My name is Konrad Kjær Rasmussen, and I work as a content specialist here at Factofly.
It's no secret that we have a big beating entrepreneurial heart, and I would therefore like to take you through my own side hustle project.
In addition to Factofly, I run a subscription business that, in short, helps FIFA players buy their dream team. They do this by copying my tips and tricks on the internal FIFA market.
It's a little geeky, and very niche. But as we have also struck a blow for previously, it is also in the niche where the money lies. You might not leave here with an idea of how you can make money on FIFA yourself, but I'm going to share my hands-on experience here and hopefully there's a tip or two you can take away with you and use in your own business.
In this article, we'll take a closer look at how I built a follower base of 180,000 followers, how I monetize that audience, and why it pays to invest in skilled labor.
1. Build an audience
Since October 2018, I started posting 2-4 posts on social media. Every single day. This means that my 180,000 followers across social media today form the foundation of my business.
But the story starts all the way back in my childhood home in Frederiksberg, where many hours were spent on FIFA.
There is no doubt that it helps to have a good team in the popular football game, but the road to being able to buy Ronaldo or Messi is complicated and expensive. At least I thought so, until I found out that you can use the internal FIFA market - where the value of the players varies on a daily basis - to earn so-called 'coins', and thus get the opportunity to buy the very big stars .
After many weeks of geeking out on graphs and trendlines, I slowly started to get a handle on when the players were cheap and when they were expensive. And this is where my passion for the market itself really began, while playing the game itself was shelved.
When I started my profile in 2018 it was not with the intention of making money.
It was purely to improve myself 'trading'. Naturally, this meant that I did not take a single penny for my tips and tricks for the first 12 months. And that part created enormous goodwill and trust in the community that grew up around my profile.
Trust has been the foundation that has enabled my transition from exclusively free tips to being able to offer exclusive tips through a monthly subscription solution.
The first 1,000 followers
The first 1000 followers didn't come by itself, but I quickly discovered what worked - and what didn't.
There's the thing about social media that it works best when you actually do it is social. I got the first followers by simply interacting with other profiles and helping people in their comment fields. After gaining a few hundred followers, I started sharing my views on the market on my own profile, using hashtags and exploding on instagrams explore section with several thousand shares on my posts.
Here are my 4 learnings about content marketing
- "Share the secrets - sell the implementation" - Alex Hormozi. Share your knowledge with your followers - clean and free.
- Your free knowledge must be better than your competitors' paid solutions. Prioritizing quality over quantity will always pay off in the long run, and your followers will quickly notice your expertise, making it easier to convert them into paying customers.
- Ask your followers for advice & reply to all comments: This increases your engagement and creates relationships – not just followers.
- Be consistent with your strategy. You won't get 100,000 followers overnight, so create a content strategy and keep pushing it.
3 years ago it started going strong. In 2-3 months I had earned 25 million virtual FIFA coins, which could be sold on various websites to a value of well over DKK 40,000.
In addition, it also went strong on social media, which resulted in my investment tips often exploding in price and therefore creating bubbles in the market. And that's where I created my subscription solution when it hit me that I couldn't continue to share everything with 180,000 people.
My income comes exclusively from the sale of subscriptions, which give access to my private discord group. Here, members get direct access to my tips and strategies on a daily basis.
The choice to offer only one subscription tier centers everything in the business. It also means that every time I expand the product, all members get free access to new features. Instead of offering discounts to attract new customers, I prefer to build the product stronger and stronger, and therefore attract customers on bonus features.
My funnel is also very simple. I get new followers and leads with my content marketing strategy. These leads are forwarded to the newsletter or remain followers until they have had enough of the free tips and want to take their trading to the next level.
I have chosen to use Gumroad as a payment solution for the simple reason that they have programmed a bot that automatically invites and kicks people on discord, who resp. registers and unregisters.
However, the biggest challenge in my industry is that FIFA's popularity only peaks for 2-3 months a year after the release of a season's game. To get around that seasonality, I have therefore introduced an annual subscription, where loyal members can save 50% compared to the monthly subscription. It gives me the opportunity to have a stable income flow all year round.
In addition to retaining subscribers, this also means that more and more members choose to stay in the group for the sake of the community, even if they stop playing FIFA.
Automations have been a crucial factor in getting to the point where I am today. For the past 6 months, I have had the opportunity not to touch the business itself.
This is due to the automation of the entire business.
- I have outsourced lead generation, content production and social media management to an experienced freelancer from the US who has been part of my team for three years.
- Customer support is handled by a dedicated team of five people working from different parts of the world such as Italy, Spain and the UK.
- Last but not least, the product itself – namely daily tips and tricks for subscribers – is handled by a freelancer from London.
This has enabled a smooth and consistent delivery of content while freeing up my time for other aspects of the business.
Completely impractical, most of my communication with my team takes place on discord, where we evaluate last month's performance on monthly calls and make plans for the coming months.
The majority of these freelancers have actually approached me unsolicited. If, on the other hand, you have to approach potential business partners, it is to that extent recommended to reach out to them in as personal a way as possible – e.g. via a Loom or similar. It increases your response rate and differentiates you from your competitors.
My absolute biggest lesson in my business is that it pays to invest in qualified labor rather than the easiest or cheapest solution.
Although automation has been a positive development for my business, I have also faced challenges along the way. I've burned the teddies by hiring the wrong people. Two years ago I went a month without a designer for my social media. In retrospect, I hired an inexperienced designer who embellished his resume more than what his real abilities stretched to.
Therefore, it also pays to double-check previous work, and get several test designs or trials in other industries before hiring new workers. Qualified labor always beats the cheapest solution.