.

Anybody who is a frequent visitor to Michael’s site will understand the business model:

- Build lots of traffic by giving away high quality stuff
- Make some money by selling high-end expensive stuff (e.g. the exotic trips) – this mainly fuels your hobby and further enhances your reputation
- Make money while you sleep (all the downloads & recurring revenue)

One thing that is very good about Michael’s business model: he is never afraid of losing money short term because he knows it will come back. Of course this comes from having an already successful business, but it is also an attitude.

Another thing: he doesn’t seem to take a capital risk that is not already well covered: his expeditions are sold (and paid for) well in advance; he did not open his gallery until there was a clear purpose – and expected revenue stream, etc.