I have been exploring the idea of turning my website into an income. I have a lot of ideas and a lot of doubts, but I have one idea that I think will be useful: I want to develop my business plan on my website. If I can make money as a “blogger” or “news aggregator”, then no one can steal my product because the product is me.
So, this post is my first attempt at publishing my thoughts about my business plan. I am sure many things will change as I get feedback from you.
I think many people are hungry for good information about important issues, but the buffet of news choices is overflowing with high-fat, low-information stories. I want to give people nutritious news put into context so they can quickly and efficiently read the stories that are interesting to them and can improve their lives.
Truly News will provide summaries and links to important news, without the noise, and provide context for each story. The context includes:
- Why the story is important
- Who are the people and groups in the story
- Where is it happening
- If necessary, what is happening (e.g., explain what a mortgage backed security is)
- What can the reader do?
Multiple channels for delivery increases total audience
Truly News will try to find innovative ways to deliver content to the user. RSS, Facebook applications, and a traditional web site are all easy to achieve. Youtube and cross-posting are other possibilities.
Revenue from click-through ads, branding ads, and affiliate links
Truly News will make money by selling advertising. Branding campaigns for national and international products will be important and click-through ads will be available. Branding and sponsorship on youtube videos will be important also. Many articles are wire-service or covered by multiple outlets and are essentially the same content. I may be able to make money by agreeing to channel traffic to specific websites.
Sharp analysis of intelligent topics without coverage of trivial topics
People will use Truly News because it cuts out the silly news stories about Paris Hilton, it puts stories in context so people can more fully understand the issues affecting us today, and because it will make it convenient for them to read the news. Truly News will not overload the user with too many stories.
Transparency builds loyalty
I will post most of my business plan and changes that I am considering on my website and invite feedback. Someone could copy 95% of my business model, but they cannot copy me. The most important part of the product is my analysis–if my analysis is not original or insightful, then the entire product is valueless. Transparency and dialogue will also create a small sense of community for some users.
My passion
The final prong, and most important aspect, of this business plan is that it should provide me with an emotional outlet. I see anger, I see hate, I see intolerance, and I see ignorance all around the world. This is my way of standing up to mean people and my way of helping to make the world a better place.
Hi Hunter (aka – Bub). I just read your business plan. You know this….it is written from a personal perspective…i.e. what’s in it for Hunter. Yes, there are some whats-in-it-for-the-consumer statements of Truly News and yet it is completely dependent on the user believing your analysis is of value to them.
I’m not experieced in the news business and yet I would say that since so many people are in that field it takes so much to be considered someone whorthy of listening to.
As i was sharing with you over the phone, don’t give up on this tool especially since you enjoy doing it. the conservative part of me says don’t expect to make a living out of it the short term.
Keep plugging away! :)
It sounds like you agree that the product potentially has value, but that the main problem is marketing: I need to find a way to build a market share that can pay the bills.
I agree. Marketing is a difficult part of this plan, as it is with any plan. The Facebook application and Youtube videos are designed to address this. They are both free ways to market the website. Implied in making videos is the idea that original content is key to acquiring new viewers. While the news articles on Truly News will repeat viewers, I must produce original content to first gain those viewers.