I’ve been thinking a lot lately about what direction I want my business to head next and have come to the assumption that I really need to clear my head and start concentrating on one thing at a time.
This all came to me during one of many recent sleepless nights when I decided it’s time to do something with a few of the domains that I have collected over the years.
Like many of you, over the years I have built up a collection of domain names that I have done absolutely nothing with. I’ve always had plans to do something with them and couldn’t bear the thought of anybody else jumping in and grabbing them before me.
While ever they are sitting there doing nothing they are causing me unnecessary distraction.
So What Are My Options?
The range of options available to me (apart from letting the domain expire) include:
- sell the domain at auction,
- develop the domain and flip it for a greater profit in 3/6 months, or
- develop the domain and partner with/or outsource the ongoing work long-term
What Have I Gotten Myself Into?
Now life has a funny way of throwing things at you. When logging in to check my e-mail this morning I was surprised to see a strange looking e-mail notifying me of an order from one of the domains mentioned above.
Now I’ve always known this is a great domain — it’s keyword rich and in a niche that it has proven to be profitable online. I’ve had numerous false starts with this domain and my bouts of enthusiasm have been followed by lengthy periods of non-activity…. so why haven’t I done anything about it?
The simple answer is — I just can’t get interested in the topic area… Weddings!
Apart from free beer at the reception, the wedding industry absolutely bores the crap out of me…. hence the reason I’ve had numerous false starts with this site over the past few years.
So the order I received this morning has now become the catalyst for turning my domain portfolio into something more useful.
What Is the Plan?
I already have the site up and running with a few products loaded up in the shopping cart. To get started I have been able to source an account with a reputable drop shipper, so it really make sense to fully develop and market the site to its full potential.
Once the site is attracting decent traffic, and more importantly decent profits, I will then look at flogging it off to somebody to run long-term who is actually interested in the wedding industry.
The other option is, if the site is vastly more successful than I first anticipated I will then look to employ, outsource, or partner with somebody who will take care of the sites day to day activities and keep it in my portfolio of online businesses.
At this stage I’m leaning towards a six-month sprint with a view of selling it privately or at auction on Flippa.
How This All Fits in with Shopping Cart Strategies
For a while now I’ve been struggling to come up with a direction for developing content for this site. Just too many distractions and no accountability!
So what I plan to do is use this as an opportunity to create a collaborative learning environment for anybody who is looking to learn more about selling physical products online by blogging about my experiences.
The plan is to maintain the blog with the steps that I am taking to turn the site into an e-commerce powerhouse. I will be totally honest with what is working and more importantly what is not.
Nothing like putting your balls on the line to prompt some action!
Why Don’t You Also Get Involved?
So if you’re keen to follow along (or even throw tomatoes from the bleachers) make sure you get on my email list for the weekly updates (you can unsubscribe at any time).
I’d also encourage anybody who has been thinking about starting an e-commerce business to also take up the challenge and follow along by putting some of my recommendations into action. If you do, please let us know in the comments below (the more the merrier).