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...
Created in Canva.com
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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