I don’t know about you but being a serial entrepreneur I constantly have ideas for projects, products or ways to generate leads. Many times I put up a website without thinking about what the website cost and if the idea is really worth it.
Recently I searched for a domain for an idea I had only to find out I already own the domain! Sadly, I had owned the domain for many years. Which made me start to think. What will that idea cost me over time? Will I recoup that cost, and should I just forget about it or just write it down to chase after when I have the time to invest in it?
In just this one area it cost me about $100. (One domain at $10 per year). That’s just ONE idea. I have several ideas a day of things I want to try or “think” would be a good idea. One of the courses I have teaches at least 21 different ways to make money with side hustles. Some of which cost you nothing but a few hours of time. But that still equates to a value. Or it should if you think about your time being money.
What Costs Are Actually Involved With A Website?
First, before we can determine what a project concept might cost let's start with what will the website portion cost.
There are several costs associated with creating and maintaining a website. These can include:
- Domain name registration: You'll need to register a domain name (e.g., that1domain.com) for your website. This typically costs around $10-18 per year.
- Hosting: In order to make your website accessible to the public, you'll need to host it on a server. This typically costs around $10-30 per month.
- Design and development: If you're creating a new website, you'll need to consider the cost of design and development. This can vary greatly depending on the complexity of the website and the experience of the developer, but it can range from a few hundred to several thousand dollars. (Create A Website Fast)
- Maintenance: In order to keep your website up-to-date and functioning properly, you'll need to budget for ongoing maintenance. This can include things like software updates, backups, and security measures.
- Marketing: If you want to attract visitors to your website, you'll need to invest in marketing efforts such as search engine optimization (SEO), social media advertising, and email marketing. The cost of these efforts will depend on your specific marketing strategy and goals.
Evaluating An Idea
As I have looked over the list of domains I’ve purchased over the years. There are things I consider. At one point I had well over 200 website domains. Since I have my own domain reseller account (JustAskDomains) I get the domains cheaper and in my mind, it’s only $10. But if you look at it from the position of 200 x $10 per year that has a bit more of a sting to it.
First using the list above I think about what costs are involved for that domain. Being a web guy myself, many of the tasks I can do myself quickly. I lease my own servers so the cost of the domains is less as well. Many of these tasks I teach others how to do themselves as well but many times you will just want it done for you. I know a guy ;).
Secondly, I figure out what costs will I gain from having that domain. Will it make me money if so how much potential vs how much marketing costs? Will it generate leads? How many visitors will I need to drive to that site to generate the lead and what is the potential lifetime value if that lead turns into a customer?
These figures are not ones you can just look at stats and know that if you drive 1000 visitors it will cost X dollars and convert 40% of the visitors into customers.
There are many variables that can affect website conversions, including:
- The design and layout of the website: A well-designed website that is easy to navigate can help increase conversions.
- The quality and relevance of the website's content: Providing high-quality, relevant content can help build trust with visitors and encourage them to convert.
- The website's loading speed: A slow-loading website can be frustrating for users and may lead to a higher bounce rate (i.e., people leaving the site before converting).
- The website's call-to-action (CTA): The CTA is the action you want the visitor to take (e.g., "Sign up for our newsletter," "Buy now," etc.). A clear and compelling CTA can help increase conversions.
- The presence of social proof: Social proof refers to the idea that people are more likely to trust and take action based on the actions of others. Including customer reviews, testimonials, or other forms of social proof on your website can help increase conversions.
- The overall user experience: A website that provides a positive user experience can help increase conversions by making it easier for visitors to find what they're looking for and take the desired action.
By identifying and optimizing these and other variables, you can help increase conversions on your website. And by measuring these conversions you will learn what costs are involved to help you realize the costs involved.
You will quickly see that each market area is different. Some areas just cost more to market to. If you think outside the box there are ways to generate traffic that your competitors may not be doing to get you results at costs lower than you may have thought.
One of those strategies I use is alternate keyword-rich domain lead pages to generate leads that I can follow up with via automated emails. That in itself is a whole article that I should be posting soon. Of course, if you’d like to have a discussion about any of the topics mentioned in this article don’t hesitate to contact me to schedule a consult, website review, or even a DFY website review.