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Creating Your Own Successful Bitcoin Business-Part 13

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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
 

So my final SWOT analysis result is 9.5 - 4 + 7 - 5 = 7.5. Now if I do another analysis on a different idea (which believe me I did) I can compare between the two. This last step of giving a number to each step and adding them up is something I made up and is not in the original SWOT analysis. I do believe it’s easier to compare ideas this way. Chapter 2.6: The Beigel analysis (for lack of a better name). One more analysis you can do is the one I did when I started out 99Bitcoins. It’s some sort of a variation of the SWOT analysis which I will now call “The Beigel Analysis” (dramatic drum roll please.). By using this analysis I got to the conclusion that pursuing the road of creating 99Bitcoins will be the best use of my time and effort. What I do is take each idea and give it a number from 1 to 5 in each of the following categories. Need. How much is this product actually needed. Are people actively searching for it or for the problem it solves? Viability. Am I actually capable of pulling this off? Meaning if I would want to build a blog the viability for me would be 5, but if I would like to design mining rigs the viability for me would be 1. Also if a large amount of money is needed to start such a product it will reduce the viability score. Competition. How crowded is this specific space and how probable is it that I will be able to overcome the competition? A higher score means lower competition. Profitability. How easy it is to make money, and large amounts of it from this idea?
 

You should take into account the revenues you will generate and the expenses it will take to earn them. When I’m done giving each category a score, I just add them all up and the idea with the highest score wins. Keep in mind that if you have an idea that you’re extremely passionate about and it gets a low score it doesn’t mean you have to throw it out the window. This is more of a reality to check to make sure you’re aware of all of the obstacles and opportunities that lie in your way. Later on in Part II, I’ll show you specific tools and tricks to check if your idea also has a need and the amount of competition it has. For now just go with your gut feeling and add some Google research to come up with the numbers. You can always come back to this analysis and change the numbers as you dig up more information. Chapter 2 Homework -Start Brainstorming your New Bitcoin Business. Now that you are familiar with the various business opportunities inside the Bitcoin space I want you to start thinking about which type of business is best suited for you. Pick three different ideas for Bitcoin businesses from any of the categories above, or if you have your own idea that isn’t listed here even better! I want you to pick three because in Part II of this book I’ll show you how to test these ideas out to find out which one of them is most likely to succeed. When choosing an idea try to find something you can relate to in some sort of way and not just something that sounds profitable.
 

As you’ll learn later on, the only way to achieve success is to give actual value to your customers. And the only way to give great value to your customers is to do something you love (thanks Steve (Jobs). When picking out ideas for your business I also want you to be as specific as possible. Don’t just say, “I’ll build a Bitcoin information site.” Say something like, “I’ll build a Bitcoin information site that focuses on reviews and comparisons of the major Bitcoin exchanges and wallets.” Focus is a major factor in any success. You need to focus on something that you’re good at or want to be good at. If your idea for a business is too broad you won’t know where to start and you definitely won’t know how to define your initial target audience. But more on that in Part II. For now pick three Bitcoin business ideas you’d like to test out and define them as detailed as you can. After you picked them out create a SWOT analysis or a Beigel analysis for them. You can even do both of them if you’d like. Here’s an example. When I started out in 2013 I actually had a few ideas lined up. Here is the listed of my initial ideas. 1. Create physical Bitcoins as gifts (similar to Casascius coins). 2. Create an exchange platform for Israel (my home country) - almost none were present at the time. 3. Create a Bitcoin news site that would cover the different news stories from around the world (Coindesk was only starting out back then). 4. Buy or sell Bitcoins on eBay.
 

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