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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
You may find some interesting Bitcoin crowdfunding ideas. Tool #7 - Find out what already works. In order to save you a lot of time you can try and look for which sites are already brining in a large amount of traffic. In order to do so we’re going to go over the first 100,000 sites on the web according to Alexa’s ranking. Alexa is a web analysis company which ranks websites according to the amount of traffic they have. When browsing through this list try to search for sites with the words “Bitcoin” or “coin” inside them and you can see what type of sites are already getting massive amounts of traffic. For example, BitcoinTalk.org is rated #7255 out of all websites across the web. Chapter 2.5: Creating a SWOT analysis for your Bitcoin Business Idea. Soon this chapter will end and you’ll be face with the task of choosing your Bitcoin business idea. You could just copy and paste what I did with 99Bitcoins but you’ll still have to put in your own fresh angle to it if you want to be successful. One of the main tools you can use to find out which idea suits you best is called a SWOT analysis and it stands for Strengths, Weaknesses, Opportunities and Threats. This is a very common analysis in the business world and amazingly enough no one takes actual credit it for inventing it until today12. https://en.wikipedia.org/wiki/SWOT_analysis. For each business idea you come want to test write down the following. Strengths. What gives you an advantage in creating this sort of business? Are you an expert in this field?
Do you have a certain edge that no one else has? Don’t make the mistake of saying there is no competition in this area; competition doesn’t belong in this section. The strength section is only about you, not about the environment. Weaknesses. What gives you a disadvantage in creating this sort of business? Perhaps you know nothing about this type of idea, or you want to create an informational product but lack the writing skills to do so. Opportunities. What elements of the environment can you exploit? What is your the loophole in which you will enter the market. Competition is relevant to this part since it talk about the outside environment and not about yourself. Threats. What elements of the environment may hinder you efforts? If for example you want to promote a small merchant, there is always the threat that he may shut down. If you plan on setting up a home mining operation the decline in the Bitcoin exchange rate is a major threat. I highly advise putting a number from 1 to 10 next to each category of this analysis and then summing up the positives and subtracting the negatives. This way you can compare different business ideas with the numbers you get. SWOT Analysis Demonstrated On Project. Imagine that I’d like to create an eBook about making money through Bitcoin (how on earth did I think of that??). Now I’ll show you how I create my own SWOT analysis for this specific project.
Strengths. I’ve been dealing with the subject of Bitcoin and how to make money from it for a pretty long time, so I consider myself an expert in the subject. I have above average writing skills. I know how to bring traffic to Bitcoin-related projects. I have a website that generates daily visits from people looking to make money from Bitcoin. I’d say overall my strength score is 9.5. Remember this is my own opinion about things. I may be completely wrong, but some analysis is better than no analysis. Weaknesses. I have never published an eBook before successfully. I’m not a native English speaker. I don’t know if people are interested in what I have to say. Since I can see a way to overcome most of these weaknesses I’ll say my weakness score is 4. Opportunities. People are constantly looking for new ways to make money online. Bitcoin is (relatively) new and a lot of people are interested in what it has to offer. There are almost no (good) products out there that explain about Bitcoin and affiliate marketing. I guess my overall opportunities score is 7. Again, this is just a wild hunch and is more of a gut feeling based on what my analysis of the industry is. Threats The book is in digital format so it may be copied in a second and given away for free on different websites. By the time the book is out, maybe some of the tactics I will explain will not be relevant any more. My website relies on organic traffic from Google. If my rankings drop I may not sell my predictions as well. After thinking about how I can overcome most of these threats, I’ll give my threats the score of 5.
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