Should I go to Startup Weekend?

If you are interested in what is involved in getting an online business up and going then Startup Weekend maybe a good place to begin. It was my first time attending this event and it was definitely worthwhile for several reasons.

First off it’s inspiring and a lot of fun. You meet a bunch of people who are excited and have a lot of creative energy, and generally everyone is proactive and ready to make something happen.

Secondly by talking with people with different perspectives and ideas from your own you learn about things in your own business model that you might not otherwise have considered.

Third, if you are one of the people that are going to do the 54 hour fast startup, whether you are working on your own idea or part of another team, it is an invaluable experience in collaborating, being focused and getting something launched.

Finally, you meet a lot of smart people from various backgrounds. These connections alone can be invaluable after the weekend is over and you are out on your path to making your idea happen.

While most of this weekend was geared to launching a Tech Startup, Mobile Apps being predominant, there were a few brick and mortar business ideas. One of those that I liked was a Healthy Green Smoothie Cart – to make drinking and eating well more accessible.  So testing an idea that is not tech is also done here.

The event brought in people from the Venture Labs to crowd sourcing company RocketHub.com The mentors, sponsors and speakers all seemed to add value to this event and for the price I will definitely be going again.

If you have not been to startup weekend or are interested in learning if this maybe a good experience for your idea launch…leave comment or send us a tweet.  We would be glad to share startup resources that might help you move forward with more clarity on your Startup Idea. Cheers. C

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The internet has provided potential business owners with opportunities to start their own enterprise with minimum set-up fees, the ability to work remotely, and the chance to connect with potential customers around the globe. Below are a selection of business models entrepreneurs and organizations are using to earn money online.

Advertising

The advertising business model is compatible with a range of services, from blogging and email, to apps, software and IM programs. Business models based on advertising can either utilize advertising services, like Google AdWords, or create and distribute the adverts themselves. Organizations earning money by selling advertising space on their website might also earn revenue from other ventures, for example selling products, however, advertising and sponsorship comprise the majority of their income.

Brainient (www.brainient.com) is a start-up that specializes in video advertising. Their software enables their clients to produce interactive videos, and add code to their website which tracks user behavior and provides visitors with targeted video adverts.

Affiliate

Affiliate business models are similar to advertising, except they carry a lower financial risk for the seller. Instead of earning an upfront fee, an affiliate partner’s payment is commission-based: it is usually determined by the number of clicks or sales referrals from the partner to the merchant website. The success of this business model depends on the partner website’s ability to market the businesses or products they are advertising to their visitors.

Woot (www.woot.com) has successfully leveraged the affiliate business model. Each day, the website sells one product at a discounted price, however they only have a limited number to sell, so impress a sense of urgency upon visitors.

Collective

The collective business model is similar to the merchant business model, except the organization create their own products rather than purchasing them from an external manufacturer or selling them through a third-party commerce website. Businesses that run using the collective model also employ people with a variety of skills, who share their knowledge and resources to create the final products.

Quirky (www.quirky.com) runs a manufacturer business model with a twist. Wannabe inventors submit their ideas to the Quirky team, who evaluate the inventions and open up votes to the Quirky community. The most popular products are then made and sold through the Quirky website.

Community

Community business models earn through customer loyalty. Audiences of successful community businesses are invested in the organization or its products. Businesses using the community model earn revenue through selling products, subscriptions or through voluntary donations.

Humblebundle (www.humblebundle.com) offers games packages on a pay-what-you-want basis. Visitors can purchase independent games through the site and submit a donation based what they can afford, or what they think the games are worth.

Freemium

A freemium business model relies on regular payments from patrons in return for a service. Organizations using freemium business models can still offer content and services for free, but users pay for access to exclusive content or features that aren’t available to non-paying members.

Photo-sharing website Flickr (www.flickr.com) uses a freemium business model. Non-paying users have limited access to Flickr’s services, but users who want to upload unlimited photos and access more features pay a monthly fee.

Marketplace

Marketplace businesses bring vendors and buyers together. Earnings for this type of online business model come from listing fees – where the seller is charged to list their goods or services for prospective buyers – or commission based on the final price of the sale. The success of a marketplace business requires the organization to build a community of buyers and sellers, or operate within a specialized niche.

AirBnB (www.airbnb.com) is a marketplace start-up. They match homeowners, with a room or property to rent, and vacationers, who are looking for budget accommodation.

Merchant

Organizations using a merchant business model sell physical or digital products direct to customers online. These products aren’t produced by the merchant, instead the business purchases the products from the manufacturer, adds a mark-up and profits from the difference.

Shopify (www.shopify.com) is an e-commerce merchant that allows online businesses to create their own online stores, through which they can sell software and physical goods.

Utility/Pay-as-you-go

This is an alternative to the subscription model that focuses on frequency rather than duration: businesses using this approach charge consumers based on how much they use a service, instead of charging for a certain time period.

Online music streaming service Spotify (www.spotify.com) allows users to play songs for free a certain number of times, before they can either choose to pay a monthly premium, or download individual tracks to keep.

The business models above aren’t mutually exclusive – often you’ll find online businesses utilizing multiple models at the same time to diversify and increase their revenue. Which model would you use for your online business? Can you think of any we haven’t included? Tell us in the comments below.

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Are you building a startup. Here are 8 business model template tools to help you plan out your offering, product or service, before you get started.

1. The BM Designer
   A tool to create and share business models.
2. Google Docs
   This is the one we use. It works well, it’s SAAS, and best of all its Free!
3. The Board of Innovation
   Offer a paid tool kit, consulting and workshops. Model themselves as a kind of eye on innovation and startups around the globe.
4. The Business Model Generation
   Offers a Business Model Canvas, template to help you to describe, design, invent, and pivot (pivot is a mod new buzz word of young startups today) your business model. They sell a guide and an Ipad App.
5. Lean Canvas
   Offers a Business Plan template of sorts very similar to the Business Model Gen Canvas. You need to buy the book..
6.  Lean Launch Lab
   Based on the Business Model Canvas by Alexander Osterwalder. It’s a paid beta lab right now. They plan on launching the product in January.
7. The Plan Cruncher
   This is pretty cool and quick. It takes you through 8 click of a button no brain steps from Idea – Revenue to Generate plan. Of course you have to provide your email and other info to get the PDF. I wouldn’t submit anything here(product, service or idea) that you consider to be awesome. Hey, until you have your Ip (intellectual property tightened up) you should be somewhat cautious of submitting to open sites.
8. The Startup Tool Kit
   An online scratch pad using the same template originated by Alexander Osterwalder. You need to register to keep your model.

With any of these, as with all tools, which there are many, you want to work with them a bit first. Most of these tool providers have some sort business model surrounding this free tool offering.

One thing for sure is that these are all designed to be pretty easy to use (its not Photoshop) otherwise it would kind of defeat the purpose. But as with any tool you should do a quick review to evaluate the learning curve and the end value compared with the cost of your time spent.

Many of these innovative models come from an old schooled perspective and are kind of fancy and complicated versions of very simple tools…like pencils and paper. We use google docs a lot but still resort to the organic note book albeit not as much as we used to.

Bottom Line. These are all fun yet it comes down to what is easiest and most useful for you to use on an ongoing basis. Since ideas, innovation, strategies and plans change daily in this new era you need to use something that is quick and nimble because of course you can’t afford to spend all your time planning. Check them out and if you have a moment drop us a short comment or tweet and tell us what you think. Cheers.

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