This is a guest post by Jon Yau, who purchased Stockphoto.com for $250,000 on Flippa. Here he shares his story and thoughts behind the purchase.
When you plonk down a quarter of a million dollars for a domain name in an online Flippa auction, three things cross your mind:
Firstly, am I out of my mind? Check.
Secondly – can I trust Flippa to deliver that domain name after I stump up the cash?
After drumming up enough Dutch courage to hit that “Buy it now” button, Flippa’s easy-to-follow process ensured the escrow settled as quickly and painlessly as possible – even over the Christmas/New Year period that my purchase occurred.
Far from being a robotic process, I received a personal email from Dave Slutzkin (the then-manager of Flippa) offering his help should I encounter any difficulties with closing the transaction.
Trust is the most important ingredient in any marketplace. Online or offline. As an original Sitepoint Marketplace member (the predecessor to Flippa) since January 2006 and with a number of transactions of some significance, I can safely say Flippa is the pre-eminent marketplace for websites and domain names on the web.
But most importantly, how was I ever going to get this past the wife?
A domain name is the face of your online business. It’s what people will remember you by.
If you choose the wrong domain name, it can be difficult to change and re-brand your business. Putting in a lot of thought and research before you make the decision will help to cut away any doubt you may have.
In this article, I cover the seven most common domain name mistakes that will make you look dumb. By committing any of these domain name mistakes you will make your brand and site less memorable. And now, we don’t want that, especially in a world where we’re battling for attention, and every letter counts.
Take some time to dive into the list below and save yourself the pain and embarrassment.
Don’t treat your customers like cattle.
Flickr photo: Rick Harrison.
As an online business owner, your main focus should be on two things:
However, in my experience, the product gets alot more attention paid to it than the service. In fact, customer service can often be downright ignored (even in this age of relative enlightenment).
As soon as customer service is neglected, the wheels start to come off. Why? Because under many circumstances, a great product is useless without great customer support to, well, support the end user.
In this post I am going to give you three real life examples of a potentially great product being compromised by terrible service. These are all recent experiences that I have had with online businesses, and even occur when the business in question believes in customer support. The quick takeaway from that? It takes more than a belief in customer support to get customer support right.
After that I’ll provide some key tips for brilliant customer service for online businesses – from bloggers, to sole operators, to small online agencies.
Running a web business is fun and exciting, but it also involves certain responsibilities. Knowing how they might affect you can help you to find the right business opportunity for you.
Your first step in finding the right web business opportunity is to define yourself. It sounds simple … or does it? Here’s a quick checklist of the factors you should consider before you embark on your entrepreneurial journey.
What are your motivations for owning a web business?
What topics interest and excite you?
How good are your technical skills, and in what areas?
How strong are your marketing skills?
How much time do you have available to spend on the site?
How much money do you have to invest in a web business?
How quickly do you want to make back the money you invest in the business?
Congratulations on acquiring your new app! You’ve done all the hard work in filtering through all the apps on sale, doing your research, and winning the bid for a great app.
You’re probably feeling really good about yourself for bagging the app at such a juicy valuation. Now all you have to do is sit back and let the money roll in. In a few short months, you’ll make your investment back. Ka-ching!
Sorry to burst your bubble pal, but the hard work isn’t over yet. If the app was such a passive money-making machine, maybe you wouldn’t have got such a good deal on it?
So get back to the desk and buckle up. Here’s what you need to do to if you really want your investment to pay off.
When considering a website for purchase, the existing content on the site and the opportunity to expand that content should be high on your list. After all, new content can be a key opportunity to quickly upgrade a website, especially if your goal is to truly flip it.
“Very few ideas are new,” says Tom Amos, Founder of Melbourne-based Sidekicker.com.au when I ask him how, exactly, he got the idea for his fledgling but successful startup business.
“I think there’s way too much of a focus [in the startup space] on creating something totally new that’s not being done anywhere else in the world. What’s the saying? ‘There’s nothing new under the sun.’”
Of his own business, he says simply, “We saw an existing market, and we wanted to improve on that.”
But it turns out the factors that let Tom spot that opportunity are pretty complex.