In 2007 I began my quest to develop the domains in my portfolio. By the end of 2008 I had about one-hundred domains developed and I had sold about twenty domains. Heading-into 2009 I took a step back and looked at my portfolio. I was at a junction – I could continue at the pace I was going of focusing on development, or I could expand my business.
While I did have some good money-making domains generating a passive income for the business, I had done very little to generate revenue in other ways. What I realized was – going-into 2009 I was completely focused on the number of projects I was going to do and not on the revenue I was going to generate.
As Domain Investors it is all too easy to focus on project after project without taking a step back and looking at revenue. So what did I do? I sat-down and created a detailed forecast for the year – on it I put my existing revenue streams and then throughout the year I began to layer-on new sources of revenue.
When you are deep in a project, or two, or ten – it is easy to forget about revenue as you are so focused on completing your projects. However, it is important to always keep revenue in the back of your mind and the best way to do this is to set solid goals for the year. This will get you focused on generating revenue and hitting targets each month. Here is an idea of the different revenue sources I have right now:
- Revenue from Developed Domains
- Domain Sales
- Brokerage Commission
- eBook Sales
- Tweet Course
- Blog Advertising Revenue
- Domainvestors Television
- Domain Development
At the end of 2008 this list only had two items on it – throughout the course of the year I have added more and more revenue streams and of course there’s more to come! The shift I made was to focus on revenue rather than projects…and you know what happened? The projects fell-into place as I worked to meet my revenue goals.
One final lesson here. You can’t do it alone! To build-up many streams of revenue you’ll need to start delegating which means giving-up a percentage of your precious income. At first it may be painful but given the amount of time you can save and extra income you will generate it’s well worth it.
So now ask yourself the all-important question…am I focusing on Projects or Revenue? 2009 is coming to a close – set revenue goals for 2010 and watch the projects fall into place!