If you Run a Small Business Online, you should be leveraging the Hive Blockchain

in LeoFinance2 months ago

Let's say I'm a Personal Trainer and because of an entirely hypothetical disproportionate governmental lockdown response to a recent pandemic destroying my usual in-person training sessions I've had to move my personal training sessions online.

I decide to make YouTube my main platform and produce a series of videos featuring me doing a different work-out each week and a blog where I put out articles about how to perform different exercises correctly, healthy lifestyle options, recipes, product reviews as well as motivation and goal setting advice.

I'm pretty hot too (YOU KNOW IT!) So I decide to up my Instagram game with daily (obviously post-workout pumped) shirt-off selfies and TikTok shorts of me doing HIT sets, and make sure I've got all of my content linked together in my profile pages.

I also set up a Patreon account, reasoning that I've got a few dozen regular clients and most of them will happily pay my top tier subscription of $50 a month to attend my Zoom personal training sessions, but if they don't want to pay that they can still support me by paying a lower tier subscription and getting access to some further video and blog articles I only make available on Patreon.

I may not know it yet but I'm going to be reasonably successful at this and after a couple of years I'll be earning a decent living via two 'earning models' online....

  • I'll be earning from advertising and
  • I'll be earning through subscriptions

Earning through Advertising

This is where my regular blog posts and/ or YouTube/ Insta/ TikTok videos will generate a loyal following of dedicated readers and/ or viewers and advertisers will then pay me to advertise to my following - the more adverts my viewers watch, and much more significantly the more click-throughs and purchases that are generated from my blog/ YouTube channel, then the more I earn.

And if I become REALLY popular I'll also get paid to promote products directly within my blog/ Channel - by actually wearing or endorsing certain brands, for example.

The downside of this model is that my content gets 'tainted' with advertising which reduces the quality of the content, With the advertising model, there's something of a 'black box' effect - I personally can't see how much revenue is being generated from the ads people click on, I don't know if I'm getting a 5% or 25% (it's highly unlikely to be more than that!) kickback for the click throughs and sales from my site.

Earning from Direct Subscriptions/ Patrons

This is a more direct model which cuts out the advertising middle men.

I produce content, put a certain amount of it online for free, essentially advertising myself and my services, and then I charge a subscription or fee to access to my premium content.

The benefit of this model over the advertising model is that I get to directly control my own fees and I can see exactly what I'm being paid - there is no black box effect.

It's also possible for me to offer different tiers of access or simply set different levels of subscription which give people the opportunity to pay me more if they want to and can afford it.

Earning on Hive

The Hive Blockchain offers me another way of earning - through another layer of rewards besides FIAT money, via the upvote mechanism, completely independent of advertising and subscriptions. AND it offers my followers the opportunity to pay me without actually paying me - if they so choose to invest in Hive and use their upvote power to reward my content. (Not that I'd advise any of them to do this as I would never offer financial advice!)

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Hive also offers me the opportunity as an entrepreneur to Power Up Hive and encourage my followers/ subscribers to post their own content, and reward them for their comments on my work - rewarding interactivity and engagement and encouraging a certain sense of loyalty to my personal brand.

I can even set up my own community with its own token and 'tokenise' my business and offer a further layer of rewards to my followers with that token.

While this kind of inter-tribe loyalty may be niche, it does offer a kind of hedge against the necessity to keep plugging away with the SEO mission, by kind of leveraging as much money out of the followers you already have....

And earning in Hive also offers me that 'moon' potential - $10 earned on Patreon will be worth $1 in 2030 (you know it!), but $10 earned in Hive today could be worth $500 in 2030, I mean (you know it) a Hive moon is just around the corner, after all.

Different flavours of earning...

The means of earning in the above three models is different - one indirect in fiat from advertising, the second direct, in fiat, from those who consume my content, and the third direct in Magic Internet Money.

With the subscription model I'll be more able to offer a more personalised service as I'm more likely to get to know my clients, with the advertising model I probably won't even know who has been viewing my content.

With Hive - this potentially encourages much more social interactivity - it probably won't be as personal as the subscription model, but not as impersonal as the advertising model of earnings - with a fully tokenised set up on Hive I'm effectively rewarding social interactivity, and because my clients and I are 'paying without paying' it should also encourage a level of playfulness too.

One advantage of the subscription model is that I could leverage it to encourage higher earning, higher demanding customers to pay more, while if someone has less capacity to pay I might selectively offer them a discount, on the quiet of course!

An advantage of the advertising model is that it would mean less personal contact with clients, and thus less hassle and pressure. It's more just 'me and my content'.

Hive lies somewhere between the two - kind of socially personable!?

Final thoughts - Three earning models, insane to not leverage them all!

If you're going to spend time working on content to generate fiat income via Web 2.0 then you may as well also post that content to the Hive blockchain and leverage that extra layer (or layers, depending on how far you take it) of crypto earnings too.

What have you got to lose?

Also published on PublishOX

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So why are there not more such people here? I guess it is a combination of not having heard of it, not believing it can work if they have and to not wanting to start using yet another platform even if it looks good. We need people who will take a chance on something new, but then the potential audience may be fairly small as you are looking at a subset of a few thousand active people.

We know Hive can work, even if you do not have a specific product to sell. I know I am making more than I could anywhere else, but I would need a massive following and be producing some seriously useful content.

Somehow we need to make the step up to the next level.

I think a factor in how we get there is who we support. I know a lot of people will support the big accounts and those who have invested serious money to reward them and maybe get something in return, but I think we should be looking at creators who make the sort of posts that would appeal to a wider audience. If they do well then word will spread in their fields. If they only make $1 per post then they won't be boasting about it and may even give up.

I feel ya broseph. Hive.io is just a fun beta social media game that allows us to play with our stake, make friends and casually blog to make the big bucks (TBD😅)

I would love to see Hive.io further utilized but we would need more larger stake holders with a voice to express that.

I digress. Lots of cool stuff on @threespeak and a promising future there!

Check out @theouterlight there...

It's the perennial question isn't it - why aren't more people using Hive?

I think it's just taking longer than any of us expected to get the proper architecture in place.

I was just thinking out loud - about the prospect of active entrepreneurs bringing new users in to their own niche community, even more niche than what we have now.

I agree we should be supporting new people on Hive more, for sure!

We're still not there yet, but I think we're getting there, slowly.

And there's still no real competition out there as far as I can see?

I worry that something else with better marketing will come along and steal our potential audience. We cannot afford to wait too long.

The time to make it happen was 2016. In 2021, there are other and better options. The code here was great 5 years ago, okay 4 years ago, needing upgrade 3 years ago, and garbage for the past 2 years.

Not sure it's 'garbage', but a lot has happened in that time. I still don't see a real competitor out there though.

Well nothing is exactly the same as Hive, but that's probably because few people even like Hive, so there's no reason to have carbon copies. There's lots of stuff out there for blogging, lots of ways to earn crypto, lots of free wallets. Maybe not this exact combination of features, mind you, so if the market calls for exactly what Hive is, then I guess Hive will be ready to supply the call.
And we'l be RICH, I tells ya :D

You would have thought it would have by now wouldn't you!?

I thought Voice might be that, but they've changed their direction again, perhaps that's an indicator of how difficult it is to build anything on EOS?!?

"Hive lies somewhere between the two - kind of socially personable!?"

No i think this is incorrect and this deals with the root of the problem. I don't think hive lies anywhere between the two. I think hive just lies on the side of subscription service model which is one leg of this earning triangle.

So as you mentioned mainstream social media already has that option in products like patreon. membership sites. special bonus content etc., the fan base that wants to pay more are rewarded with more. So they already have that.

I know some would say well no although hive doesn't have the advertising model in the sense it works or sustains the network to some degree. They could raise the idea that well users can come on hive don't have to pay anything to use the service and be participants. The problem though is because the distribution rate on hive is so bad. I don't know the numbers but seeing that pretty much all cryptocurrencies are bad in their distribution models. I don't see where hive has likely solved that i'm sure its as terrible as the rest based on how the model works.

So a few points but let's take the main ones. The thing is the incentive to use hive for the average user is very very low. So even if a content creator moved to hive that was popular or famous. Based on how the hive model works. It's still not very likely a big portion of their base would move with them. That is because the cost benefit of them using hivfe is more expensive than the patreons. I know it sounds weird but its true.

For example many people would erroneously think you lose value if you use facebook or instagram compared to hive. You'd think that right because when you post you don't get anything like compensation or money but thats the wrong way to look at it. You get a ton of free cost effective things. Like you get the potential to reach billions of people that can be used in your business, communication social interactions all very beneficial high value stuff without having to pay the server cost.

In hive the community has to pay for all this stuff under the idea of decentralized social media which many mainstream users can't care about because everytime i look on these platforms people dying to show me pictures of their kids. Show me where they live. Friends i don't want to speak to and haven't spoken to in 20 years telling their entire life stories so i already know what happened to them without even talking to them the last several decades lol.

So this sounds almost totally counter to some of the ideas that the hive blockchain trying to push. What works for hive? The same marketing gimmick that worked originally for steem and that is get paid insane amounts of money for blogs. Like nfts or something.. you just make 20k a blog and that's possible. Thats what drives people here really. The problem is that its not a sustainable model.

Social media sites like facebook worth trillions of dollars are they sustainable which is why they can do the things they do. So when i created bitcoin myk i already had calculated the first several years would be very little value and users. However i could anticipate through the freemium service model with data i have mapped out year after year. That the freemium service model will win in the end and slow walk every other model down.

So i don't want to go into a paper here but i think you get the idea of what i'm saying with a freemium service model..Similar to facebook or netflix etc., Many of the most successful platforms in the world work on a freemium service model. This just seems like the natural progression of crypto. However not to kill dreams or hopes here. If i thought differently i would be saying differently i really don't have that big of a dog in the fight and i push for platforms likely to succeed. There are many things hindering hive but i like it because i do believe there are going to be future models that use for lack of a better idea .. free transactions. Which hive doesn't really do but it's pretty close. So i do think those type systems will emerge as favorites in teh future but with diffferent algos. Hie algo is much too complicated. The system also is much too complicated for mainstream users.

Devs keep going well no they need to get smarter and learn the system. No thats incorrect. The consumer depends on you all to make their products easier and more desirable to use. They depend on the engineer to make the engine what's under the hood. They don't depend on the engineer to make the product aesthically pleasing or market it. This is a big confusion in this space the dev is trying to do all this and failing miserably. It's not going to work. So that's touching on the main issues there.

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Interesting thoughts - Maybe I didn't make it clear that I don't think Hive is going to replace those fremium models?

I mean I'm nowhere near moving my own business to Hive - WordPress is far for suitable for me.

But I do think I could leverage Hive to get me more interaction by offering a further layer of rewards to my followers, it's something else. Just an addition.

Hive has a lot of work to do to make it work for people running small businesses for sure.

I make a sharp distinction btw between daily life posts which are worth 0 for the most part and lifestyle or informative posts which may well have some value.

TBH i think people should be happy with zero rewards for the former as that's what they're really worth!

I'll have to check out BTCMYK I don't really know much about the project.

This is a solid good idea, it’s a beautiful way to earn. I thought about this idea as am looking forward to being healthy.

Your a pretty interesting dude.... I just started regularly reading. I remember you from years back. I admire the hustle!
Do you notice a difference between protein isolate and regular whey protein?
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Hey cheers, I don't get the protein comment soz!>

Just a simple questions bro. I guess I should first ask... Do you take protien supplementation?

so much potential in Hive, I have been writing for at least 3 months now and I see so much potential in this crypto and all its ecosystem, I will keep my savings in Hive for now and see if it goes to the moon soon!

There really is, it remains one of the few cryptos with a really functional use case!

Congratulations @revisesociology! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You have been a buzzy bee and published a post every day of the week

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To support your work, I also upvoted your post!

If you're going to spend time working on content to generate fiat income via Web 2.0 then you may as well also post that content to the Hive blockchain and leverage that extra layer (or layers, depending on how far you take it) of crypto earnings too.

I think to less people are knowledgeable about utilizing this or blockhain in general. Do you have an example on Hive?

Hmm, an example not sure I'll have to dig around!

Just whatever you do, do NOT buy, earn, or hold any HIVE.
Hmm, come to think of it, wouldn't another website be better? HIVE has a broken currency, a dead community, and no hope for the future. There's a reason almost zero business takes place here - it's not suitable for it. I've tried, so have many others. This is where business goes to die.

I wasn't suggesting it be the only place,

You've got a pretty sizeable stake for someone who is so down on the place.

Thanks for noticing ;)

But yeah, it's my life savings. I've also powered up everthing (including every token etc) into HP for 4 years full time. Four thousand bucks, wooo :D

Now I'm confused, so do you think Hive's going to the moon at some point?

That has been my hope for the past 4 years, but chances are looking slimmer and slimmer.
I don't use smart devices or bank accounts. Crypto seemed exciting to me at first, but I've found that without those things I'm not welcome in the crypto world. I have no way to convert out of Hive, or spend it directly locally. I continue to hope opportunities will open up, but as the years go by and my options shrink, it's hard to stay hopeful.
Maybe i f the price spikes, the platform will thrive again, and new opportunities will open up for me? Like semi-anonymous exchanges and wallets for PCs.
I could always just walk away, and stop putting in so much effort here. The thought has crossed my mind now and then over the years.

Na stick with it dude, chin up,

I'm sure there's a way out for your crypto - via Metamask maybe?

I've tried so many routes only to be stopped at some point before connecting all the dots. Sometimes it feels like a bait and switch, as it says all it needs is an email address or whatever, and then next step it wants more info, and then it needs a snapshot taken from your smart device.... or something I can't provide.
I'll investigate Metamask though, thanks for the suggestion.