It was true, I had no idea what I was getting myself into and I am afraid that if I hadn’t used my website investor checklist before taking the leap. I would be dead broke, no job, living with my parents and applying for Centrelink, which is what we call ‘The Doll’ in Australia.
I was looking into a website that become more and more attractive to purchase with every step of the way through my due diligence. This business was so good that it started to feel like one of those ‘this is too good to be true’ moments.
And I am actually glad it started to feel like that, because as that fishy smell started to increase I realized that I had to dig deeper. Which is why I turned to my website investor checklist to make sure I had everything covered before putting my money down to invest.
The crazy thing about this business though, was my website investor checklist blatantly told me it was it was way out of my budget. It’s kind of cliché but like most successful investors say “you should never put all your eggs in one basket”. Well this was a basked that would of held not just all of my eggs but my chickens, their children’s chickens and their grand children’s chickens!
Meaning that if it turned out to be a successful business I would have landed on the jackpot, the holy grail, the investment of all investments. But if there were just a slight chance that the business was not what it appeared to be, I would be done for.
Scary thought right.
So with almost everything on the line, there was no other choice than to turn to my website investor checklist. Luckily I did too because it totally put me in place, to the point where I realized that this investment was not just out of my price range (what was I even thinking?), but I hadn’t really conducted proper due diligence.
The reason I didn’t heavily endorse myself into the due diligence was because the business on the outside had me blown away. The amazing sales copy the seller had written about the listing, and all the promises the business would provide in the future lured me in. I couldn’t help but stay fixated on the positive aspects of what the business could do for me instead of focusing on how the business could destroy me.
Which since I am far more experienced now, this is something I find that happens to many website investors. We start to see dollar signs and big chunks of cash pouring into our bank accounts.
When that happens we tend to not cover our due diligence but skip over it like we already know everything we should know about the business. This is a crucial mistake!
Key Tip – Never focus on how great the investment looks, but on identifying what may or may not be risky about the investment.
Which is why I always ensure the last thing I do before investing in any website is check off my website investor checklist because as you can see this one little checklist can be the defying factor between success and failure.
So guys I urge you, keep your website investor checklist close to you. Remember it is probably the most important tool you can have in your tool belt as a website investor. And be certain to go through it before every single investment you are about to make, it can save your life!