How to turn your passion into a lucrative payday…
The world of online blogging really has exploded in the last 20 years; from 840,000 bloggers in 2004 to approximately 32 million in 2023 for the U.S. alone – a staggering 1,500% increase! – and has penetrated the popular culture to such a degree that the more traditional media outlets are now trailing behind in both views and influence.
Unlike the mainstream print and broadcast media, online blogs have completely ‘democratized’ the industry by allowing anyone with an internet connection the ability to contribute to debate and discussion of any given subject. And with approximately 600 million active blogs across the internet, it’s pretty much assured that if there’s a subject that interests you, there’s a commentary for it online.
For many people who start a blog, it’s simply a fun outlet to express thoughts and opinions, for others it’s a hopeful and potential new career path, and for others it’s an expansion of their existing business model. But regardless of the reasons why you start a blog, did you know that you could sell it for a not-insubstantial sum? Many bloggers have reached levels of prominence and presence in the online blogosphere, and sufficiently profitable ones, that larger companies have bought them to expand their overall online reach.
If you’re thinking of starting your own blog, or indeed have already done so, it may be good to think of the potential sale of your creation if and when that opportunity should present itself. In fact, to help you in this endeavor, we have consulted some expert professionals in both the blogosphere and corporate sales techniques, and for the purposes of this article have compiled 7 tips you should consider in how to enhance your chances of successfully selling your blog, should you ever be presented with that lucrative option.
Ready? Then let’s go…
1. Foresight
If starting/have already started a blog, always keep in mind the potential possibility of selling it at some point in the future. To this end, keep all your records and documentation in order, and keep track of both financial transactions and income so should some larger company show interest in your blog, you are able to prove it a viable, reputable, revenue-generating business.
2. Monetization
If you want your blog to become a revenue stream and not just a hobby, then the important thing to do is to ensure maximum monetization of the site as soon as possible. To achieve this, diversification is the key; this can be achieved through numerous ways such as display ads, sponsorships, affiliate marketing, and influencing. To do this while maintaining the overall quality of your blog and growing your audience and subscribers will make your blog a highly attractive acquisition.
3. Platform
If selling your blog is an idea you wish to entertain, then it’s important you choose the right platform so as to attract the right buyer. For sales of online businesses, the most prominent site is Flippa, who have long experience in the field and are backed up with accurate initial valuations and a strong support service, including a personal adviser to take you through the process.
4. Teamwork
Selling the blog is a major and massive step for your team and it’s vitally important that you keep them informed of not only your intentions but also the ongoing process. Once the sale of the blog has been agreed, rely on your team to ensure all the relevant details and requirements – practical, legal, etc – are updated, but also that the selling process doesn’t interfere with the day-to-day operation of the blog itself, thus ensuring stability.
5. Rights
The money gained from selling your blog may be a nice thing, all told, but you need to consider what textual rights you may need to retain once the sale is through. If you’re planning on starting a new blog, is there anything from the previous one you may wish to transfer over, or perhaps use as reference material in future? If so, you need to ensure that those legal matters are discussed and agreed during the sale negotiations.
6. Patience
The old saying “patience is a virtue” is never more relevant than in business, and particularly business sales. The process of selling a business – online or otherwise – can be a lengthy one that tests patience, nerves, and resilience, but it’s vitally important that you not only stay focused on the day-to-day operations of your business but that you don’t get stressed over the upcoming sale. Take a short vacation during the selling process and return rested, refreshed, and refocused.
7. Vacation
Once the sale is successful, your blog has passed over to new owners, and all legal/financial/practical requirements have been fulfilled, give yourself some much-needed vacation time to relax, decompress, and reflect on the future. Don’t make any hasty judgements or decisions, but rather take this valuable down-time to suitably recognize your achievements, take stock of your current position in life, and, frankly, enjoy the moment you’ve rightly earned through your blood, sweat, and tears.
Good luck!
