Domaining isn’t a very straight forward buy and sell type of business, like any business, there are a lot of knowledge and education to really be successful in this business. Having been domaining for quite some time now, here are some of the things that I’d recommend for new domainers or people who wish to cash in on the domaining industry…
… The tips I’m going to enumerate here are tips on how I started domaining, my approach has always been developing domain names (as opposed to buy and sell). Why Domain name development? It was simply my idea of becoming self sustaining, not needing to find people who’ll be interested in buying my domain names and not feeling helpless when parking revenues are down or no buyer buys. What I liked about domaining is the residual income that it brings to the table when it is developed.
Tip #1: Don’t just buy or register the first domain name you see that is available
Although you’ll be able to find tons and tons of really cool and available domain names, don’t just buy it straight away. What you need to do is proper research, find out how many people are searching for the exact keyword domain name thru Google Adwords and would you be able to provide contents or have a web 2.0 concept that would encourage people to interact. The biggest mistake I had was not doing the right research, all I did was buy buy and buy. It costed me a lot to learn but at least I’ve learned my lesson, let’s just hope it doesn’t happen to you.
Tip #2: Never Rely on Domain Name Parking
Unless you have a huge portfolio of in demand gTLDs then you’d won’t be able to get good income at good parking services like Sedo or WhyPark, but chances are you only have a second rate domain names or a few in your portfolio. Domain Name parking pays out very low and is not even worth relying on. I’ve only earned a few cents a month with most of my portfolio being made up of ccTLDs.
Tip #3: Invest and Focus on a few domain names
Most often than not, you’re a one man band. You’d need to conserve not only your money but also your time and focus. Don’t just buy lots and lots of domain names straight away, test out on a few domain names first like 5 to 10 and think of what you can do with it. Focus on them and see them grow. Remember, there are always more opportunities that we can take advantage of in the future.
Tip #4 Sell or Develop your domain names
Before you bought the domain name, I’m sure you probably have thought of what project or plan you have for the domain name which could be to sell or develop. Before you could even sell that domain name it would take time and that time could be wasted waiting. So what I suggest is to develop your domain names, make them visible to search engines and the right buyer will come along thru organic searches. What’s also good is that you could monetize thru PPC or Affiliate marketing, which could be good enough to cover the register + renewal fees and could make you self sustaining. My goal is to be self sustaining without selling my domain names (unless a good offer comes along).
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