Ever considered speculating on Domain Names? Or maybe failed to turn a profit from a Name you had high hopes for? Well don't beat yourself up, just stay with me because I'd like to share a few thoughts that I know will interest you.
You're already aware that obscene amounts of money are made from Domain Names. You know that every month names once purchased for as little as $12, are changing hands for amounts ranging from $25 (100% Profit!) up to 5 figures sums, and frequently six or even seven figure fortunes. And I'm not referring to sales of websites, just Domain Names on their own. (Not only dot com's, but also .net's, .org's, .info's, even .biz names, plus many national extensions like .us, .de etc.)
Now, lets digress, does the following sound like anyone you Know?
He dedicates an hour to thinking up a domain name that's bound to appeal. Armed with credit card, he then eagerly searches the web for a Domain Registration Service.
Discovering the domain name is already registered, he quickly comes up with several less appealing variations, at last finding one that's available to register. Cost $15. Job done, he sits back to contemplate a massive profit, expected imminently!.
Days drift by, then weeks, then months. No one materialises with an offer. Not to be deterred, he gets pro-active and offers the domain on eBay for $999.95 (Worried that his asking price maybe too low). One week - plus one $6 bid - later, scratches head, rubs chin and wonder's, what next?
Staying positive, he reads a few domain articles, but is now developing a sneaky suspicion that either this Domain Name business aint all it's cracked up to be, or some vital knowledge is missing. Decides to put Domain Speculation on hold, and turns his attention to other matters.
OK. Maybe our apprentice speculator was a little more scientific about things, but you get the message.
I've owned close to 1000 Domain Names and, to be frank, I got it badly wrong. No - lets be honest - horribly wrong! In fact, it's cost me an horrendous amount of cash. Only recently have I begun to see where I went wrong.
I now realize that the whole process is one demanding a professional strategy, e.g:
- Decide whether to acquire for income, short term re-sale, or income plus capital appreciation.
- Buy Domain Names with just a few, carefully selected, niche's in mind.
- Use key-word searches to generate Name ideas that truly reflect what those in your chosen niche/s are seeking.
- Choose whether to search for unregistered names (hugely time consuming when it comes to finding quality names, most of which have been registered) or look to buy in the secondary marketplace, where you'll pay more, but maybe stand a better chance of acquiring a valuable asset.
- Locate the right Registration Service. (Low Registration Fees, plus availability of additional services you may want to utilise)
- Know what you'll do with your Domain Name once you've acquired it, e.g:
# Hold on to it
~ Park it.
# Lease it (A much overlooked option).
~ Create a website to promote it, and simultaneously generate some revenue.
# Offer it immediately to prospective buyer's active in the niche you've chosen.
~ Offer it on a Secondary Market Site (like Sedo)
# 'Talk up' the name on Domain Forums to try and generate interest.
~ Offer it to a Domain Name Portfolio Owner. (i.e. a corporate entity that control thousands of Names).
# Offer it on a specialist or general Auction Site.
And that's just the beginning. You could seek out and buy recently expired domains, to exploit the traffic they still get. Or how about using services that specialise in catching 'dropping names', i.e. where owners no longer want to renew registration (or have forgotten their domains are due to expire).
There are some great publications, ebooks etc., that tell you exactly what to do to accomplish the above. There's excellent, inexpensive and easy to use software and web services to make the whole process of locating names faster, slicker and - potentially - more profitable.
(TIP: Even if you think you don't need these publications, tools or resources, at least check out the 'sales spiel' used by the Merchants who promote them. This 'spiel' will often let slip some 'top tactics' used by the Pro's, or reveal cunning strategies and little known facts you can then use to your advantage.)
The good news is that, when it comes to domain names, there are many avenues to explore and exploit.
Don't give up on making money from domain names, just start thinking smarter, and get the results you deserve!
| The author is an active participant in the Domain Marketplace and a keen observer of Domain Name News, Trends & Developments. His website: http://www.domainnewshub.com includes 100's of articles on domain names, and how to capitalize on them. It also promotes leading industry Publications, Software Tools & 'Know How' for locating and profiting from domain names. |
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