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.
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
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).