Introduction
Dom Wells, the founder and CEO of Onfolio, shared his remarkable journey and insights at the Chiang Mai SEO conference. Starting as an English teacher in Taiwan who dabbled in affiliate marketing, Wells charted a path to founding and taking his company public. This blog post captures the essence of his presentation, focusing on portfolio growth strategies, risk management, and the application of SEO skills in broader business contexts.
Dom’s Background and Path to IPO
Wells’ journey is a testament to thinking big and aiming high. He transitioned from affiliate marketing while teaching in Taiwan to establishing his company, HumanProofDesigns.com. After selling it, he founded Onfolio and took it public in 2022, a strategic move to push himself towards larger goals and ambitions.
Building a Diverse Portfolio
Wells emphasized the importance of growing a portfolio starting with one successful site. The key motivations for this expansion include growth, diversification, seeking new opportunities, and overcoming boredom. Ultimately, this leads to an amalgamation of varied sites, each contributing uniquely to the portfolio.
Managing Portfolio Risks
Managing risks such as traffic, platform dependencies, team dynamics, concentration, and business model challenges is crucial. Wells highlighted strategies like delegation, diversification, and model changes as effective risk mitigation tactics.
Taking Your Portfolio to the Next Level
Wells discussed several methods to elevate a portfolio, including becoming an operator to manage sites for others, hiring operators, selling businesses, raising funds, acquiring other businesses, and diversifying beyond SEO.
Broad Application of SEO Skills
A central message from Wells was the importance of not limiting oneself to SEO. He encouraged thinking about how SEO skills can be applied more broadly to build bigger businesses and more diverse portfolios.
Challenge to the Audience
Wells challenged the audience to think about building larger businesses and portfolios. He urged them to consider new opportunities, explore different business models, and apply their skills more expansively.
Action Items for Growth and Diversification
To apply Wells’ strategies, here are key action items:
- Explore Acquisition Opportunities: Research your niche for potential business or asset acquisitions.
- Leverage Transferable Skills: Identify how your skills can extend beyond SEO to different business models.
- Network with Experts: Engage with experts in your network to gain insights into broader opportunities.
- Learn from Other Entrepreneurs: Arrange meetings with entrepreneurs from various online business models.
- Expand Business Model Expertise: Identify and develop expertise in 1-2 online business models outside of SEO.
- Vision Mapping Session: Plan a brainstorming session to outline a 3-year growth strategy for your portfolio.
Conclusion
Dom Wells’ presentation offers invaluable lessons and strategies for anyone looking to expand beyond traditional SEO. By embracing his approach to portfolio growth, diversification, and applying SEO skills in larger business contexts, you can significantly enhance your entrepreneurial journey and business success.