Do you have any ideas or thoughts on how to better run a business? This is the place for these blogs.

Being Focused

Being Focused

One of the biggest challenges many businesses face is deciding which opportunities they should focus on and which they should leave for another day. It’s so easy to become seduced by one opportunity after another, only to find that none of them are concluded and their value isn’t realised.

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Over the years, I’ve watched a number of businesses go bankrupt by mismanaging opportunities and becoming confused over what they should be working on. The owners didn’t make the difficult decisions to shelve a great idea, not do some development or say no to a fantastic potential partnership.

If you find yourself surrounded by opportunities and wondering which one you should pursue then there are a number of questions that you may wish to ask yourself. By addressing these questions then you’re very likely to gain a clarity to your thinking that will help you make wiser decisions.

Why am I in business?

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Maximising Domain Revenue

Maximising Domain Revenue

After publishing the article, “Getting Dirty in the Domain Data”, earlier this week I ended up having an interesting discussion with a domain investor. I thought that it would be worthwhile continuing to pull apart the data from the previous post to help many domain investors understand why optimising traffic across multiple monetisation solution is so beneficial.

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I will be referring to the data from the previous article so you may wish to read it if you haven’t done so already.

Sampling by Changing the DNS

Many domain investors sample different parking providers by changing the DNS. This method is fraught with many problems that largely stem from comparing results from single sources across different periods of time. Some of the challenges are:

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What is My Daughter Doing Now?

What is My Daughter Doing Now?

As many of you are aware, Sarah, my daughter, has over the years helped me on and off with Whizzbangsblog. In my recent travels I had a number of people ask me what she is doing now…so here it goes!

Over the last five months Sarah has been working as a specialist make-up artist for “The Body Shop” in their flagship store here in Australia. It’s really allowed her to hone her craft as a make-up artist and more recently showcase some of her work on social media (Instagram).

She’s been reading everything there is about how to grow a following on Instagram and then posting a new photo each day. It hasn’t taken her that long to gain close to one thousand followers….which from a standing start is pretty good going.

She now has her sights clearly set on her next target of ten thousand followers. Apparently at around this number you can begin to get some sponsorship onboard.

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Is the Global Economy About To Crash?

Is the Global Economy About To Crash?

I watched the recent debate between presidential hopefuls Hillary Clinton and Donald Trump. Since I live Australia, you may ask why? I wanted to see whether either of the two candidates really seemed to understand the economic knife edge the world is currently balanced upon. Sadly, I was disappointed in what both of them had to say.

Other than a number of sound-bites there was nothing on issues such as China’s burgeoning debt Crisis and the impact this will have on the global economy.

Back on the 11th May 2016 the Financial times reported the Chinese Communist party’s flagship newspaper, the People’s Daily, published a front-page interview with an “authoritative figure” who warned that the country’s soaring debt levels could lead to “systemic financial risks”. This doesn't sound good....

On the 29th August the Australian Financial Review reported that prominent investor, George Soros, as seeing an “Eerie resemblance between conditions in China now and those in the US leading up to the financial crisis in 2008.” Remember, Mr Soros was the man that broke the bank of England in one of his currency trades.

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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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Be Careful Who You Listen To

Be Careful Who You Listen To

One of the great things about the Internet is that it allows everyone to express and opinion on whatever topic they desire. One of the bad things about the Internet is it allows anyone to express an opinion on whatever they desire, regardless of whether they have any authority to do so.

I was debating whether I would write on this topic as it can be somewhat controversial as some people may view it as a censorship on free speech. I’m actually all for people being allowed to express themselves but as readers we need to be really careful about who’s advice we listen to and adopt in our businesses.

For example, the other day I was having a really “vigorous debate” in a forum about monetising domain traffic. The person I was debating was very outspoken and to be quite honest with you at times insulting and sarcastic. In the end I found out they did about thirty cents a day in traffic revenue. If you didn’t know this then you could be mistaken into thinking they were an authority on their topic and earning millions of dollars per year.

There’s a really good saying which goes somewhat like the following, “By their fruit you shall know them.” This means that you should look at what a person does and has achieved rather than just what they say. On the Internet anyone can speak but very few people can do.

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Part 4 - Portfolio Optimisation - Products and Services

Part 4 - Portfolio Optimisation - Products and Services

In this series of articles, we are looking at how to optimise your domain portfolio across the different business models of sales (big and small), traffic and development. The first model I have been unpacking is development, not the technical aspects but the business aspects of domain development.

We’ve explored why people return to websites and how to earn money from advertisers. In this article I will be discussing how to build an online business selling services and products.

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The first thing we need to separate out is the different between building a business and conducting a transaction. Building a business is all about repeatable revenue that ideally grows over time while transactions are the big deal you hope to get one day.

My wife has a great saying, “Like clockwork.” What she means by this is that she would much rather have twenty dollars each month coming in from a customer than the big deal that may happen one day.

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Part 3 - Why Domain Portfolio Optimising Works - Advertisers

Part 3 - Why Domain Portfolio Optimising Works - Advertisers

Obviously there are a great multitude of business models that you can apply to your development project. Remember that we are looking at developing one of our domains into a business as part of our portfolio optimisation. The first business model that we will examine is advertising.

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In this business model you are trying to ramp your traffic so that it becomes worthwhile for advertisers to spend their money to reach your audience. A couple of things about audience, you can either provide mass numbers or the right people to advertisers. For instance, Whizzbangsblog doesn’t have millions of people visiting it every day but it does have the right people in the domain industry. This is valuable for sponsors.

With your new development you need to choose your approach and go mass volume of advertisers or a select few. If you have a mass of advertisers on your pages, then readers may revolt and advertisers won’t pay the big dollars. Less advertisers will potentially allow you to charge a higher rate and keep the readers onside. It’s a balancing act and it really depends upon your market vertical.

Remember that one person’s advertising can also be another person’s content. This is often the case in hobby publications where the advertising is just as valuable as the articles to the readers.

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Part 2 – Why Domain Portfolio Optimisation Works – Development

Part 2 – Why Domain Portfolio Optimisation Works – Development

In this article I will be further expanding on how to develop a domain into a business. This is the first business model that can be applied to domains, the other three are monetising traffic, treating domains as stock-items and the last selling domains at high values.

The first issue for me with any developmental project is working out how the domain is going to make money. This seems like an obvious question but many people approach developing a domain from an aesthetic perspective (ie. pretty website) rather than being focused on the business outcomes.

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Generally speaking, all business models hinge on getting not just new traffic to your website but repeat visitors. A repeat visitor is gold as they perceived a value in your site enough that they returned for a second look. It shows that there is something about your business offering that they want.

So here are some reasons why people will return to your website.

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Part 1 – Why Domain Portfolio Optimisation Works

Part 1 – Why Domain Portfolio Optimisation Works

I recently had the privilege of conducting a session at Domaining Europe on the topic of monetisation. Many domain investors have fallen into the trap that monetisation is dead and let me share with you that nothing is further from the truth. Domain monetisation is alive, well and thriving.

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What has happened, is like any industry there has been an evolution in technology. Those that have kept up with the technological curve remain successful while those that don’t struggle to remain in business.

This is not dissimilar to the days of the buggy whip manufacturer. During the days of horse drawn carts they made an absolute killing. Then a strange contraption initially known as a mechanical horse came onto the market. This technological innovation was really expensive so the buggy whip makers all laughed at the early version of the motor car and continued to make their whips. The rest is history and other than the handful of craftsman buggy whip makers are no more.

It’s the same thing in the domain industry. On one of my recent trips around the world I was talking to a domain owner that had been in the industry for years and he was decrying that monetisation was dead. I asked him one question, “What are you doing now that you weren’t doing five years ago?”

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