“I Have a Great Business Idea”

“I have a great business idea! I was eating marshmallows and pretzels at the same time yesterday, and it dawned on me. Marshmallow covered pretzels – tadah! I bought the domain name MarshmallowCoveredPretzels.com, and I think there’s a great business idea. I need your help to make it happen…”

I am excited for people when they call or email me telling me they have a great business idea and the matching domain name. It’s great when people take initiative to start their own business online. There are many advantages to it, but if you’re reading my blog, I am sure you are already aware of them.

However, I am probably the wrong person to speak with about building your business idea into an actual business – especially if you aren’t planning to make it your complete focus. I am a domain investor first and foremost. I acquire domain names because I believe the value is greater than I am paying. On 90% of the domain names I acquire, my primary objective is to sell it for more than I paid, and most of the time that involves a quick sale.

A domain name can be a great start for an online business, but it’s just that – a start. You need to have a solid business plan to go along with your domain name, and that doesn’t include the financial backing that some projects need or the person behind it who is determined to make it happen. There are a lot of people with good ideas and nice domain names. It takes a lot more than that to build a business.

Development Tip: Check Different Browsers

BrowserShots.orgWhen I am working with my designer on a development product, I constantly check the new website in Safari and Firefox since I use a Macbook. My designer also uses a Mac, so he has the same browsers that I have. It’s critical to also check your site in other browsers (like Internet Explorer) since so many users use other browsers regularly.

Before learning about BrowserShots.org, I would email friends and family to ask them to check the site’s appearance in Internet Explorer. Needless to say, it can be difficult to get exact feedback when they’re interpreting what they see, and some aren’t familiar with taking and sending screenshots.

BrowserShots.org allows you to see how your website looks in various browsers, and it also lets you see them in different versions of the browsers. While most people are using Internet Explorer 7 or 8, there are still a small percentage using IE6, and your site should reflect this so everyone has an identical experience. BrowserShots.org gives you screenshots of different browsers, allowing you to see how your site looks in different browser windows.

Don’t wait until your site has already launched – use BrowserShots.org along the way.   You can also use W3Schools.com to see the percentage of users for the most popular web browsers.

Find a Business Model That Works and Then Scale It

My group at AIG did quite a bit of sponsored marketing in the bank channel. We co-marketed our accident insurance products to customers of the largest banks. We tested quite a bit of opportunities, and the variables in each of those opportunities, and we invested a lot of money in channels and demographics that worked.

During my second year at AIG, a former boss of mine from a college internship turned his family’s mortgage business into a full bank. Not only did I help him acquire the generic domain name he wanted/needed, I also helped him with other domain related things. Since his company was founded in 1947, he had a large customer base, but it wasn’t comparable to any of our bank partners. Despite my efforts to do a marketing test with this bank, my then boss didn’t allow it. Even if the test was wildly successful, it wouldn’t be possible to scale, so it was a waste of time.

As you may have noticed, I have been doing a lot of testing. I’ve been developing geodomain names, directory websites, automated mini sites, self-created mini sites, and everything in between. My goal is to find successful development models that are scalable. When I find something that works, I want to be able to do it over and over again with the same success. Whether a project earns $5/day or $500/day, it doesn’t really matter if you can scale it at a reasonable cost and time expense.

As you continue to develop and test models, I hope you keep this in mind. If you build on successful website, but it takes all of your time and effort, yet you aren’t earning enough to make a living, it’s not going to work. Even if you hire someone at half the cost of your time value and earn a profit, it’s likely that person won’t be as proficient as you.

I think it’s better to have many smaller successful sites that require less time and effort than one large one that doesn’t earn enough to make you a living and can’t be scaled.

WhyPark Helps Me Launch Crib Recall Website

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As I blogged about last night, I was able to buy DropSideCribs.com and DropSideCrib.com last night for registration fee. There is currently a large consumer recall for drop side cribs made by a company called Storkcraft, and over a million cribs are impacted sold at most major retail stores.

Michael Sumner from MiniSites.com suggested I put together a quick mini site, and I agree that a mini site would be a good way to go. This would allow me to be indexed in Google, which would have probably been unlikely with a parked page. The downside is that I am not an expert designer/developer, and it would have taken me a few hours to put something small together, and it just wasn’t worth my time.

I then thought about another option, which would allow me to develop a pseudo mini site. I contacted Craig Rowe of WhyPark and sent him a couple articles I wrote along with a stock photo I bought for a dollar.   He quickly whipped together a WhyPark website. Instead of simply parking it with Parked.com, I have given the site a chance to be ranked in Google and Yahoo, and we’ll see how it goes.

Veteran Domain Investor Seeks Web Development Feedback

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Richard Whitney, a person whose Whois information I’ve come across many times, reached out to me yesterday to solicit feedback on one of his developed websites. Richard began investing in domain names in 1997, and he has quite a gems.   Richard is looking for constructive criticism and some content feedback prior to launching his site.

Here’s a note from Richard, and I will chime in with some feedback soon:

My name is Richard Whitney, some of you may know me and some may not, I have been involved in the domain business since 1997. I own several thousand domain names and have bought and many throughout the years.

Back in September of 2008 while reading the Wall Street Journal, I came across an article entitled How to Handle “I Hate Your Company.com”. I liked the domain name so much that I contacted the owner and bought it. I thought that it would go well with I Love Your Company.com so believe it or not I hand registered the name. I noticed that most of the major corporations are going after names such as walmartsucks.com, ibmsucks.com etc.

With a bit of hesitation, I launched iloveyourcompany.com/ihateyourcompany.com, a safe haven for people to talk about companies that they love and hate.

I am eager to make this work and would love any and all feedback, negative or positive. I need help populating the site as well, so if you would be kind enough to help populate, it would be greatly appreciated!

Sincerely,

Richard Whitney

Some Development Suggestions for Domain Investors

With the recent launch of DogWalker.com, I’ve been given more perspective about web development from the point of view of a domain investor. The site I launched is different than my other websites in a few ways, and I’ve expanded my breadth of knowledge as a result. This isn’t the most polished blog post, but I wanted to share some jumbled thoughts while they are fresh.

In some ways, domain investors frequently go about things ass backwards when it comes to web development. Instead of coming up with a great business plan and execution strategy – and then finding a brand and domain name to use, many of us (myself included) build the strategy around the domain name. Not that this is a horrible idea because a domain name is key, but many of us don’t have the background (or time) required to execute a new Internet business.

Before you do anything, think about what domain name you want to develop and how you’d want to develop it. It doesn’t have to be your best name, but it should be a name that has a good chance for success (either a great domain name or a great idea you plan to implement). If you don’t think you have one – or if you aren’t sure about that, then you probably shouldn’t develop it.

You don’t need a great domain name to have a great website. However, you do need a great product, service, or unique information that will propel you above your competition. If you have neither, please don’t develop just to develop. If you are passionate about a topic and aren’t developing to make money (like I did with my blog), then by all means go forward and have fun with it!

You will then need to think about why you want to develop and what your long term goal for each website is:

  • Create a full time business opportunity
  • Earn a passive revenue with limited involvement
  • Set it up and forget about it Adsense/affiliate
  • Topic of interest where money doesn’t matter
  • A plain website to protect from UDRP “non-use” or other TM issues

Once you’ve determined what your goal is for a potential site, ask yourself if your idea will get you to your goal. No – really, don’t BS yourself right now – think about this realistically.   TheMesotheliomaPros.net is not going to become a money making website, despite the fact that mesothelioma has high paying keywords. No matter what, you won’t be able to compete with the big guys and you are wasting your money on development. If you have Mesothelioma.com or .org, then you might have a shot.

The next step is to figure out how you will get there. You need to know what type of website you want to build on your domain name. You don’t need an expert’s knowledge, but you should know these things to communicate with a developer. Think about how you are going to make money and about how people will find the site. Some questions to consider:

  • Are you going to solicit advertisers?
  • How will advertisers sign up?
  • Why would advertisers want to be on your site?
  • How are people going to find your site?
  • What are you going to do to get ranked highly in Google?
  • How much will you pay for advertising and PPC campaigns?
  • Who would come to your site, and what are they going to do once they’re there, and why will they come back?

Use Google to do your research and seek out the advice of experts – both personal advice and blog posts. Look at other websites that have similar offerings and take note of the designs and functionality that you like and don’t like. Make note of those because a designer and developer are going to ask you to show them sites you like, so it’s helpful to have that information on hand. See how other websites are advertising and research inbound links to those websites.

Find a good designer and a good programmer (if you have a more complicated site or need extensive modifications on a template). There are thousands of great designers and programmers, but not nearly as many people who are masters at both. I blogged about where to find designers, programmers, SEOs, writers…etc. I see a lot of people posting RFPs on domain forums, but why post to a small group of these experts when you can reach hundreds?

Learn the basics of development, and/or learn how to use WordPress. You don’t need to know coding to use WordPress, and I am not talking about any design elements or coding. Learn where to find things in the control panel and how to create pages, posts, and other nuances of WordPress. If you don’t know anything about development (like me when I first started), you are going to waste a lot of money on simple fixes.

David Castello advised me to learn about Dreamweaver, and believe it or not, I used the basic knowledge I learned creating listings on Ebay to get a leg up on Dreamweaver. I also learned a lot about WordPress at the advice of Kevin Leto (who manages my blog), and that has been helpful. It’s not the most intuitive thing for someone who isn’t familiar with development, but I liken it to the domain business. It takes time to get a gut feel for domain names but it’s not rocket science.

Sorry if I sound like a downer with all of this, but I want to be realistic with you. When I see my friends successfully launching sites, I get amped to go out and do it myself. However, I don’t want people to see the sites I launch and try to go about it on their own without the knowledge.

Soon enough you will be able to map your route to success.

Again, the best piece of advice I can offer is this: Do not develop just to develop (unless you are doing it to practice or to gain knowledge about development). Only develop great domain names OR only develop great ideas. If you have an average idea and and average domain name, you will probably waste your money.