• Hello - Another Website Buyer Here

    Quote Originally Posted by KenW3 View Post
    I'd love to get some input from other new members about this discussion and what they'd be comfortable spending for a purchase. It would be very helpful to everyone if some dormant members would come and give updates, and learn if they pursued their dreams and goals.
    I suppose I qualify on both counts (new and somewhat dormant). For my first purchase, I was prepared to spend around $10K. What ended up happening was that two different sites (both sub-$10K) came on my radar at about the same time which were appealing. One was an online service, the other was an ecommerce store. I bid on, and won, both with transactions ending within a few days of each other.

    I've taken possession of both sites and have been working on them.

    The service site ended up being broken in some ways that were expected and others that were only discovered later. A lot of things turned out to be broken and I'm optimistic that now that I've fixed numerous bugs and opened the site up to new markets that it didn't work in before revenue could improve significantly. Some features that were advertised just plain didn't work, and I've identified many potential things to be done to improve beyond where things claimed to be once I've fixed any remaining issues. That being said, customers have been coming in and financial performance has been as advertised by the seller even during the time of fixing things.

    The store had issues with listing products that have been discontinued, not listing products that are available from suppliers, having unrealistic prices in some areas, some bugs that would have produced SSL/insecure mixed content warnings (possibly scaring away customers during checkout) and generally had not been advertised or well-maintained. Getting this one up to speed, supplier accounts setup, etc. has been significantly more time consuming and is something I'm still working on. It has so far not met revenue/net profit performance advertised by the seller; but, a full month has not yet passed and it appears that in recent history sales have tended to take place at times of the month that have not yet been reached when I've had possession.

    Quote Originally Posted by Clinton View Post
    If only those without the adequate skills are competing in the sub $1K/$5K/$10K market and that's the market that's most loaded with crap ... isn't it sound advice to newbies at the lower end to get the hell out?
    I think, at least speaking for myself, it has been worthwhile to start in the sub $5K/$10K market (but, definitely wouldn't be worth staying there). In the process of completing the transactions and accepting the sites, setting up supplier accounts (on the ecommerce store), fixing bugs (on the online service) I learned things that I couldn't reasonably have known beforehand. Some of that is lessons in how to do cross-border banking more effectively (in theory I could have looked this up online first, in practice, it turned out that the information online or when calling the banks before to ask questions actually ended up being different than what happened when trying to do things for real). For what I wanted to get out of it, more an education/lesson than an immediate payback, it has already been effective. I would say it's been more effective and useful for me than what I would've gotten out of say spending money on an MBA. There's still a long way to go with both sites to get them to where I want them; but, already I've learned some lessons. It has also helped to establish reasonable expectations/timelines for what acquiring a more expensive site would be like. It has also helped force me to learn more about US law and taxes (again another place where the forms/details provided by suppliers don't match reality when actually doing things). Some things in the US are just different enough from Canada to cause what I've known before to not quite apply.

    Thomas' number of about a month start to finish reflects my experience so far as well. Doing two sites of these types at very nearly the same time turned out to be a bad idea. Both have needed significant work (in different ways) some of which was unanticipated and I would have been able to be more focused and faster with only one at a time. Some things went well, other things I would do differently in the future (especially banking things, as everything has ended up being 2.5% more expensive than it needed to be due to some banking limitations regarding currency transfers from one place to another that I ran into but couldn't work around in the time I had for closing the sales, escrow.com fees were higher than they would have been had I had a US bank account, etc.). On a more expensive site these sorts of issues would have been much more painful.

    For someone else (coming from a more business background rather than a technical one), or, who didn't need to learn all the needed rules/systems for a country other than their own I think sound advice might be different from what worked for me.
    This article was originally published in forum thread: Hello - Another Website Buyer Here started by Philondon View original post