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|I made my goal last month|
Last month I achieved my personal goal that I have had since the first day I put AdSense on my site. That will be 3 years ago this month.
Now what? I find myself having less and less ambition to grow this as a business, and I find myself wanting to spend less time in front of the computer.
Selling it isn't an option; not at current valuation of 10x monthly earnings, and not with my great domain name -- I've had several offers and inquiries for it. I don't think anyone will be willing to pay what I think it is all worth, especially with the potential it has. Even aside from "potential", I don't think I can get a fair price for it.
Soooo, what's next? Consider it a career and dedicate more time to it, or let it wither on the vine, or sell it?
[edited by: RonS at 11:49 pm (utc) on Mar. 1, 2007]
i wish I had your problems..
This is a decision you really need to make on your own. Reaching a goal is a great achievement, think of it as a milestone. The question is can you take it to to the next level, and are you able to invest the time and effort to do this.
Adsense certainly isn't for everyone, there are many people who think it is as simple as building a site, pasting adsense code and watching the money roll in. You know differently. It is difficult.
The major problem I see with people investing all their effort into adsense based income is lack of security. It can all disappear if your site looses traffic.
I think what you need to do is set another goal, then sit down and think is it possible, if I achieve my new goal, what effect will it have on my life. If you believe it is possible, and beneficial then I say go for it, but be very careful to weigh up all the options before you commit.
[edited by: mack at 12:28 am (utc) on Mar. 2, 2007]
Can you just put the site on autopilot?
|I made my goal last month - Now what? |
Set another Goal! As simple as that sounds, if you don't set another goal, either related or unrelated to the one(s) you have alread achieved, then you stagnate.
Whatever you decide to do with the site, (sell, ignore, build, whatever), set it as another goal and keep moving forward.
great hindu philosopher once said having less is more, so give it to me, I will be glad to take off your hands:)
|Even aside from "potential", I don't think I can get a fair price for it. |
Let me tell you one of my negotiating tactics that I've used several times which surprisingly works with the right motivated buyer. If you have a dollar amount in mind, even if you think it's too high because someone told you 10x monthly earnings (BAH!), simply ask for the amount you want.
Nothing is lost if they say NO as you already expect them to say NO. However, the problems is if they agree to that price, which happens from time to time, that you then have to actually decide if you really want to sell or not.
For me, 10X my currently monthly earnings is mice nuts as I've been on a steady increase for 18 months, I see the potential. I'll sit tight on the cash flow for that 10x amount because what happens at the end of those 10 months, will you have a new cash flow to replace it?
Maybe 2x-3x annual would perk up my ears, and that's a maybe.
RonS, I challenge you to double it in half the time. :) How is that for a goal. Or be very scientific, and see if you can keep up with Moore's Law.
10x the monthly income? I hear this the first time, that's a joke, ways too low...
As for your choices: Did you think about taking off a year (from the site, I mean, assuming that you have a "real" job as well) just to think and use the money that AsSense earns you to outsource the maintenance and expansion of the site?
That will give you some time to think about it from a difference, and it might turn out that your work-input is not require any longer to keep the site growing and performing well.
Just leave the website alone and let it run on autopilot.
That's what I did, and the traffic and income was just increasing steadily over the years.
But that's assuming that your site is really content rich and needs no updating. Not like computer or technology sites needs constant updates.
And use the time to build a second website.
And don't sell it. But if you want to sell it, market rates are between 10x to 14x of monthly income. But if you do decide to sell it, then do contact me :)
Thank you all for your thoughtful responses, and thanks to WW and this forum too, as I've learned a lot from the membership here. The main site is a hobby site, at least it started out that way! The advice here about do/write about what you enjoy is spot on.
I left my "real" job in IT management back in 2002. This was supposed to be the fun pasttime! :) Now instead of interacting with 50 people a day, I sit at my computer screen with my wife at my back (we sit facing away from each other) sharing the office in my home. I suppose having her AT my back 8 hours a day is better than having her ON my back 24/7.
My next goal would have to be HUGE as I'm not one for setting small goals. I also like to set realistic goals, because I like to achieve them! I suppose the question is, "Do I have the stomach to sit behind this desk for another three or four years and do this thing with renewed energy and dedication?" and "Will I ever get a GoogleGift?" LOL
My next step would likely involve hiring someone to help run things technically. I have a GREAT webhost, but now it is time for a dedicated box (or two for HA / failover) and I just simply don't want to be doing that sysadmin stuff.
I am still undecided. Maybe a vacation would be good, but how does one take a vacation from this type of job? I'm already in my pajamas all day.
@jonaspersson75: I know this isn't a "problem" and I am grateful EVERY DAY for ALL of my blessings, AdSense included.
@mack: Yes, there is a lot of work involved, and you have to be a "Self Starter" to motivate yourself to do that work.
@ken_b: Auto_pilot is not really an option, but creating an auto pilot by bringing someone on to manage it is a possibility.
@Woz: Great advice as that's what I'm trying to do, I suppose. Just trying to decide if AdSense will be in that goal. Right back Onya!
@dollarshort: Another great philosopher once said: "Get your own box!"
@incrediBILL: 3x annual might get me interested, too. I wonder at what point does a site start to move from the commodity 10x monthly to the crazy you-tube kind of valuation. Also, remind me not to buy a car from you! I might be walking home. :)
@youfoundjake: That goal (doubling in 18 months) is way too easy. I've been doubling every few months. My next goal would be something like increase revenue by 10x in the next 3 years.
@wolfadeus: Very very strong argument and a great approach... except what would I do with myself for that year? I'm already "on vacation" and how do I go into something else with such a potential withdrawal? But hiring someone to "put it on auto pilot" is something being considered.
@daveo99: Ditto on the auto pilot, and sure, I'll call you first! (Hmmm where WAS that number?)
There are people out there that will pay more than 10x monthly earnings for a good site. I just bought a site that didn't have any prior earnings for 4 figures and I expect to make my investment back many times over this year alone. (Some of the people who post those 10X numbers are the ones who buy sites for a living and try to get them cheap. One person who posts here and has adamantly defended the low prices has bragged elsewhere about how cheaply he/she can buy sites.)
As far as being bored, maybe start another site or a whole bunch of other sites on different topics. Or join some clubs, do volunteer work, etc. Personally, I'd rather work at home and join some clubs for socialization than go back to full time IT work.
RonS, your situation sounds exactly like ours (the pajama thing sounds familiar too).
When we started, we made a "yearly" goal, and we reached that goal last year. Now what? I told the hubby we need a new goal, but have yet to come up with a plan.
First on the list of things to do this year, after taxes, was to go to the 2007 Boston Pubcon, but I don't think they are having one, I couldn't find any information.
Next on the list, is finding ways to spend money for the "hobby that turned into a business."
In the Spring, we'll probably be doing long putoff yardwork and fixing the house.
Then taking off and doing some traveling during the summer. Our websites are pretty much on autopilot. We set it up so that we can travel with laptops and upload or tweak anything we want while on the road.
Here's an idea. Become a movie star. Invest in a video cam, learn how to use it, and videotape the different aspects of your hobby, upload the videos to utube, and push the traffic to your website.
Bin there, done that. Now back to square one.
Do you have your retirement fund completely funded >$1M
Do you have your kids and potential kids college funded?
Have you setup a charitable foundation or college tuition foundation?
Do you donate time & money to your community?
Got any rental properties?
Do you have a vacation home?
Money can give you the freedom to do a lot of things and to help a lot of people.
Congrats on your success.
I have always thought RonS was a very intelligent person and also incredibly good looking (what?! Nooo, I don't want to know the URL...honestly...)
You could always do a fancy eBook detailing exactly how you did it = more profits.
|You could always do a fancy eBook detailing exactly how you did it = more profits. |
Oh, no, not another how to get rich ebook site with popup ads and a disabled back button. :(
don't change too much, put it on auto pilot. set a completely separate and new goal while you are putting the best use to your current stream of income that will change with time. perhaps sooner rather than later if you keep messing with it too much.
|That goal (doubling in 18 months) is way too easy. I've been doubling every few months. My next goal would be something like increase revenue by 10x in the next 3 years. |
Then you'll have to lower your growth ratio.
If you double your revenue every six months, after three years you'll be running 64x the current revenue.
If you're bored, you should try it.
|Small Website Guy|
I understand where the OP is coming from.
I built a website, then got bored with the endeavor. I hardly ever look at it. But it keeps bringing in a steady $15K or so per year. And the 10 months thing is a load of BS. I've been offered as much as 5 times my annual income. But how would $75K change my life? I like having the steady extra income
@Jane_Doe: You may be right, as an unmotivated seller, I really haven't investigated finding a motivated buyer.
I have a few other sites that are languishing. If I continue forward, those sites will be where I concentrate. Join some clubs? Hmmmm... Not a bad idea; I'm already an inactive Freemason and Shriner, I could probably also become an inactive member of another group. :)
@SweetCognac: Don't you just DREAD webcams? lol
Yes, you're right! Our situations DO sound a lot alike. For how long have you been a movie star? (And how does one push traffic from youtube back to your own site?)
@sailorjwd: Dude! You can ALWAYS find uses for more money, the trick is to become satisfied with what you have and who you are! If I had loftier goals and demands for more money this wouldn't be an issue.
@nutsandbolts: You are an astute judge of character, intelligence and attractiveness! As such, you KNOW I wouldn't violate ToS by posting that info.
An eBook!?! "How I gave up my high-paying career to make a moderate amount of money by working really hard and long hours for years at my hobby until I got tired of it and had a midlife crisis" A sure winner!
Chapter 1: The Day I Quit My Job.
It was a dark and stormy night. The Captain said to the Sailor: "John, tell me the story I long to hear."
John said: "It was a dark and stormy night."
@kaz: Best use of my income stream? See Sweet Cognac's post!
@activeco: Well, that would be nice, but theoretical things have practical limits! When I set this goal I thought I'd achieve it a little earlier, but I set it because I thought it would be an achievable goal. I don't think that 64x current earnings is possible, but who knows! 10x in 3 years on its face feels like about the right goal, but I still haven't put much into that analysis yet. I just don't see close to a million visitors a day being a probability with my current approaches. I'd have to find some more creative ways of drawing traffic and some new sites to build that would be in good niches and be able to keep my interest. And all that content! My head spins. :)
@Small Website Guy: Exactly! While it would make me think about it... that would be my first thought! My second would still be "NOW WHAT?" Right back where I am here.
I would very appreciate if all of us smart entrepreneurs, working in our pajama's (or even without it ;)) and getting the deserved rewards according to our enormous efforts, would consider setting up a part of our goals devoted to those not so lucky or those born in a wrong place.
Why not putting say, 5%-10% apart for making a real difference.
The money we spend on a coffee in a better restaurant could mean a month of life for some people.
This may sound unbelievable but, e.g. for only about $20 a month you could sponsor a child worldwide and enable her/him to get food, clothing, medical care and educational assistance. $20 a month!
Wouldn't it be a nice goal if we, besides getting a better house, car or boat, know that just a miserable part of the revenue enabled a decent life for someone, somewhere? More revenue = more people REALLY helped.
Search for the phrase "sponsor a child" or do it in some other, your own preferable way and I guarantee it, you will have a smile in your sleep.
If you are satisfied then can you send a little my way? I'm supposed to be retired now but can't and I'm getting too stupid to work :(
[edited by: jatar_k at 3:30 pm (utc) on Mar. 9, 2007]
[edit reason] no politics thanks [/edit]
Let me get this straight -- You want me to work more to earn more to give it to you so you don't have to work?
Are you a government? LOL
I hear ya. I got tired of constantly trying to fight the fresh-out-of-college guys and keep things simple without always moving systems to the "latest and greatest" flash in the pan tool, or language, staying always on the bleeding edge of technologies.
My resume must have 50 different languages in all forms from JCLs and MASMs and 2GL and 3GL and even "forth". And all the operating systems! All the little unix tools, the lex's and the yacc's and the grep's and the cut's and the make's and the sed (great tool!) and .... and all the editors! Maybe more than 50.
And let me toss out how we successfully avoided major complications from Y2K, thanks to a HUGE industry effort. (I had cans of tuna fish in my basement for years after!) While the kids were having Chinese food with their parents and Dick Clark we were watching over the rollover.
These kids are gonna clean up with AJAX I guess. I guess we're just not smart anymore. Oh wait... we invented SMART. Don't forget email relays. Or DECNET! Or keypunch machines.
And actual daily greenbar report printouts!
Yes, it was a lovely career.
But enough about me and my past. Let's talk about my future!
Since I reached my Adsense goal, the usual 10K per month, one of my new goals is just to go back to when I did my hobby just for fun.
Watching the money growing, for me, made me look at every project as a prospect for more money instead of why I started doing it, because I enjoyed it. Now that you've gotten your goal with Adsense, maybe just go back to the basics. Hire someone to do the boring stuff, this is what I did, and only do the fun stuff. I bet your visitors will notice your renewed passion for the subject matter if it's a hobby site like you mentioned and your income will continue to grow as you have fun in your jammies.
|@SweetCognac: Don't you just DREAD webcams? lol |
Yes, you're right! Our situations DO sound a lot alike. For how long have you been a movie star? (And how does one push traffic from youtube back to your own site?)
Hahaha... yes Ron, I do DREAD webcams, and I am NOT the movie star. The hubby is the movie star (he's better looking) I do the filming and editing.
We started out just by playing with the video function on our digital camera. Then I open the videos in Movie Maker, added a title, etc. and upload it to utube. We've only made about 5 so far, but it's working. You can add "Visit a great hobby website at bla.com" at the beginning.
If your hobby is as addicting as our hobby, people will have no problem checking out your site. Does your hobby site have a forum? Add the url of your forum to the end of your video. "Visit our friendly forum and meet some nice people at bla.com."
You can even talk about your hobby site on your video while you are explaining your hobby.
This is working so well for us, we went out and bought an actual video cam, so we can have more control over what we are videotaping.
Wouldn't it be interesting if we have the same hobby as you? :)
Pay someone you trust to admin the site, check on them periodically.
Start a new site that competes with your current one.
This way you get rid of the real competition and domitate the serps even more.
Also start selling designer pajamas for work at home people ...
Hire someone for maintenance and drink cocktails under the sun on Waikiki
|Hire someone for maintenance and drink cocktails under the sun on Waikiki. |
Now, THAT would be boring to death.
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