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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Part 2 - Building a Business - Getting Buy-in

Part 2 - Building a Business - Getting Buy-in

At the end of Part 1 I indicated that this article would be focusing on how to land a business partner/investor for your great idea. I’m going to use myself as a case study but understand that every investor will have different motivations for wanting to spend their time in a new venture.

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Like any good business, it usually begins with something drawn on the back of an envelope. That spark of an idea that seems to ignite the very ether with potential and every time you think about it your heart skips a beat.

What am I looking for? In one word, passion. I’m sitting at the bar at NamesCon and you’ve come to me with your idea (I’m not going to steal it) and during your story telling about how you came up with the idea I’m looking for how much you want it. Are you going to crawl across broken glass, traverse a desert or swing across a chasm to see your idea flourish?

So many potential entrepreneurs pitch their ideas in such a boring manner that causes me to look for someone else to share a drink with. If your unexcited when your baby is about to be born, then what are you going to be like in six months when you’ve been up all night because it’s been crying? Get animated and make the story interesting!

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Part 1 - Building a Business - Moving From the Idea

Part 1 - Building a Business - Moving From the Idea

So you’re having a shower (where all truly great ideas come from) and it suddenly hits you like a blinding light from heaven…..the most incredibly brilliant business idea to build out a domain you’ve ever had! There’s just one problem, what’s next?

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So many great ideas remain just that, a great idea and nothing more. Just today I was approached by a domainer to purchase a domain name and as a part of their pitch they told me that it would be fantastic as a particularly type of business. Based upon this “idea” they believed the price of the domain was justifiably inflated.

My immediate thought was to ponder, if it was such a great idea why didn’t they build the domain into a business themselves? Let’s face it, they were trying to price the domain based upon all the work that I would do to create a profitable business. That just doesn’t work for me….

A domain has value but don’t fall into the mistake of pricing in, not just the value of your domain but also the value of a mythical business that the buyer would have to create on it. Many domain owners make this mistake and wonder why they don’t sell any of their inventory.

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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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How To Get Business Investment

How To Get Business Investment

There never seems to be a shortage of people wanting you to invest in their brilliant idea that is going to take the world by storm. So what do I look for in an investment opportunity?

Just to be clear, I’m not going to invest in a business where the money goes to paying off loans, scooped of the table by founders or pays off some other obligation. The purpose of investment money is to GROW the business so that it is successful…..not clean up messes.

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When I invest in a venture, I’m actually investing in a person so I really listen to not just the content of the pitch but whether the person giving it really understands the value proposition. If they can’t articulate the value proposition in about 1 minute, then I become completely disinterested. I’m not deliberately being rude; I just don’t have the time for someone that hasn’t clearly thought about it themselves. It may be a good idea but a potential founder who hasn’t thought about why it is of benefit to customers is not investable.

The second thing I look for is the background of the founder and how they came up with the awesome idea. I’m wanting to hear passion in the voice and why they are going to put everything on the line to get the business up and going. Entrepreneurs tend to have a succeed at any cost mentality that allows them to push through or around any obstacles in their path. If that attitude isn’t there, then you’ve lost me.

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