, and qualitative feedback on our content was great. On January 18th, , exactly one month after launching, we had a page-view day, and we were feeling pretty darned good about ourselves. There was only one little problem. The industry we are in requires writing every single day, without fail, during a very specific time frame from 7pm EST on each night.
Both Doug and I worked more than full time already, and splitting all of this content creation on top of trying to actually move the business forward was grueling. But the page views were up, right? So we must have been feeling great in spite of all of this, right? You see, our business model — the Mediapreneur — was completely failing. In fact, this would also be the case three weeks later, when we were doing more than double the page-views we had been doing at the end of the first month.
Most of the people finding us were already members of the sites we were trying to sell them on, and we were not nearly big enough to secure flat-rate advertising from someone outside of our space. In some ways, getting a fair amount of traffic while making zero money was even more depressing than when we were writing for no one.
At least we had an excuse at that point. We were spending a lot of time trying to get our users to try this or that new product or site, and thinking a lot less about how to actually help them with the problem they so desperately wanted help with — being better at daily fantasy sports. It was time to make something they actually wanted. Something that would actually help them. It was time for the next step of Phase 2 of the Fizzle Roadmap : building a minimum viable product. We had our daily picks columns, which helped our users play in their games from night to night.
Consulting with people seemed like an absurd option that would never scale. The more we talked about it, though, the more we realized that the Google Doc actually would be a big value-add. While we were writing up a bunch of players every night, we could never hit on every good move. Our spreadsheets were calculating all of this stuff automatically, and would almost certainly be really useful to folks — especially beginners who might not have even heard of some of the guys who would make good plays. Tech-savvy people that are good at trouble shooting and finding solutions can start up their own computer repair business.
People that are good at shopping for bargains and can spot a good deal, would do well sourcing items from consignment shops and then reselling those items at a profit. If you have a passion for baking this would be something you would enjoy earning some money from. Beautifully packaged cookies are even more appealing.
50 Kick-Ass Businesses You Can Start for Under $5000
Homemade cookies can easily be sold at local food fairs, and even to people within your social circle. You may be hired to cook at a private party, or just for a family that wants a night away from the kitchen and more quality time to themselves while still being able to enjoy a homemade meal. This is a very lucrative business once you build up a name for yourself and start getting referrals.
Are you great at multi-tasking and love organising parties? Then you could consider becoming an event co-ordinator.