Domaining is fun, domaining is entertaining. Every one of us loves the thrill of a quick flip. Unfortunately whenever you try something new you are bad at it. The domain name industry is no different.
When I started my journey I thought this is easy money. It seemed that I had an eye for good domains … How wrong I was!
I started to invest right away, no training, no mentor. I wanted to make money, that’s why we join any industry. Obviously most domains that I registered when I first started I let them expire an year later. They were bad.
If you are a beginner, learn from my/others’ mistakes. Don’t invest a penny before knowing the basics.
I compiled a list of some of the mistakes I made as a beginner domainer. Enjoy and LEARN!
Hand registered domains. Almost all beginners fall into this. We all like to think that we are special and somehow all the existing domainers are not as smart, so they don’t see opportunity. Wrong.
Think about your favorite game. Who plays better? A guy who just learned it or a guy who played it for years. All industries have their unwritten rules. Domaining has it’s rules too. It’s true that you may have a learning ability above average, but don’t imagine that your can look at a list of domains and pick better domains from that list than an old professional. As a beginner is better to stay away from hand registered domains.
Learn, learn and then … learn some more. If you’d choose to become a surgeon, would you start to operate patients right away? No! You’d have to learn a lot of years before having the ability to do that. You won’t have to spend a few years to learn everything about domaining. The point is that any job required training. Before investing a penny in domain names, learn what makes a great domain great. Don’t spend money on learning, all that you have to know is already there. Just to mention two resources (DomainSherpa, NamePros). Immerse yourself in those sites for a few weeks, then you can think of buying a domain … or more.
Know what sells. Follow the money. Don’t miss a list posted on DNjournal. Those are the names that people buy. Find similar domains and you could make money. Do you know NameBio? It should be your best friend. Don’t make any purchase before doing a research of the similar domain sale prices.
Ask a lot of questions. Remember that small children ask a lot of questions. They also learn a language pretty fast. Why? They are not afraid to look stupid and are never afraid to make mistakes. Will you make mistakes? A lot. Want to make less mistakes? Ask other domainers for tips and advice. You’ll be surprised how helpful some of them can be. Don’t be afraid to be stupid, it’s the quickest way to success.
.COM is the king. Never buy anything else, at least in your first year in domaining. All big brands own the .com extension. It is not a coincidence. .com is the king. Learn about it. Buy, sell a few dot coms and if you have success, you can consider expanding to other extensions. By that time I pretty sure you won’t. Domain industry is not very liquid, so you may have a harder time to sell other than .com domain names.
You have to sell. You have to buy the best domains for the lowest price. But you also have to sell. In a recent post, Ali Zandi and I came to the conclusion that domaining is exciting. That thrill comes from selling. Have a plan. Invest for short term or long term. Or a combination of the two. My approach is to flip most of my inventory quickly so I can raise capital to invest in a few gems that will rise in value and will bring a great ROI in a few years. The key knowledge here is that if you want to make a living buying and selling domain names, you have to learn how to sell. And if you buy the right type of domains, this task can be easier.
Your turn. Let other know what mistakes have you made as a beginner and how they can avoid them. let others know what you wish you knew when you started your domain investing career.