Killing The BodyMonkey?
I'm not sure what to do, so I'll write it out..
I've got two very similar online businesses:
HouseOfRave.com and BodyMonkey.com
Aesthetically they look identical, but they are geared towards different markets. I have HoR which is a niche website that caters to light up stuff, so the items sold are generally things that glow, blink or light up.
BodyMonkey goes through the same supplier as House Of Rave, but focuses on a broader product range. On BodyMonkey you can find all sorts of toys, games, decorations and things that appeal to a larger audience. The broader range of products is good, but online specialization is sometimes BETTER than selling items you can often find elsewhere. This has been a key to HoR's success.
House Of Rave has been the steady producer over the years which only recently I've been taking more seriously. BodyMonkey makes a small profit every month with a large potential, but I don't think I can maintain both stores. I've tried with very average results.
So my problem is should I keep both businesses or focus just on one? I've struggled with this question for a while now, and in my opinion I should get rid of BodyMonkey.com.
Focusing on just House Of Rave would allow me to improve it to awesome status, while focusing on both sites might leave me with two mediocre sites.
OPERATIONAL COSTS:
House Of Rave costs roughly $350 per month to keep running.
END GOAL:
The end goal for HoR and BM is to provide me with a steady monthly income so I can dabble in other projects while still having my bills paid. With the additional burden of BodyMonkey on my hands, maintaining the two stores almost becomes a full time job.
I've got two very similar online businesses:
HouseOfRave.com and BodyMonkey.com
Aesthetically they look identical, but they are geared towards different markets. I have HoR which is a niche website that caters to light up stuff, so the items sold are generally things that glow, blink or light up.
BodyMonkey goes through the same supplier as House Of Rave, but focuses on a broader product range. On BodyMonkey you can find all sorts of toys, games, decorations and things that appeal to a larger audience. The broader range of products is good, but online specialization is sometimes BETTER than selling items you can often find elsewhere. This has been a key to HoR's success.
House Of Rave has been the steady producer over the years which only recently I've been taking more seriously. BodyMonkey makes a small profit every month with a large potential, but I don't think I can maintain both stores. I've tried with very average results.
So my problem is should I keep both businesses or focus just on one? I've struggled with this question for a while now, and in my opinion I should get rid of BodyMonkey.com.
Focusing on just House Of Rave would allow me to improve it to awesome status, while focusing on both sites might leave me with two mediocre sites.
OPERATIONAL COSTS:
House Of Rave costs roughly $350 per month to keep running.
- $100 - Dedicated server. Not bad, because I also host a slew of other websites from this server paid for by HoR.
- $95 - Merchant account fees.
- $20 - Google Checkout fees.
- $50 - PayPal Fees
- $45 - Vonage phone bill.
- $5 - American Express acceptance fee
- Other additional yearly fees which I amortize into monthly billing.
- $40 - Yahoo Store fees
- $45 - Merchant account fees
END GOAL:
The end goal for HoR and BM is to provide me with a steady monthly income so I can dabble in other projects while still having my bills paid. With the additional burden of BodyMonkey on my hands, maintaining the two stores almost becomes a full time job.
With this said, I think it only makes sense for me to kill the monkey. Sad, because I think it has lots and lots of potential.
Now the questions is, what do I do with it?
- Sell it?
- Let it sit there and generate a small income till it becomes obsolete?
- Let someone else take over, share profits?
If someone takes over BodyMonkey, they would be sharing the same relationship with my supplier. This makes it very important that I can personally vouch for the person who takes it over (if I choose that route).
Any suggestions?
Labels: Body Monkey, house of rave
posted by Neville @ 1:15 PM
15 comments
15 Comments:
I agree, focus is important, but why did you start BodyMonkey in the first place?
If you think it was a mistake, kill it. Otherwise, it makes sense to me to give it a better chance at survival.
just sell the site i mean just the domain name
Brent
You are right about one thing; the online niche specialization is definitely key. BodyMonkey, on the other hand, is much more vague, and going there for the first time today, it took me awhile to figure out what the point of the website was.
In any case, good luck!
Justin
Personally, profit sharing seems like the best choice. It's ideal for a smart, but underfunded developer. It's also the best way to optimize your long term profitably.
The real question here is...Do you know the right person for the job?
That statement right there should tell you that keeping BodyMonkey is not an option anymore. You are well aware that success of this site depends on passion and if you are already having doubts this early its probably best to move on.
On the flip side, I'm not sure that licensing it out is the best idea for you either. BodyMonkey is unique and represents your efforts because of the videos and all the other special nev touches you have added. I think you would trust someone like me to run it, but I wouldn't do it the way you do it and it might cause you undo suffering to watch it be done a different way. Or maybe not ... it is the better long term approach financially if the site pans out.
Your well apt at selling sites. Best question here is do you have a place where you would make a higher return from the money cashed out now then if it was kept in the site. Also, remember to calculate the worth of your time into this calculation!
Await to hear your decision
Typical price is monthly profits*6.
Use a large part of the profits to further HoR.
Think: New logo, new design, paying someone to enter 100 new items, etc..
Basically, use the profits from selling BodyMonkey to further the HoR brand and to gain momentum in differentiating the two ventures.
Letting someone take over will be way too much hassle and also involves a good deal of trust in the person.
I vote for anything that could lead to additional income with less time and headaches... namely, in this case, turning it over to another hard-charger and splitting profits.
You do need some insurance that the person will do the job, and do it right, but once you find that person you can let go and just make yourself available for periodic consultation, if need be. Good luck!
Jerry
www.leads4insurance.com
HoR is a consistent money maker, but has a limited market. BodyMonkey has a much larger long-range potential.
Thanks everyone for all the emails trying to buy BodyMonkey, but for now it's not for sale!
-Nev
Is traffic a result of exposure time?
We would love to see an entry on Search Engine Optimization. As the value of your site is it's personal touch, so would be an entry on SEO. I would love to hear something more compelling on the subject than keywords and links.
Nevblog.com and HOR seem like they have a pretty epic story, I'm looking forward to that entry.
Brian
Instead of just having it sit there, let someone else grab it for a decent price :)
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