Every day more and more people are quitting their 9 to 5 jobs in pursuit of their passion for being an independent entrepreneur.
Life as a businessman is the best because, well, you are the boss, you plan your time, work from anywhere and most of all, earn more money.
Since being an entrepreneur has so many benefits and it gives you a freedom like no other, everyone dreams of becoming one. The truth is that not everyone can run his own business. The key to any successful business is actually having a plan. It would help to map out the specifics of your business and research the unknown aspects.
In this article, we are going to discuss how to have your own live streaming business with minimum investment. We cover everything you need, plus the numbers to make it!
Here are the basic steps of any live streaming business:
- Find a platform
- Find a payment processor
- Find broadcasters
- Find clients
- Decide on how to monetise your business
All of this with the minimum of investment.
Find a platform
Platforms come in multiple ways. You can build your own from scratch, purchase an open-source license or purchase a SaaS package.
What are the differences?
- Building your own platform is the biggest investment you can make. You need a technical team, a testing team, money and time. If you employ for example a tech team of around 25-30 employees for your project, a basic platform can be finished in 6-8 months. With an average price of $50/h, you are looking at a cost of at least $50.000, for a basic platform, with not so many features. Besides this general cost, you are looking into costs of hosting, maintenance and updates for your own product.
- Purchasing an Open Source platform - someone creates the platform, you try it. If you like it, you can purchase it. Being open-source, you have access to the code and develop it how you desire. It usually costs up to $10.000, but you also need servers and a tech team that works on maintaining the platform. Open source means it’s yours and there are no strings attached.
- Purchase a SaaS platform - the platform is offered as a service. The prices are the smallest, can start at $500/mo or less, including hosting, maintenance, support, updates, and upgrades.
Starting a business on a budget means that the best idea is having a SaaS platform, make sure it’s a white-label so it can be customised to your brand.
Find a Payment Gateway
Live Streaming is a business and any business needs income to survive. This is where payment processors come into place. They manage the exchange between the clients and you. Clients buy tokens with their money and spend the tokens on the platform. Every payment processor has a percentage, depending on the risk factor of your business, usually around 10-15%.
But you cannot be in business without them!
Want to check some payment processors, check: CCbill, Netbilling, Epoch, Paypal.
Finding broadcasters requires some work, they’re your workforce. Broadcasters work on percentages, they work, they have money and so do you. Try advertising your platform on forums where the broadcasters discuss, maybe create some adds or target them via social media.
Want to read more on this, check our article: How to find
This can be done via traffic and marketing. Depending on your time and skills, you can do the marketing yourself or you can hire others to do it.
If you decide to cut some costs and do it yourself, then you’re looking into some weeks of constant writing on social media and content writing. It’s free but it takes time and learning. Want something faster and more professional? Then check others that provide this service. Having a traffic company doing this for you doesn’t have to be expensive, the minimum package you can purchase is $5.
Interested in reading more on this? Check here: How to bring traffic
How do you monetise your business?
Soon more and more businesses will be online, this is the future. Be part of the future, without breaking the bank. If you’ve market all the steps above you are looking into a successful business.
New businesses take time to launch, time that you will have to invest in your own business. With a successful business plan, you are looking into having revenue in around 3 months. If you plan everything smart, you are looking into a small investment, somewhere around $1500-2000, but once the business starts going, you can get that money back even in one month. This is a very small investment compared to 10 years ago when these options did not exist.
What are some important aspects?
- Have your broadcasters are online as much as possible - at the beginning, you need at least a few broadcasters online so you can focus on bringing clients. This means you need to motivate them to be online without making money. The minimum cost for this is $6/h/broadcaster - this will help you get started faster.
- Market to potential clients hear about your platform - online business is a global one - you need to advertise it
- Keep your clients - clients remain if the services are good, not if you offer constant discounts
It all depends on your business strategy.
What kind of business model do you have for your platform?
Don’t know the differences? Check this article: Business Models
So, what do you think? Are you fit to start your own business and live the dream?
Have a burning question? Contact us at firstname.lastname@example.org