Wednesday, May 20, 2009
Elephant Limbo
So I have formulated the reason why all my gears(activities) have stopped is that there is a big elephant in the room. I think we all know what it is. RideSearch. Basically I can't move on with life without taking care of this situation. There are and always have been a million reasons to quit RideSearch, with the number one reason being I am not making a dime off of it. The number one reason to stay the course is a sliver of hope, that I will be able to complete my new business model, send out a press release and get paying customers from that. But, because I have not declared it dead or officially made it fail means I get to talk about my hopes for the future of it and not have to do anything about it. I am in limbo basically.
So I am trying to decide what to do about RideSearch. Here are some facts:
1. The business plan for RideSearch 3.0, a new profit model, is already laid out and just needs to be developed and $1000 put into it. If I get customers it should start paying back $25 for person groups and $1000 for businesses a year.
2. I think I have have lost my passion to develop it.
3. RideSearch is already $50,000 in line of credit debt and implementing a profit based model may help it get out of the hole. Right now it will take 25 years to pay this off based on my current payments.
4. RideSearch's debt is property of Motivium Consulting, Inc an S-Corporation. That makes it a separate entity from myself and if it fails it should not affect my credit, I think. It may be possible to either sell the company outright to pay off its debts or have the company file bankruptcy. I do not know about how to fail a company. I might talk to my brother about this.
5. In order to keep RideSearch going it basically costs me $250 a month for the server and $500 a month for the line of credit payment. The server does house this website as well and all of my other sites.
6. The amount of money and time spent in this venture is substantial. The domain is worth at least $5,000 in itself and the software licenses that get it running is worth at least $4,000 in itself. So if I can liquidate it I may be able to get some money from this.
7. I think my competitors might be interested in buying this site outright. I have over 9500 members and am still ranked 7 for keyword carpool in Google. The site has always been poised for success. I just don't know if I have the passion to get it successful. My competitors have teams of people working fulltime on their sites.
So after this diatribe, what does everyone think? What should I do? Try and reignite a passion somewhere to keep developing, try to sell the site, or file bankruptcy? It has been my passion for years and I don't know if I have the heart to pull the plug. Thus the limbo. I think I need to make a decision.
So I am trying to decide what to do about RideSearch. Here are some facts:
1. The business plan for RideSearch 3.0, a new profit model, is already laid out and just needs to be developed and $1000 put into it. If I get customers it should start paying back $25 for person groups and $1000 for businesses a year.
2. I think I have have lost my passion to develop it.
3. RideSearch is already $50,000 in line of credit debt and implementing a profit based model may help it get out of the hole. Right now it will take 25 years to pay this off based on my current payments.
4. RideSearch's debt is property of Motivium Consulting, Inc an S-Corporation. That makes it a separate entity from myself and if it fails it should not affect my credit, I think. It may be possible to either sell the company outright to pay off its debts or have the company file bankruptcy. I do not know about how to fail a company. I might talk to my brother about this.
5. In order to keep RideSearch going it basically costs me $250 a month for the server and $500 a month for the line of credit payment. The server does house this website as well and all of my other sites.
6. The amount of money and time spent in this venture is substantial. The domain is worth at least $5,000 in itself and the software licenses that get it running is worth at least $4,000 in itself. So if I can liquidate it I may be able to get some money from this.
7. I think my competitors might be interested in buying this site outright. I have over 9500 members and am still ranked 7 for keyword carpool in Google. The site has always been poised for success. I just don't know if I have the passion to get it successful. My competitors have teams of people working fulltime on their sites.
So after this diatribe, what does everyone think? What should I do? Try and reignite a passion somewhere to keep developing, try to sell the site, or file bankruptcy? It has been my passion for years and I don't know if I have the heart to pull the plug. Thus the limbo. I think I need to make a decision.
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