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Monetization: What changes should we make to our business to successfully branch into other areas and create a community with our consumers?
HV
HV
Humberto Valle Texas Real Estate Investor, Wholesaler, & Airbnb Superhost, Get Advice On Growing Your Real Estate Business answered:

This is a great question, and a situation that believe it or not many entrepreneurs find themselves in very often.
To answer your first question without going into so much detail, the answer is no. Don't wait long before testing other revenue models, if you wait too long you can drain resources while keeping current one alive instead of testing and identifying new better sources and investing in those.

I tried visiting your website, but it wouldn't load.

also, creating a community is about sharing your story with others who can relate to your efforts, your value proposition and are welcoming of your value creation. Create value with them before asking for monetary returns. Community building takes time and money, consider this:
Elon Musk used hundreds of millions of dollars (from what he got from PayPal) to fund research, testing facilities, buying testing islands, fund rocket fuel and rocket exploration and establish a business for SpaceX while another PayPal co-found used his millions of dollars to create a community for Yelp.com - this does not mean that you need millions but it means that it takes time and that the public cannot be generally tricked into believing what they don't already. So instead of convincing, find the ones that best suit your goals, your mindset and go after a phase in their buying stage... don't go after general demographics instead follow their moments and engage in the right ones.

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