You might be wondering why it’s important to look at the lifespans of your online business, but the thing is – if you have a very short lifespan, the profitability that you can make from your online business is going to be limited for a very short window (think about the Get-Rich-Quick schemes here). However, if you have a longer lifespan for your online business, you’ll be able to make more money from it.
There are three main lifespans you should be focused on in your online business. Those are as follows:
1. Your Content
2. Your Product
3. Your Business
You may have more lifespans beyond that, but if you’re running an online business – these are three main focuses.
Lifespan of your content
This is what fuels your website! It’s feeds the internet and brings traffic to your website, raises awareness to your company/brand/company. It’s important to look at your content in terms of it’s lifespan, for example – if you create content centered around technology – you have to be able to constantly update that as technology changes. You could have a post about Windows 98 – but that won’t be of much use to someone in 2015. That content will have expired past it’s lifespan.
Evergreen content (content that is useful whether it’s read today, tomorrow or five years from now) is the best way to ensure a long lifespan of your content.
Lifespan of your product
Knowing and understanding how long your product can last in the marketplace will allow you to capture sales for a lot longer. For example a cell phone has a lifespan of 2-4 years due to the changing and evolving technology/hardware. However, a print book can be around for many, many years and if the content inside is evergreen, you could potentially make money off of that book for many years. The longer your product last – the longer the lifespan is and the more money you can generate by selling it.
Lifespan of your business
In order to increase the lifespan of your business – it’s imperative that you evolve with the trends and marketplace. You’re not a fortune teller and it’s impossible to predict precisely how long the true lifespan of your business is but by focusing on the first two lifespans, continuing to evolve and innovate – you’re ensuring that the lifespan will last longer than if you weren’t doing these things.