Advice for New Domainers Thread

[accelerator]

I thought we could have another thread where people gave their advice to new domainers. I'll start:

- Remember, buying domains is easy, selling them is hard.

- Don't buy that many domains until you have sold some of them. Attempting to sell them will tell you what the market is really like.

- Always think quality. If something is "nearly there", it's probably not worth buying for resale.

Who's next?

Rgds

 

[Aiden Roberts]

Put your money away, get a cup off coffee and spend hours, days even weeks reading through the old threads to learn by others mistakes. Don't be afraid to ask for advice and don't be to arrogant to accept it!

 

[Bailey]

Nice try accelerator, But lets be honest, if you could really cap all the "need-to-knows" in less than about 10,000 words - your on to a best seller.

My advice

Play to your own strengths in domains (And that's a very wide field) - and if your not sure what, or where they are - Then accept you probably don't have any..

It's not everyones leaning by a long-shot, and thats the tragedy often played out in sales posts and the hold-them-and-hope investors.

If, with reasonable time and effort- your not in healthy profit, then it's time to walk away

 

[Edwin]

If you're serious about making a go of domaining, then...

- Account for the value of your TIME (a profitable hobby can turn into a below minimum wage waste of time if you start doing it "for real" but don't calculate how long you're spending on it vs the reward you're getting back)

- A domain name is a COST. Having more domains is just a BIGGER COST. Every single year that you keep a name, you'll have to pay out again.

- Learn to use trademark search tools, read up on trademarks, and UNDERSTAND what crosses the line BEFORE registering more domains. As a beginner you have to be CLEANER and more cautious than some established players (who may not care as much because the "problem" names are a tiny fraction of a huge portfolio).

- Your reputation is everything. Destroy that (bad deals, cybersquatter label in DRS cases, etc.) and your time in the industry is over even before you realise it

- Domaining is not and has never been a "get rich quick" scheme. So if you're viewing it that way, it's because you don't understand the industry. Change your mindset, or quit.

- Echoing the above, read, read, read and read again BEFORE buying domains. Every answer you will EVER need is already somewhere on Acorn, I guarantee it. The search box is your greatest asset - come back to it again and again.

- Don't get trapped into seeing domain ownership itself as the goal. The business behind it is the goal. Domains are just your stock in trade.

- Don't ask for appraisals AND then try and defend your own valuation. You'll be getting opinions. As such, they can't be "wrong".

- Good luck. You'll need it!

 

[sdsinc]

Don't buy a domain that you would not develop.
Don't buy a domain if you're not sure you would renew it.
Good domains speak for themselves. If you have to explain what it means it probably isn't nice.
No need to reinvent the wheel or take a guess, just look at what sells, then understand why.
Focus on the right extensions.
Don't expect to build a healthy portfolio on handregs, much too late for that.
Don't get suckered into investing in new TLDs that nobody asked for.
Don't follow the herd.
Quality over quantity...

 

[bermuda]

Don't buy a domain simply because you have money, sometimes investing in the wrong businesses online can cause lots of trouble and cash burning. If you are going to sell a domain name and seriously want to make money, make sure a great website is attached to that address because even if you purchase an expensive parked domain, the new buyers will want to see what kind of website has been associated with it.

Do not ever think that running a profitable business online starts with buying a keyword rich domain, this is a mistake made by thousands of people and after some months they realize the truth that unless their sites get properly optimized, presence of keywords inside domains syntax may mean nothing. Have logical reasons when you attempt to buy additional domains because their maintenance will take your time.

 

[namealot]

If your just going co.uk route wait and see learn about what makes a name salable think about buyers who what and why they buy? A lot of people just think name not buyer you need both? A field you have contacts or knowledge is a better start than one you don’t? The type of name your going start with Product , Service , Geo, “Brand “ etc a combination of all reserach the bonuses pitfuls of each?

The new proposed .uk will likely see a multitude of better opportunities than co.uk for someone coming in fresh don’t purchase any co, uk’s whilst it’s up in the air? The bulk sales, throat slashing and bitching hasn’t even started fully yet? Affiliate etc are pretty dead at the moment so unless you know the market the name is in very well and can right some good informative useful unique bumf wouldn’t bother ditto with org.uk

 

[martin-s]

Ask yourself if you have it in you to be a salesman.

Unless you hold a portfolio with thousands (plural) of domains, the buyers won't come to you very often. You'll need to go to them and sell them the benefit of something they've never thought of needing.

If you are a good salesman and spend at least 2-3 hours per day on identifying, catching and selling domains, you can probably make a solid £30-35k pa before tax, even as a latecomer.

Unless they change the rules, which might well happen at any time of course.

 

[namealot]

If you are a good salesman and spend at least 2-3 hours per day on identifying, catching and selling domains, you can probably make a solid £30-35k pa before tax, even as a latecomer.

Unless they change the rules, which might well happen at any time of course.

Really were are they all? newbie making 30 - 35k for 2-3 hours per day..?

 

[martin-s]

Well, I'm doing £3-4k a month on less time than that..