This is the part 5. Make sure you complete every step from 1 to 4.
Ok now it’s time to talk about money.
Free vs. not free
There are many examples of successful “free” business. The most popular is Google. It is completely free to use. They use advertising to make money.
You can do the same. Create a completely free service and use advertising to make money.
Problem:
Your service can grow very fast ,but your advertisers may not put enough money to follow the growth. That’s a huge problem.
Personally, I think you should not follow the google path. At the end of the day, you need cash flow to make sure your business stays healthy. Google is an exception.
Freemium
Freemium is very popular. You give a free section and if they want more, they upgrade to a paid option. This is very simple and very effective.
Problem: the ratio between free and premium is huge. You can end up with a huge free user’s crowd and a few premium crowds. The margin between profit and loss is very tight.
Membership
Membership is my favourite because you get this cash flow month after month.
There are three types of membership. One is paying and you get all. Second is paying and you are getting something new every edition. Three is the package deal because you can pay every month or pay in one shot for a limited time.
Membership one
You pay and you get everything. This is like the porn website. You have access to everything from the past present and future.
Problem: you need to create content like crazy and most of the time people stay up to 4 months maximum. This is not my favourite.
Membership two
Pay and you get something new every edition.
The prefect example is magazine. You only access what you pay. So basically if you want to get an old magazine, you need to pay. This is a great solution because you can create more products around this basic membership.
Problem: seriously, this is one of the best ways to make money and bring that cash flow.
Membership three
You have a service like a course. This course has 20 weeks. Basically you can sell it for one shot or let the user pay month after month.
Great solution
Problem: limited time, but high possibility to generate high revenue
You need to keep in mind your passion and the cash flow.
More related post
- My ultimate free make money online guide
- Your ultimate free make money online guide part 2
- Your ultimate free make money online part 4
- Your ultimate free make money online part 3
- Make money online: the power of giving free with examples
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