Be the bank, not the banker. If you want to become a successful Business Owner, you have more important things to do than design or write content. You must know your own strengths and surround yourself with experts to compensate for your weaknesses. Remember, it’s not what you know but who you know.
There are so many “non-producing” established Web sites that are just ripe for the plucking and Virtual Real Estate gives you the opportunity to turn an established, yet under-utilized, Web site into a site with growth and revenue potential. If you follow the guidelines outlined in the following articles, you should be able to receive a good return on your investment with minimal risk.
Why buy instead of doing it your way – OPT (Other People’s Time). Much of the hard work is already done by someone else. When you purchase an already built Web site there is no designing or coding to be done. You already have your target audience picked out and you may only need a good flow of unique visitors to begin generating a profit. Your only job now is to do what you do best, bring the right people together to attract your buyers.
Since you can’t be an expert in every field, you should learn a little about every aspect of Virtual Real Estate and hire an expert in each area. For example, if you buy a PLR (Private Label Rights) Web site with duplicate content, hire a Ghostwriter to create unique content for you. Then, if necessary, hire someone else to market your Web site. Remember, the secret is in the system. Hire the right people and the cash will begin to flow.
A number of Web sites that are not being used properly may already have unique visitors. The Web site may not currently be marketed properly but be as little as three feet from “gold” – consistent traffic in net speak. This is where you are able to come in and utilize your talents. Open the floodgates by finding out the source of those visitors and why they are coming to you. They may come from social media sites such as Facebook, Twitter, and LinkedIn or from past marketing campaigns. Search Engines like Google, Yahoo, and even the Wayback Machine may be able to offer some indications as well.
The Web site may already have a customer base and a list of those loyal customers. Make sure when you are purchasing the Web site that you are also purchasing exclusive rights to the customer list. This will return to you many times over in the form of both big dividends and far less effort.
Make your investment wisely. Check the numbers. See if the Web site already has existing revenue and, more importantly, is making a profit. It is far easier in business to make a successful business more successful than to start with one that needs to be brought up to speed.
Remember, your profit is made when you buy your property, not when you sell it, so be sure to have a plan and the right people lined up before making your purchase. All good Business Owners realize, when you go out to purchase a new business, you need to complete a competitive analysis. Look at the pros and cons of purchasing an existing Web site versus one built from scratch.
If you decide to create a site from scratch you will have to hire a Web Designer, decide what type of product selection you want to offer, and still have to generate traffic yourself. Purchasing a “non-producing” Web site is a much better way of investing your money. The Web site is already up and running and your only job is to turn it around and have it go from a “non-producing” site to a “top-producing” site.
Time is money! To maximize your profit and minimize your chance of loss you would be much better off to purchase an existing Web site. While you may first believe the upfront cost is higher, once you factor in all of the significant expenses in creating a Web site, that may or may not become top producing, you will see the established Web site is a much better prospect. More importantly the chance for significant revenue and growth potential is also much higher with an established Web site so long as a reputable seller has already given it a solid foundation.
The only concern now is how to afford your first Web site…
~Cory Buford
