At some point in the lifespan of a sideproject, startup or idea there comes a point where one has to think about how to cover basic costs. Lately we’ve been brainstorming about what business model to implement and we need your help.
Why we started NomadProjects
We found it difficult to find a fellow digital nomad that would compliment our skillset. We figured more people would have this problem and stop them from executing their idea, which is a pity. Our aim was to help other creatives, which we knew were full of ideas, help find a partner and bring their ideas to life.
And what happened?
We launched NomadProjects and the feedback was awesome. We got featured on ProductHunt and our userbase grew instantly. People were actually finding each other through the platform. How awesome! We were thrilled to see we could help other people find each other and start sideprojects together. We’ve seen some awesome sideprojects that originated from NomadProjects so far.
However, lately it’s been getting harder to keep NomadProjects growing, to keep the userbase interested but most important: to pay the bills. Next to our hosting fees (which are considareble with SSL included) we run this project because we love doing it. We feel it would be a waste if the platform would stop growing, therefore we have decided to implement some kind of businessmodel to cover the costs that we’re making. We are not aiming to get rich with this, just to break even and pay the current bills.
What businessmodel would be best suited?
We’ve already been brainstorming about what would best suit the platform and our userbase. One thing that stands out is that we don’t want to annoy our existing userbase. Neither do we want to make this an advertisement platform. What we have so far are the following business models:
Boost packages for ideas
We notice that a lot ideas get started, but only few make it to the start of an actual project. This is normal, we know some ideas make it and some don’t. However, some ideas lack the marketing and if properly shared with the right target audience the chances of the idea making it to project are greatly increased. We, as a platform, could help with this.
The idea here was to let the idea creator choose a boost package (free, basic, pro) and with basic and pro we would help the idea owner boost their idea by sharing it on for example our social media and newsletter.
This business model has their ups and downs. We actually help users getting their idea the attention it deserves, and it wouldnt transform the platform into an advertisement podium.
We thought about affiliate partnerships and of a way to implement this business plan. We have a mailing list and our Twitter account has over 450 followers aswell, we could share these affiliate partnerships but I have no idea if this would be decently profitable.
Sell add space
This one is rather straightforward. It is simply to sell bannerspace directly to buyers. I think this is the easiest and most straightforward way of breaking even. Downside is that the website would get a bit more promotional.
Any other business models that would suit us?
That’s all we have so far. We would love some fresh ideas on which businessmodel would work best and why, or perhaps you guys have some new ideas for a business model that would suit the platform even better. So fellow entrepreneurs, creatives and digital nomads: we’d love your feedback on this! Comment on this article, hit us up on Twitter or on firstname.lastname@example.org.