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.

  • $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.

BodyMonkey costs roughly $85/month to keep running.

  • $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?

Blog posted on: March 27, 2008

15 comments on “Killing The BodyMonkey?

  1. Adam

    BodyMonkey is a fairly new business, right? Maybe it hasn’t performed as well because it’s not as old as HouseOfRave.

    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.

    Reply
  2. Brent

    I would just sell off the website the potiential of the website and the suppiler relationship is not worth the headaches. The website site alone could fetch a few thousand and any other value of your exitising business would be small and would just be buying work.
    just sell the site i mean just the domain name
    Brent

    Reply
  3. Justin

    Does BodyMonkey give you a consistent profit? If it’s a decent amount and if the site doesn’t require too much work, perhaps you can leave it up and devote more of your time to HoR instead.

    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

    Reply
  4. Brian Soule

    What would Timothy Ferris do?

    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?

    Reply
  5. Philips

    “I’ve struggled with this question for a while now, and in my opinion I should get rid of BodyMonkey.com.”

    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

    Reply
  6. emp

    I would sell it.

    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.

    Reply
  7. Jerry

    Please don’t kill the monkey. (Perhaps you could, with apologies to Peter Gabriel, shock the monkey?)
    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
    http://www.leads4insurance.com

    Reply
  8. bryants

    I think to reach consistent profit from both site, you must got brand awareness first. And its need your hardworks and long way to go, I guess.

    Reply
  9. Neville

    After discussing it further with some wise people, it looks like I’ll keep BodyMonkey, and update it maybe 3 hours a week or less.

    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

    Reply
  10. Brian Soule

    How do you plan to market the monkey?
    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

    Reply
  11. Anonymous

    I would keep the business but expand on the business plan and platform…organize the structure of the overhead to eliminate any redundencies in payments you can check out a blog about getting additional funding to grow the business at level3securities.com good luck

    Reply
  12. findsecuredcards

    I would defintely sell it. If you know your other website has more potential, focus on that project.

    Instead of just having it sit there, let someone else grab it for a decent price :)

    Reply
  13. Anonymous

    I also agree that an SEO post would be great. You seem to have alot of great tricks up your sleeve.

    Reply
  14. Anonymous

    Why not take the best sellers of Body Monkey, put them on a new section on HOR, then just point the domain of Body Monkey to HOR?

    Reply

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