Business in 2014

Business in 2014

OK....so the photo is a very much younger (and thinner) version of me but let's face it....you weren't looking at me, you were looking at the gorgeous girl to my right that said "yes". After being married for over 26 years I find that my eyes are on her as well, her dreams, her aspirations and really what makes her tick.....which brings me, believe it or not, to business.

Keeping your eye on what's important in family life is just as important for your domain business. In 2014 ask yourself "what's really important?". I see too many people going about their lives never asking this simple question. They've fallen in love with their domain names and believe that they are the experts at monetisation, set unrealistic valuations and spend hours doing what I would call "busy work". At the end of the day they jump on a forum, moan about the down turn in the industry, how sales are tanking and get jealous because it seems to be working for everyone else.

The facts are, if you keep on doing the same thing and expect a different result then you're insane. Make this year the year where you focus on what's really important in your domain business......and that's profit! I hate to be boring on this issue but profit equals revenue less expenses.....

Too many domain owners have focused their attention on increasing their revenue line but completely ignore their expenses. For example, when was the last time you built a cashflow for your business and put in their some hourly rate that you are charging your business for your time??? Most domainers value their time at $0....which is completely insane.

Let's unpack this.....let's imagine that you are earning $1,000 per month from domain parking. Ask yourself, two questions. How much time do you spend working out whether you have the best solution for getting the most from your traffic? How much time do you spend on working out if a domain should be renewed or now? If you aren't spending any time on either of these two questions then I can almost guarantee that you're losing money!

Here's the thing.....your time IS MONEY. It's often better to pay someone else to lose sleep managing your domains so that you can working on another project. The challenge is to let go of your babies (ie. domains) and place them in the care of another trusted party. You'll free up your time and if they are doing their job correctly you'll end up with more revenue and more importantly more PROFIT.

So this brings me back to what I was saying at the beginning......in 2014 focus on what's important......PROFIT. Like my wife, this is what I think about in my various business endeavours.....always PROFIT. Please, oh please.....don't value your time at $0.

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Saturday Musings – A Great Industry!

Saturday Musings – A Great Industry!

I’ve always been a believer that the domain community is one of the most unique and precious features of our great industry. What other industry can you swap, sell and move assets around the world on the basis of a skype call? With this in mind I decided to do something that would hopefully support the community and encourage real human interactions where we not only can learn from each other but also about each other.

So this past week I set myself the task of building the social interface to whizzbangsblog. I must say that I’ve been pretty busy and working into the wee hours of the morning to get the site sorted out. I’ve received a LOT of feedback which has been fantastic and some of the ideas I’ve already implemented while others may take some time. I want to thank everyone for this assistance, thoughts and most especially for letting their friends know about whizzbangsblog.com

So what’s next? In a lot of ways that’s up to the community. There are a lot of tools now in place, some of which include:

Event management system

Groups

Photos and Videos

Blogging platform

What I hope happens is that each of us thinks of ways that we can contribute so that we can built a great knowledge base and strong relationships with other community members. So why not start a group, invite a friend or post a question to the community. Remember, there is no such thing as a stupid question……

I should also ask that you please excuse any bugs that crop up from time to time…..I will do my best to stamp them out.

Cheers!

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.Club: 1 Million Registrations by Year 1, 5 Million by Year 5

.Club: 1 Million Registrations by Year 1, 5 Million by Year 5

OK, I've seen this posted around the different forums that .club is going to make it really, really big but I personally believe that 1 million registrations by the end of the first years is a big stretch. What's crazy is that they could have said 200,000 and everyone would have thought that was a lot of domains. If they pass the 200,000 mark they will look like heroes but now they've set a bar so high that it's going to be tough to reach.

Don't get me wrong....I wish them all the best. I wear their polo shirt all the time....it's really comfortable. :-) The problem that I see with many of these new extensions is that many of them have had to get investors to "drink the kool-aid" and this has set them up to fail. I personally think that about 98% of them will go down and be snapped up by some of the more successful ones....by hey, it's a gamble and people with a lot of money seem to like doing it.

As for me, I'm going to stick with .com and some of the ccTLDs as I know for sure that they're not going to vanish in a hurry.

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