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Hi fastlaners,
If you'd like to give some feedback, let me know what you think about this idea. I know it's been done before, so I'm interested in hearing what you guys think about it from a fastlane perspective.
The business idea is an online magazine created as an interest-hub.
Established examples of these are websites like Askmen.com and Investopedia.com
The business creates a popular hub which provides free value to a large audience which creates the community/asset. Using this asset, you have something valuable to offer to others, and are able to leverage advertising, joint ventures, cross promotions, etc to generate cash from the audience.
From the money made from advertising, cross promotions, affiliate links etc you could easily (freelancer writers) reinvest into maintaining and increasing the website's quality and quantity of information.
My trial run is The Tutorista - Tutoring business community, information and blog - The Tutorista. (my writing is terrible - sorry upfront).
My friend has spent more time on his, and his website is Chasing Tails - Home . (Don't tell him, but I think his has a lot more potential than mine. I've since referred two people for cross promotion: an animal lawyer friend to help write some interest-articles, and a personal trainer who could help write articles about exercising with dogs).
I guess the most appealing aspects that come to my mind are:
1) you build an asset which exists outside of you spending time on it (but its better if you update it often, surely)
2) you can build the asset by leveraging other peoples information and self interest via cross promotions etc
3) you can create a self-sustaining community which contributes content for you (think ICanHazCheezburger)
4) once you are established, competitiors will have a hard time to compete because they will have to physically build the new site + establish all the new relationships/cross promotions to get traffic
Drawbacks:
1) Building it is a very slow process
2) you may not realise your area is not suitable for an online magazine until you've spent a lot of time
3) at the whim of SEO algorithm changes?
What do you guys think?
If you'd like to give some feedback, let me know what you think about this idea. I know it's been done before, so I'm interested in hearing what you guys think about it from a fastlane perspective.
The business idea is an online magazine created as an interest-hub.
Established examples of these are websites like Askmen.com and Investopedia.com
The business creates a popular hub which provides free value to a large audience which creates the community/asset. Using this asset, you have something valuable to offer to others, and are able to leverage advertising, joint ventures, cross promotions, etc to generate cash from the audience.
From the money made from advertising, cross promotions, affiliate links etc you could easily (freelancer writers) reinvest into maintaining and increasing the website's quality and quantity of information.
My trial run is The Tutorista - Tutoring business community, information and blog - The Tutorista. (my writing is terrible - sorry upfront).
My friend has spent more time on his, and his website is Chasing Tails - Home . (Don't tell him, but I think his has a lot more potential than mine. I've since referred two people for cross promotion: an animal lawyer friend to help write some interest-articles, and a personal trainer who could help write articles about exercising with dogs).
I guess the most appealing aspects that come to my mind are:
1) you build an asset which exists outside of you spending time on it (but its better if you update it often, surely)
2) you can build the asset by leveraging other peoples information and self interest via cross promotions etc
3) you can create a self-sustaining community which contributes content for you (think ICanHazCheezburger)
4) once you are established, competitiors will have a hard time to compete because they will have to physically build the new site + establish all the new relationships/cross promotions to get traffic
Drawbacks:
1) Building it is a very slow process
2) you may not realise your area is not suitable for an online magazine until you've spent a lot of time
3) at the whim of SEO algorithm changes?
What do you guys think?
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