Hello fellow entrepreneurs,
Almost exactly one year ago, I started a music-based social network in the hopes of turning it into a venture successful enough to at least be able to quit my day job. I spent money on advertisement as well as development (the most of which went to the latter).
My site now has 3500+ members so I believe that I have proven adequately with my limited resources that there is a promising concept there. Various users on the site have messaged me stating that the site has a lot of promise and pretty much all user interaction has been positive. However, I have not seen much in terms of revenue (to be expected at this stage) and I am struggling with the thought that I cannot keep spending my personal savings on maintaining the site forever without a return. I put a few Google Ads on my site but attempting to charge for membership really isn't an option for the site that I am creating. Obtaining outside investors has crossed my mind but I've always heard that doing so should be a last resort.
I am also dealing with another issue: The activity of the user base is also of concern. Most users join the site, play around, and disappear although there are some power users. I do think alot of this has to do with the relatively low traffic and small membership base that I currently have.
Since I have reached a one year milestone, I thought it might be interesting to hear what you guys think about my concerns; especially those of you who have had successful websites.
Almost exactly one year ago, I started a music-based social network in the hopes of turning it into a venture successful enough to at least be able to quit my day job. I spent money on advertisement as well as development (the most of which went to the latter).
My site now has 3500+ members so I believe that I have proven adequately with my limited resources that there is a promising concept there. Various users on the site have messaged me stating that the site has a lot of promise and pretty much all user interaction has been positive. However, I have not seen much in terms of revenue (to be expected at this stage) and I am struggling with the thought that I cannot keep spending my personal savings on maintaining the site forever without a return. I put a few Google Ads on my site but attempting to charge for membership really isn't an option for the site that I am creating. Obtaining outside investors has crossed my mind but I've always heard that doing so should be a last resort.
I am also dealing with another issue: The activity of the user base is also of concern. Most users join the site, play around, and disappear although there are some power users. I do think alot of this has to do with the relatively low traffic and small membership base that I currently have.
Since I have reached a one year milestone, I thought it might be interesting to hear what you guys think about my concerns; especially those of you who have had successful websites.
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