Michael Gilmour has been in business for over 32 years and has both a BSC in Electronics and Computer Science and an MBA. He was the former vice-chairman of the Internet Industry Association in Australia and is in demand as a speaker at Internet conferences the world over. He has also recently published his first science fiction book, Battleframe.

Michael is passionate about working with online entrepreneurs to help them navigate their new ventures around the many pitfalls that all businesses face. Due to demands on his time, Michael may be contacted by clicking here for limited consulting assignments.

10 Year Blogging Anniversary

10 Year Blogging Anniversary

Well, I can't believe it that today is the day of my 10 year blogging anniversary. I would like to thank all those readers that have been so encouraging across the last decade. You have inspired me to keep on writing.

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To say thank you to the entire industry I'm giving away a free downloadable copy of my book science fiction book, Battleframe, on Amazon. Click here to download your copy. Due to Amazon constraints, this giveaway is only available on the 8th and 9th April. I should mention that I wrote this book while travelling to many domain conferences and not surprisingly the central characters name is Whizzbang.

I've also recorded the above video where I share about some of  whizzbangsblog's history and why I decided to start writing. I hope you enjoy watching it and don't mind the enthusiasm I continue to have for our industry.

As a part of the 10 Year Celebrations I plan on releasing quite a number of new videos across this month that will cover a wide range of topics. So tuned tuned!

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Part 4 – Building a Business – Extending the Runway

Part 4 – Building a Business – Extending the Runway

In this article, I plan to pick up where I’d left off in the series on Building a Business. As you may have guessed from the title we will be exploring the importance of generating revenue and why it should be the fundamental goal for the vast majority of businesses. This may seem obvious, but so many entrepreneurs lose sight of the revenue in the quest for building a better widget.

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Revenue is the first part of the profit equation:

Profit = Revenue less Expenses

Many people look on this equation as being obvious without really understanding it in the context of a startup business. For a startup, the equation is all about runway. The less negative the profit is (ie. small the losses) the longer it will take a new business to run out of cash.

You can achieve this by hamstringing the business on the development side by reducing the expenses. This strategy often defeats the purpose of raising capital or being the first to market in a land grab. If you’re initially committed to your expense line, then the only other option is to generate revenue.

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Saturday Musings – What Goals Do and Don't Do…

Saturday Musings – What Goals Do and Don't Do…

Having a goal to aim for can be one of the most motivating things to keep you going during the good and bad times. How many of us have made a New Year’s resolution only to give up a week later?

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I was speaking to a person this past week that was so excited about what they were trying to achieve. As the conversation progressed I watched as their shoulders slumped forward as they despondently recounted that they didn’t expected to have to do so much work.

The first thing that goals don’t do is the work. If you expect that once you’ve set a goal that everything will just magically happen then you’re going to be in for a surprise.

Roselyn and I have had a goal to go away for our thirtieth anniversary. If we didn’t book the plane tickets, accommodation and work out some semblance of an itinerary then I can guarantee it isn’t going to be much fun. It’s taken a lot of time and effort to do these things…..and in our case, it’s for something fun!

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A Simple Way To Sell More Domains

A Simple Way To Sell More Domains

Domain marketplaces are rewarded on a commission basis for bringing buyers and sellers together and doing whatever they can to ensure a transaction occurs. What domain investors need to appreciate is that a marketplace gets paid a commission on a sale transaction, whether it’s the individual investor’s domains or not.

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What am I getting at here. One of the most valuable assets that a domain has is traffic. In fact, there is a whole business model of monetization that is based upon the fact that advertisers love the traffic so much they are willing to pay a lot for it.

Ask yourself this question, “How much did a marketplace pay for your domains traffic?” Each day you are sending red hot leads into the marketplaces and yet most of those leads go to buying other people’s domains. My second question is, “What commission did you received on those sales?” Here’s the answer, zero.

The counter argument to this is the commission levels are set by taking into account the traffic. I don’t buy into this argument because if that was the case there would be differing commission levels based upon traffic and this does not happen.

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Saturday Musings - I'm a Failure...

Saturday Musings - I'm a Failure...

I recently launched a new business and it’s been an abject failure. The service I was selling was great and I was sure that customers would absolutely love it but no one has even looked at it. My marketing efforts even went as far as involving some giveaways and I still didn’t get a result…..although the potential customers loved the trinkets.

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So my shiny new bird bath is still sitting forlornly outside my study window with not a bird in sight. The birds loved the bread that I put out for them each day. I even placed the enticing morsels ever closer to the bath with the hope that I could watch them splash around on a hot summers day. But my customers have rejected all my efforts…..sigh….

How many of us have launched a new business only to discover that no one is interested in our services or products? With ever increasing frustration we put our hand deeper into our pocket to pull out more cash to throw at the market with the hope that someone will buy.

I hate to say this but someone has bought…..and that’s you. You managed to drink the kool-aid of your own business to the extent you’re no longer listening to your proposed target market. You could keep on shoveling cash out the door or you could do something a little more adventurous…..and that’s pivot.

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