I have developed this web site modeled after Facebook and will use it to sell advertising space, develop video and banner ads and other support services for advertisers. The site is about 80% complete and will be monitored by me for uploaded content. I need to develop a business plan model after Facebook but on a local level. The objective is to sell this business in 3 years at a price based on its profit history and potential.
I need your comments and suggestions on how it can be improved, legal issues I need to consider, what should be added or deleted, your opinion of it's potential to generate revenue for my business, and a referal to a SCORE mentor or advisor who can help me develop my business plan.
(This post was edited to remove a link. Please review our Community Best Practices for more informationabout how best to participate in our online discussions. Thank you.)
The problem with the social network business model is that you need to reach
a critical mass before users start joining. If that doesn't happen quickly
(virally) then the platform is likely to die a slow death.
The questions you should answer in your business plan:
How am I going to attract users to my website?
How am I going to entice them to post real content?
How am I going to keep them coming back?
So... What happened? I tried to visit your website but the domain no longer
exists? Did you change the domain? As for your revenue stream being
video/banner ads, you should have those lined up before investing in
everything else. Why, is because commonly used ads like adsense don't pay
what they did 5 years ago. I would love to look at the site if it is still
around, I love internet marketing =)
Physically, the website looks great. I put a similiar website up a year ago in my local area, and it was built on wordpress and buddypress that when configured looked and had the very same features as Facebook. My initial thinking was people would love to use the site since it is local based. However, I found that people would rather die than log out of Facebook. Let us know how things progress.
kmurray | Community Moderator |
1/27/2012 - 11:56 am
Hi,
You're right-SCORE is a great example of SBA's resource partners. SCORE is a nonprofit association comprised of thousands of volunteer business counselors throughout the country. They are trained to serve as advisors and mentors to aspiring entrepreneurs and business owners-at no cost to you!
Visit SBA Direct to find your local SBA resource partners by entering your zip code. You'll be able to locate your local office or set up an online meeting to chat with someone about your questions.
helen brad | Window Shopper | 2/23/2013 - 5:50 am
SCORE adviser is helping you in development of business plan.
clevertim | Window Shopper | 9/26/2012 - 10:49 am
a critical mass before users start joining. If that doesn't happen quickly
(virally) then the platform is likely to die a slow death.
The questions you should answer in your business plan:
How am I going to attract users to my website?
How am I going to entice them to post real content?
How am I going to keep them coming back?
BryanS89 | Window Shopper | 9/19/2012 - 11:27 pm
exists? Did you change the domain? As for your revenue stream being
video/banner ads, you should have those lined up before investing in
everything else. Why, is because commonly used ads like adsense don't pay
what they did 5 years ago. I would love to look at the site if it is still
around, I love internet marketing =)
RESCNC | Window Shopper | 1/28/2012 - 10:13 am
kmurray | Community Moderator | 1/27/2012 - 11:56 am
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!