Focus on Consistency

Focus on Consistency

I find that many people complicate running their businesses enormously. When you really think about it, it’s actually pretty easy to run a successful business. The revenue needs to be consistently more than the expenses…..seems obvious but given the fact that around eighty percent of businesses fail in the first two years it’s clear that the majority of people get on the wrong side of this equation.

The key word in the equation is “consistently”. Bringing consistency to your business revenue line provides you with an ability to plan versus one that is of a boom bust nature. One of the difficulties that many domain investors have is they have the elusive carrot of selling a $20K domain name tomorrow always in front of them while they starve now. There is no consistency to their revenue.

How can you get consistency to your revenue? One of the things that many customers like is consistency in product they are about to purchase. In fact, the whole essence of branding is all about consistency.

Whether you like them or not McDonald’s restaurants have done an incredible job to bring consistency to their product line the world over. I can go to a McDonald’s in Tokyo or New York or London, order a Big Mac and they’ll all be the same. It’s to the extent that financial analysts often quote the “Big Mac” index as a way of measuring the true buying power of a currency.

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Saturday Musings - There and Back Again...

Saturday Musings - There and Back Again...

The above title is reflective of my past week and also first written by Bilbo Baggins, a character in from the “Lord of the Rings”. During this past week I’ve been away on vacation and now I’m back again.....so it seems quite appropriate.

There’s nothing quite like a vacation to get the creative juices flowing. While having a really interesting conversation with my wife, Roselyn, I suddenly had an epiphany about the domain industry. It was like a light-bulb was switched on and so I quickly wrote it down so I could dig into it when I returned.

The next day I was playing a mindless game on my Windows Surface and again a great idea sprung to mind about how to extract additional value from domains. I went away and wrote it down next to the first idea so I wouldn’t forget about it. This continued to happen while I was away.

Vacations are more than just having a great time (which we had). They are all about refreshing yourself so that your mind is able to come up with new ideas, solve intractable problems and to really think without the clutter of the day-to-day activities. Even after only one week away I’m feeling refreshed and reinvigorated about the upcoming month.

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Part 12 – Portfolio Optimisation – Dealing With Revenue Leakage

Part 12 – Portfolio Optimisation – Dealing With Revenue Leakage

In the last article I outlined a number of typical revenue leakage problems that cost domain investors real money. I also mentioned, from experience, around 10-15% of revenue is lost due to mismanagement. In this article I’m going to state a number of things that may be unpopular but nevertheless I believe them to be true.

For a start, generally speaking domain investors are very bad at managing their portfolios. There are exceptions to this rule but they tend to be few and far between. I believe the reason this is the case is domain investing seems really simple on the surface but as you dig a little deeper it gets more and more complex if you want to keep on top of everything and extracting the full value from your assets.

Many investors need to recognise what they are good at and what they aren’t. I’ve met some absolutely brilliant individuals that seem to be able to find the gold traffic domains but to ask them to change a nameserver is almost impossible. While other people are amazing at negotiating sales but once completed the actual transaction of moving a domain to the buyer is the last thing on their minds…..as they’ve already moved onto the next deal.

The problem with domain management is that it’s just not sexy. The mechanics of making sure domains are where they should be, nameservers are set correctly and you are actually collecting the cash requires an exceptionally detailed mindset.

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Saturday Musings – Being Obedient To Our Masters

Saturday Musings – Being Obedient To Our Masters

There’s a solid body of evidence that my cat, Pepper, completely rules the Gilmour household. Each morning Pepper is waiting outside our bedroom door with an impatient look on her face, demanding that we satisfy her need for food.

Cat owners all understand that their feline masters can be most petulant when it comes to the types of food they demand. In my case, Pepper has gone off the gourmet variety turkey dinner and is insisting on salmon.

If I behaved this way with my wife then it would be bread and water for me. As for Pepper, she now has us buying the salmon…..well at least until she gets tired of that morsel.

At the end of a long day it’s always nice to put your feet up and watch a little bit of television. I have to make sure that I don’t sit in Pepper’s spot on the couch or like Sheldon from the TV sitcom, The Big Bang Theory, she’ll pace back and forth until I move.

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Part 11 - Portfolio Optimisation - Revenue Leakage

Part 11 - Portfolio Optimisation - Revenue Leakage

Revenue leakage mostly occurs when you think a particular setting for your domain(s) is turned on and it’s not. From experience, we have found that it’s not untypical to find that between 10-15% of the potential revenue generated for a portfolio is actually lost due to mismanagement.

So before you go and try to squeeze another few percentage out of your parking partner or broker can I suggest that you get your own house in order first. If you do this then I guarantee that you’ll discover a significant jump in revenue.

So what sort of problems can occur? The obvious one is whether the nameservers for your domains are still set to where you think they should be. I know that they are set but are they set correctly?

If you’re juggling multiple accounts at different monetisation solutions, then it doesn’t take long for a mess to be created and you have no idea what is set and why you set them. This is particularly true if you also have multiple registrars and have no idea which domains are actually at which registrar.

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