advice Focus on Consistency

[Whizzbang]

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.

Read More >

 

[frank-germany]

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.

yes you are right

but my experience is this:
a buyer comes
or not

the core question is:
how to attract the right buyer
without spending
what is needed to be spend today

you couldn't answer this .

 

[Whizzbang]

yes you are right

but my experience is this:
a buyer comes
or not

the core question is:
how to attract the right buyer
without spending
what is needed to be spend today

you couldn't answer this .

Actually I chose not to answer this question in this article.
I think that sometimes you are wanting a book and I'm providing a page at a time LOL!

 

[deez007]

Hey @Whizzbang

Hope you are well...

This looked like a good read, but seems the page is down at the moment. (403 Error)

 

[baseballworld]

Many people rather be lack of time or what not don't sit back and break down there portfolio and goals, analyze it and then organize it to best fit the needs in a much needed fashion.

 

[Whizzbang]

Hey @Whizzbang

Hope you are well...

This looked like a good read, but seems the page is down at the moment. (403 Error)

Hi there
It's up for me......not sure what the problem is. Can you try again please?

 

[Whizzbang]

Many people rather be lack of time or what not don't sit back and break down there portfolio and goals, analyze it and then organize it to best fit the needs in a much needed fashion.

I couldn't agree with you more.....

 

[frank-germany]

Actually I chose not to answer this question in this article.!

so you have an answer?

 

[Whizzbang]

so you have an answer?

I actually do think that there are quite a number of things that can be done to sell more domains.....future article fodder.

 

[frank-germany]

I actually do think that there are quite a number of things that can be done to sell more domains.....future article fodder.

how many domains did you actively sell that way?

 

[SBS66]

yes you are right

but my experience is this:
a buyer comes
or not

the core question is:
how to attract the right buyer
without spending
what is needed to be spend today

you couldn't answer this .

I don't understand this part: "...without spending what is needed to be spend today."

If it needs to be spent to get the right buyer, then how is the right buyer going to be attracted without spending it?
------
I love domaining, but I think there is a mindset that all "my" domains are diamonds, and so people will beat down my door to pay me boatloads of money for it--all without me doing anything. Not everyone needs a domain, and so no buyer is "going to come or not."

I think that the problem is that most of us don't treat it as a business.

@Whizzbang - thanks for another good read. I keep a budget and reinvest about 30-40% in "stock" or what I refer to as inventory. Now, as for scaling...that is giving me headaches at the moment.

 

[frank-germany]

I don't understand this part: "...without spending what is needed to be spend today." .

what "it needs today" is such a lot of money that you won't be able to make a profit

 

[frank-germany]

Not everyone needs a domain, and so no buyer is "going to come or not."

http://www.businessinsider.com/virtuestream-ceo-rodney-rogers-startup-advice-2016-9?IR=T

"You can’t build the company to sell it. Companies get bought, not sold," Rogers told Business Insider...who sold his company for $1.2 billion...

same is true for domains,
..I'm afraid

 

[frank-germany]

Not everyone needs a domain
.

I doubt that

 

[somidiscount]

Eager to get their businesses off the ground, many young startups make branding mistakes because they don’t understand the right marketing messages.
You may adjust your marketing messages periodically, or you may have different messages for different audiences, but focus on something from the start and be consistent.

 

[redesignunit]

consistency is the most powerful key of success. great article.

 

[SBS66]

http://www.businessinsider.com/virtuestream-ceo-rodney-rogers-startup-advice-2016-9?IR=T


same is true for domains,
..I'm afraid

Thanks for the link. One domain (waiting for a buyer) does not a business make. Notice that Rogers suggests building the company.

 

[SBS66]

I doubt that

Example: my father and my brother don't need a domain name. Ditto for many of my friends who have no businesses or online interests other than FB and other social media.

But don't take my word for it, see:

"You get where I’m going. You can’t sell someone something they don’t need, but you can, and most likely will, sell them something they do." http://www.domainsherpa.com/reverse-engineer/#transcript

 

[Bernard93]

Thanks for sharing. Amazing value

 

[frank-germany]

Example: my father and my brother don't need a domain name.

that may be true for their mind set today

but they are better situated when they own their own name as a .com
at least

 

[SBS66]

that may be true for their mind set today

but they are better situated when they own their own name as a .com
at least

I'm curious...better situated to do what? Neither owns a business nor has an interest in starting one. Neither cares about social media where they might put a domain/site to work for them. They use the internet as a sort of handy dandy dictionary, a how-to guide, news on demand kind of thing.

Any one can pitch domains to them all day long and wouldn't even get a reply about anything.

Personally, I wouldn't waste my time.