So now you have a profitable business. What’s next?
Essentially, two or three alternatives:
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- Sell it (website “flippingâ€)
- Increase your current model to its maximum capacity
- Start a new business
Each of these options has pros and cons, and each is “fun†to do.
Selling Up – Some web entrepreneurs develop sites to a point where they can be resold for 4, 5 or even 6 figures, and then they go on to their next one. In fact, they often do multiple sites in parallel. Typically, a total budget for a site like that might be around, say, $10,000 overall, but then it gets resold for $100,000 or even $250,000. Many marketers scale this model down, where they spend, say, up to $1,000 and then go on to resell their sites for $10,000 or whatever they can get.
Maximizing the Current Model – As long as you’re able to reinvest a portion of your profits to keep increasing the traffic volume (without decreasing your conversion ratios), you can theoretically continue scaling up to infinity. In practice, all free market businesses seem to have a “natural†maximum size – so unless you can lobby your government for unfair advantages, chances are you’ll hit a ceiling within 2-3 years, assuming you’re steadily growing. For some people, this is THE ideal scenario. But even for those of you who like to leave things as they are, we would always recommend a little diversification. Makes life more fun.
Starting Afresh – Once your site reaches profitability and that elusive “auto-pilot†functionality, it may be a great idea to start another one. Many marketers do exactly that. In fact, some develop multiple sites simultaneously. Once you get good at it, you can, theoretically, create “dozens†of new sites each year – especially when you consider that you can outsource EVERYTHING without revealing your “secret sauce†to any of your individual outsourcers. In those cases, ALL you would need is a trusted outsourcing manager and all your new ventures would not merely “RUN†on auto-pilot, they would be CREATED on auto-pilot!
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| Book 3 – Chapter 56Budget Considerations |
Course Overview | Book 3 – Chapter 58Final Notes |
Book 3: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, , 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, Overview
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