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With a social network business you’d provide an online platform that people would use to build social connections with others who share similar interests, goals, backgrounds, whatever.
You’d have several monetization options with this kind of business.
Social Network is one of 19 types of online business and considered a Level 5 online business, according to our framework.
Okay for side income or beer money, but hard to earn a living.
Best for earning a living online when you’re starting out, but hard to scale.
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Most complex / difficult / expensive, but the rewards here can be massive.
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Here are the legit ways I’ve found to make money online with a social network business…
Most of the well-known social networks are essentially big message boards monetized with ads.
Reddit is a prime example, co-founded by Alexis Ohanian in 2005…
Dan Andrews co-founded the Dynamite Circle, a private community for established entrepreneurs…
Members of the DC pay a quarterly or yearly fee.
Colin Theriot grew his own social networks (Facebook Groups) within an existing social network (Facebook) and has monetized them in various ways…
It’s an attractive business model but you’d need to bring your A-game and probably hire some A-players if you want to succeed. Don’t expect to get rich quick or easy.