How to take an Online Business to the next level.

oterra

Hi all.
I have had an online business for the past year. It was a slow process at first getting traffic and sales conversion. I was very new to the online sector. The business is selling canvas prints online.
Over the past few months I have been approached by Artists, Photographers and corporate business and charities wanting me to print canvases of their own image library which in turn they sell themselves. In other words they take in the orders and I print their work.
I can see this expanding quite rapidly. It was totally funded by myself. I dont take a wage as I plough the money back in to develop website and update printing equipment. I run the business from my house and have no heavy overheads.
The profit margin on each product is 50-60%. I get paid upfront via paypal or money transfer.
My question realy is - where do I go from here? Does anyone see a good potential in this type of business. I run this business on a part time basis as I work 4 days a week elsewhere. If I wanted to sell this business in the future what level does it need to be at. How do I calculate its worth? Is there any advice I could get about taking it forward and enabling me to take it on full time. Any comments appreciated.

TheCostumeShop.ie: Ronan

Yeah i think there's great potential here. If it were me, i'd change the model slightly as follows.

1. Grow by franchise in that Artists can either list on your site or for a nominal amount get the own domain with inbuild online store, which is a multiple front templated version but uses the single backend for you to admin. In other words the person could pay you 500 euro to make a website which sells their stuff and you agree a 50/50 profit split.
2. They then advertise the website for you, but when they make a sale you fulfill the order.
3. Get a merchant account. Paypal is only relevant to about 10% of the population. People prefer dealing with businesses who take Credit cards and laser.

A great example of this in action would be my favourite artist Jason Brooks:

http://www.jason-brooks.com/portfolio/

I have a ton of his stuff and he has the printing outsourced, signs every piece and then sends it on.

AstonMartin

Another company doing the same thing recently did a groupon advertisement. They had about 100 sold by the time I looked at the ad.

family portraits where you take their picture and send the canvas to them.

approach sporting clubs and schools.

get a picture of the dublin team that is signed by the team (and licensed) and sell the canvas as a memorial item. Same with the rugby team if we do well.

oterra

AstonMartin wrote: »

Another company doing the same thing recently did a groupon advertisement. They had about 100 sold by the time I looked at the ad.

family portraits where you take their picture and send the canvas to them.

approach sporting clubs and schools.

get a picture of the dublin team that is signed by the team (and licensed) and sell the canvas as a memorial item. Same with the rugby team if we do well.

Thanks for that. Sounds like a good idea but the only problem is where do you get a photo that can be used to resell as a canvas. What about image rights and infringements etc???

TheCostumeShop.ie: Ronan

oterra wrote: »

Thanks for that. Sounds like a good idea but the only problem is where do you get a photo that can be used to resell as a canvas. What about image rights and infringements etc???

Take the photo yourself, or hire a photographer, or license the image from someone who already has taken the photo.

It's not a bad idea, how about going to those companies that take pictures of the kids in school every year and then sell them back to the parents and offering them a canvas version to add to their portfolio. That way you have a route to market and existing market on tap!