After writing my post yesterday about my previous businesses, I was thinking of sharing some of my views about building a business on HIVE... Here are a few simple steps on how to build a business on HIVE... I'm not inventing hot water here, but rather summarizing some moves that some other projects did...
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Stake some HivePower
This is the first step that you want to do when you come to Hive and want to build a business... You will need RC to "pay" transactions and the best way to always have enough is to stake Hive... Also, the side effect of powering up HIVE is showing commitment to the platform as you are investing in the token and network where you build your business... Having HIVE in your balance shows that you care about it and you will continue developing your product, adding value to the token, and helping it to push the price up... In that way, you are incentivized to give your best!!
Create your own token (optional)
This is not a must as the first thing... You can do it, but if your project/business doesn't need a token, you don't have to... If you do it, you should create a valid tokenomics, with as many as possible use-cases for the token, sinks for "removing" tokens from circulation, and always building your ideas around the token... The point should be to make your token valuable and not use it like an extraction tool for other tokens...
Integrate your project into the community
Work closely with the community... Ask for feedback, and see what others would like to see in your app/project... Don't build something because "it would be nice to have it", build it as others are asking for it because there is a NEED for it... Reward people who are giving you ideas, build your followers, and put an accent on quality and not spammy content...
Share your wealth with Hivians
If you get value from others, give back some value to the token holders, and to the community that gives you ideas... Don't be greedy taking the good tokens for you, distributing shittokens to the community...
Create a business model
Your app/project has to be sustainable... You have to think about those things as that's the only way you can improve... If you depend on funding from DHF, it's hard to think about the value... When you are a business owner you think twice when you have to hire additional staff, invest in something, or do marketing... By "thinking twice" you are getting BETTER IDEAS, and better ideas are always more effective, which means more profit for yourself, and more value to the whole network... Think outside the box! If nobody did it, that doesn't mean it's impossible...
Don't forget... Your initial reward is to see the HIVE price higher as you have invested in the token in the first place... If you do a good job and your project creates value for the chain, the token price will go up, and your profit will go up too!!! There is no better motivation for doing a job than to be involved in all levels of this network...
Let's go back to the #MyHiveGoals part of the post, and as usual, in the beginning, let's check out HiveStats...
screenshot from hivestats.io
There are only 21 days until the end of the year, and I have to switch gears to make bigger steps toward my goals that I haven't achieved yet... Of course, my main goal is my HivePower goal, but also, I didn't quit regarding my LEO Power goal either... Lately, I was talking about slowing down, but on the other side, I'm busier than ever! 😃
During the week, I have created 5 posts, excluding this one, which means that I didn't post just 1 day!! The idea wasn't to do it like that, but rather to take it more easily... Anyway, I have no regrets as every single post was needed and according to the comments, they were useful which is the most important thing! Rewards from these posts will arrive during the next week!
Regarding my HivePower accumulation, I have added 429 HP to my goal, and I'm "only" a bit more than 1300 HP far away from my yearly goal of 79K on December, 31st! To focus more on HP, I have changed my post rewards to 100% HP! I hope it will help!
Like I said above, I'm not giving up on my LEO Power goal! Yes, the yearly goal is still far away, but it's not impossible to reach it... Especially when I get closer to my HP goal, I will have more funds to move toward buying more LEO tokens...
I'm already doing that slowly, and during the last 7 days, I have acquired 623 LEO tokens! Most of them were bought from the markets, some from author rewards, while only 23 came from my curation rewards... Of course, all that is staked now, and my LEO Power goal is a bit over 2000 away... 700 LEO tokens per week until the end of the year, isn't that impossible to get?
GAMING GOALS - Flexible Goals
I think that I'm getting around 180 cards per week in the Rising Star game, which means that with 3 weeks until the end of the year, I should reach my goal a week before the due!!! Can't wait to see that happening and it looks like I will not have to wait too long... :)
In the last 7 days, I have accumulated 177 cards from packs opening and I think I didn't buy additional EPICs this time...
No news rewarding my GLX tokens goal... I'm still waiting for news about rewards for liquidity providers which should help me to continue the accumulation... For now, my yearly goal has been reached, and I'm happy with that! 🙂
It's time to update the numbers and put them into the spreadsheet until the next week! So, freshly updated numbers for #MyHIVEGoals, on December 10th, 2023 are:
These are my initial goals for 2023 created on January 15th, 2023:
Join me in this awesome #MyHiveGoals and let's grow together! It is fun, motivating, and will keep you focused!
Thank you for your time,
~ph~
PS. None of this is financial advice of any kind...
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It's not easy to get a business started, especially on hive (at least in my opinon). But if you bring/start a business on Hive, then it's really easy to find support and like minded people here.
Hive communities are the kindest, warmest and most helpful communities I have seen on the whole internet. Everyone who can run a business on these grounds is really lucky.
You are absolutely right about that! That's why it is surprising to see just a few apps that succeeded... But, we have to admit that all these people creating stuff are pioneers, including us using crypto and building a better world through it!
The business model type is quite typical on Hive, most of our fellow members create a coin and put a utility to it. But, bigger project that pay nice rewards are normally linked to interest per holding.
But, most successful models here are known to games. I hope you agree.
I think your both Leo and Hive goals are successfully accumulating power, but even though it is a huge goal you have achieved here. !LUV
That is an initial setup, but the real "magic" happens behind the scenes where business owners have to "create" value (sometimes money, crypto)... Unfortunately, in many cases, it becomes a "slow rug" where you as an investor aren't aware that you are actually using money as the value of the project tokens is going down...
Agree with you on this and it takes time to find a "profitable" model as we can see with Splinterlands where it wasn't all great all the time, but they got to the point where the "balance" has reached... It looks more perspective today, than it was a few months ago...
Eventually, Slow rug is inevitable in most cases where Supply is more than demand, and users also want to cash in their profits by selling too much to recover their investment also, initial investors buy and sell immediately as they see a hike. What could be potential solution to it?
There is no solution, but to avoid those tokens and projects... :)
If you spot yourself "chasing" the APR, you will probably lose money... It happened multiple times to me... The token creator gives 0 value to the token, but "attracts" investors with (currently) big APR... Investors exchange their HIVE (or other valuable tokens) to get the shittoken that will give them a bigger APR... After that, the investor is trying to get even with his investment by selling shittoken... As the price of the tokens goes down, that break-even point is far more and more...
I agree with chasing Apr sentiment. Unfortunately it has become a trend in the general cryptospace. Quick profits are overvalued. The real profits are in the long run where value is created. It is the same with the most successful projects on hive. Like the example you used - Splinterlands. It took them a long time to be where they are, along with multiple slow times. But they remained consistent and focused on growing the community and creating long term value.
That's true and I can confirm it with my personal experience... I was doing that when I came into crypto, investing my last fiat into crazy shittcoins out there, but with experience that changes... Today, I'm far away from where I was and believe me, I got teased multiple times in a day to FOMO or FUD... Having people like myself of 4-5 years ago, testing me... 😂
But, as long as we have this "need" for fast profits, we will have projects that are delivering that "promise" to others... That's how we humans work... Luckily, we have exceptions that are paving the long-term road...
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Good growth on your Hive Goals there Zoltan, and fantastic advice about building a business on Hive, value attracts money and that is how it will be successful, and it's a win-win for you and for Hive, thanks for sharing and stay awesome.
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!LOLZ
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It is value for value... And if we would market HIVE like that, HIVE would be full of quality content and great apps!
That is indeed so, I need to write that down, market the value.
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I agree what you said but creating a token or setting up a business is not an easy thing for everyone however building hive stake is surely important. I don't think that I would be able to set up any business on hive ever but I will continue to build my HP stake. This is my way of showing the community that I care for hive. You have shared some nice points.
I would say that building your HivePower and supporting other authors and their quality posts is also a kind of business... There is no better way to grow than by supporting others on the way up... ;)
Thanks for checking my post!
That is short but impactful and revealing post on building business on Hive coming from the business owner with wealth of information and experience. I learn from you. I love the goal setting approach and working towards it. I wish you success.
!ALIVE
@ph1102! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ oasiskp2. (1/20)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want, plus you can win Hive Power (2x 50 HP) and Alive Power (2x 500 AP) delegations (4 weeks), and Ecency Points (4x 50 EP), in our chat every day.
Thank you for your kind words! All the best for you too!
I really appreciate your suggestions for starting a business on Hive! That's how I see and treat what I do on Hive, as my personal business! Congratulations on your accomplishments so far, and I wish you momentous success on your HP, LP, and Rising Star goals moving into the end of the year! I love your perspective on Hive, and on giving back to the community that supports you! Have an excellent new week, @ph1102! 😁🙏💚✨🤙
Thank you very much for your wishes and all your support!
Appreciated!
You're so very welcome, @ph1102, absolutely! 😁 🙏 💚 ✨ 🤙
I prefer to invest/support businesses on Hive, rather than building one from scratch because it's so tough. Hehe!
!LUV
Not everyone is ready (or wants) to run a business... Investing is also some kind of business as you try to pick the good projects to earn some profits...
Hehe that's true!
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We tend to forget how many business models that exist on hive. People are running a model often without being aware of it...
That's also true... Sometimes we are doing harm without knowing that we are doing something bad...
Nice goals set and on top of that building a business on Hive is probably achievable in this friendly environment. And one can find support easily if he or she comes with a convincing project.
It's interesting how many people realize the full potential of the social network on which is HIVE built, but on the other side, we have ideas of removing the rewards pools for it... The social network level of HIVE is crucial for people who want to build here, as they have a community even before launching a product!!!
I read you and I feel that you are The Messiah of Hive 😅 especially for those first 5 tips you give at the beginning of your post and that many should take into account before starting in this blockchain. I know you will meet your yearly goal, you are doing a lot in your favor. I also had a small goal of reaching 10k, but I think I will settle for 9. Making 100% Hive Power publications is good, but here in Venezuela you can't risk Christmas and hbd will help a lot. But I'm going very inspired to take on 2024, which will be my definitive year to grow my HP. It's always motivating to read you, plus it's realistic and smart the way you describe that goals can be achieved 💪
Hahahahaha... I'm NOT and you are just too kind! 😊
I'm lucky that I have other sources of income and I don't have to pull out money from HIVE at the moment... You don't have to feel guilty for doing that... You are adding value to this chain and it's normal to take something out too... It would be great if we could spend our HIVE and HBD directly, creating a circular economy around the world, but there is time for that...
Thank you very much for your comment and support! I'm glad that we are working together to make this place even better than it is!
Feels like we are going to be waiting until next year for GLX updates and that also includes Splinterlands updates as well. They all seem to be going on early holiday for the month lol
Hahahaha.. That was exactly what I thought... Holidays arrived earlier this year... Beginning of December and everyone is gone! 😂
Those are some great points for businesses to utilise Blockchain technology. Some other uses are to use your blog for your business website to save on hosting costs and to also connect with your customers and offer further payment solutions such as Hive or Lightning through the bridge.. you can create invoices in Hive and Bitcoin.
Exactly! And you already have an audience! No need to build it from scratch!
These recent developments in that direction made me (more) bullish about HIVE!
You are a super hero I must confess. 1 post each day, buying LEO token, 100% HIVE power is an intentional goal. Hope to see you achieve all better 31st December,2023
Hahahaha... No, I'm not... lol... I'm just trying to stay focused on my goals... It's hard to ignore the noise and stay on the path, but it is possible...
Thanks for your kind words and wishes!
Thank you so much. I love people who are focused towards their goal
It's definitely not easy to do all of those things. It's kind of amazing to see those strong communities but I do think it's a doable goal for everyone. At least on Hive as it right now, we can build all of that and if you can earn most of it.
Great progress on your goals.
That's the most beautiful thing on HIVE! Even with zero money investment, if you provide value, you can build your stake and make a difference!
Great advice... Starting a business on Hive not a bad idea though it's not easy but I believe that by supporting others, that will just be a starting point.
Your goal setting approach is a smart one, I love it.
It is definitely not easy... Neither of HIVE nor in the offline world... But, here on HIVE if someone starts the business, it already has a community and potential customers on the door! That's something that guys who built games here knew the best, like Splinterlands, Rising Star, or Golem Overlord...
Thanks for your kind words!
If we want more adoption, we want to be careful how strongly we push the "build your business on Hive" narrative (I hate this word!). Some people prefer to remain customers/consumers or something in-between like content creators or (semi)passive investors. They should all be welcome on Hive, not only business builders. I reply to you, but I hear this narrative growing lately, and I think it may scare many people away.
Impressive work on your goals, as always. You'll nail that LEO goal as well, I'm almost sure of it. 😃
Well, to be honest, in this post, I was thinking about the "real business" developing on HIVE, like an app, a game, or something similar, but it looks like a lot of readers understood it differently... 😃 Not even writing about the blogging side of HIVE at all... We need more apps for sure, and we need more quality apps like Splinterlands... That's our best entrance for the masses...
Anyway, I do agree that we need both sides in the social part of the equation, the creators and consumers...
Yes, I know you were referring to real businesses. To me, it was quite clear. And it may be true, if more entrepreneurs start dapps on Hive, and some of them become successful, that's a way to bring in users. But a user who doesn't want to become an entrepreneur, but rather wants to enjoy their time on Hive, may not like the constant push to start a business (and I'm not referring to your post here, just a trend I remarked lately more pronounced than in the past).
That's probably Hive's weakest point... As everything is focused on earning, and creating, but very little to consuming, and not just that, but the USER EXPERIENCE for doing that! We need more "features" to attract that kind of user...
Absolutely! We are quite poor at attracting outside consumers. I do a lot of "consuming", and most likely you do too because you have the manual curation project, but we are early adopters and accept the front ends and content as they are, but the gap is big if someone comes from outside, and most of them don't see a reason to have patience and stick around.
Yes yes yes! Let's add value value value! !ALIVE !PGM
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I'm glad that we are on the same page! Give value = receive value... :)
Cheers!
Well done @ph1102
As an extra reward for spotlighting on @heartbeatonhive Risingstar Nomination Spin here are some tips have a blessed and wonderful day 😎
!ALIVE
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Great information @ph1102 This is awesome which is how i came to be here today via the @thisisawesome have a wonderful week ahead !ALIVE
Congrats on being curated there 😉
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Business is hard work everywhere, if we work on this project we will have to work hard first and then slowly within few years we will start getting success.
Congrats @ph1102
@tydynrain nominated you for a prize in the draw 😎
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Fantastic Hive and Leo goals, yet to reach your annual goal, but I admire your optimistic spirit. Best wishes.
Nice one.
Thank you very much for sharing these tips.
Investing in different businesses, taking the necessary risk aids growth too.
!ALIVE
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Work hard, you will succeed.
Thanks for the tips.
Have been on the wrong side I guess.
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Giving out tokens is an habit I have not practiced. Thank you for the reminder. I will begin to do that
Hello ph1102!
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@aurikan(10/15) tipped @ph1102
One of the things that will actually help a lot of us is for us to start seeing hive as our business.
... maybe then we would care more?