One of the ideas that I preach at many of my talks or personal conversations with others is that everyone wants the rewards but are unwilling to put in the work that it takes to achieve them. Sure, they’ll start out with good intentions but after a week, or a month, it becomes too much. Too much work. It’s the same reason most people are overweight. It’s a perfect comparison. Almost everyone wants to have a nice body, but having to eat things in moderation or skipping delicious treats is is not easy. Even worse, having to find an hour of time each day to exercise and do something that is uncomfortable or even hurts, and do it every day, takes a strong mind.
But this is why I have enjoyed at most things I attempt. I put in the time. I don’t expect immediate results. I put in the time for months and years because that’s how long it takes to achieve great things. If it were less than that, everyone would be doing it. Just like swimming, biking and running. I was terrible at all of them but I knew if I put in the hours I will get a little better or smarter each day. Domaining is no different.
I put in at least 2 hours a day. Probably 15-20 hours a week. It is not full time but it is EVERY SINGLE DAY. I think its only about 30 minutes more per day than people waste watching tv, doing their hobby, or just screwing around. For three straight years I have read, written, studied, compiled, questioned, and trialed. There are days where I will put in more, but as most of you know, I run a business with 25 plus employees and that always comes first. If anything, domain investing is my fun hobby. Something to take my mind off and get away from employee issues, watering plants, and the hot days. I also get up at 4:15 each day to work out an hour and a half each morning. I promised my family I would always been there in the morning so I am always home by 6:45 to get ready for the day together. Yes I do spend time with my family. It is often multi-tasking but when they need my full attention they get it. (but of course I’ve answered yes to my wife not actually hearing the question. I know dangerous, very dangerous)
“I don’t have time” is the biggest bullshit statement I hear. What you mean is “I don’t want to make time”. If you really want to do something you’ll make time. If you add up my hours above you’ll see I don’t do much else. I don’t watch much TV (it’s always going in the background so I’m up to date on most of the shows). I don’t drink, lay around, or really have any other hobbies. Making money IS my hobby. None of this is to brag, its merely to say that the key to making money is 50% hard work and it’s one of the components that we all have an equal playing field. We all have 24 hours in a day to accomplish whatever we want.
The Breakdown: Writing this blog takes the majority of my time but I use it to learn and progress. I have made more connections through this blog and the conferences than I could ever have made through linkdin or other forms of networking. Its given me trust, one of the most important things in business. People know who I am when I talk to them. They give me more opportunities at names and information. It’s something people can achieve without a blog. It can even be done just through forums and blog comments. The key is to use your real name. This isn’t a nightly online game of Black Ops. Nobody is really going to get to know or trust a guy named WackoBlueHeron. Use your real name.
So I spend about 15 to 20 minutes answering all the emails I get. I generally get 10-15 emails per day from people trying to sell or asking opinions on their domain names. I try to get to all of them but usually skip a few because they are such bad domains. I can’t help someone that hasn’t read enough to know that a 8 letter dot in is not worth that much. It takes me an hour to an hour and a half to write my daily list. I look through every godaddy and namejet from 2005 and older. Every single one. I also go through 4.cn, Sedo, and the forums. I do it for a public list but the original point of the list was to get to know values. Seeing what names come up and then what they sell for every day for three years gives you a pretty good knowledge base of domain value. I admit I stray off and do research during the making of my list and its done at night, and it’s the reason there are a few errors now and then. Bad links, bad spelling, bad jokes. All done under tired and scattered mind.
The other 30 minutes each day is what I would call administration. Renewing domains, looking through daily income, and answering domain offers or making them. One of the things you don’t see me talking about is development. I have been absolutely terrible about my plant domains and all the other domains I have already developed or have plans. I have the photos, I’ve paid for the templates, I just can’t make the time to do them. As explained above, there just isn’t any more hours to give. My plan is save enough this fall and winter to hire someone. Believe it or not, my Mom is going to be my first hire (she would be additional to the fall hire). She just retired, could use a little extra money and who better can you trust to turn in honest hours than your Mom.
So yes, you can make good money working part time at this profession. On 15-20 hours a week you can make good extra money. It could take a year or so of working those hours until you see good profit but it is doable. The great part of doing it part time is you have the security of you day job to pay the bills and with the pressure of making money to pay the bills off, it’s much more fun. You also don’t lose the best years of your life in the working world in case it doesn’t work out. Our best earning years are 30-50 and if you leave for a few years to try and do domain investing full time you often drop down the ladder. (Chef Patrick could probably tell me if I’m right or wrong on this one). Part time you can grow in both your career and your domain investing. If you start making enough money that you make much more domain investing, then you can make it your day career. But other than not liking you day job, ready to retire, or domaining just makes much more money, why wouldn’t you do both? All the money you make domaining can go back into domains or you could do like me. Put some back in and spend some on completely worthless shit that I want. New bikes, travel, food, and other stuff I don’t need. Because that’s what hard work is for, to enjoy life, doing things you love, and buy some things that make no financial sense.
Part 4: The Keys to Getting on the “Inside” of the Active Domain Investor Circle
Thanks for sharing Shane.
Nice breakdown there. I have dealt a fair bit with ‘little time’, working a 40 hour a week job definitely does mean that if you want to put serious effort into your domaining, you have to sacrifice other stuff for the time.
I relate to the lack of development too. I have SO many domains that I’m ready to develop- one way I’ve found that really helps is instead of trying to do everything at once, I just line them up in order or importance and just knock them out one by one. Nice post.
It is nice to know that there are other serious domainers out there who do not spend their entire day (and night) sitting at their computer trying to make money through domaining.
If all that you have said is true in these last 3 posts on the same or similar topics then your posts will be extremely useful for all the people who come by to read them.
There is no secret, be lazy doesn’t pay and you outline it very well.
Helpful article about time spent with managing domains. I do exactly you suggest as the best way. And more than this i have another jobs (arts, events producer and a little of other things).
I am disregarding some domains let them go or simply try to sell them before expiration for very cheap prices. I just keep the meaningfull domains. Still buying and selling less but do not give up. Crisis what crisis?
Shane,
You’re on a roll lately with your posts. Really stepping up your writing here by packing your posts with real time, useful, relevant and helpful advice and information. Looks like the readers are responding as well. Keep it up man! I’ve always been a fan.
MH
Michael,
I actually have a little time this week to collect my thoughts 🙂
Screwing around takes time and it is more fun than domain names.
Domaining and internet marketing are good ways to make some extra money with your spare time, if you have another main job. You can do it from home and just need a laptop/pc and internet connection. Better than just watching tv every night. Even when you aren’t making money, you’re usually learning new skills that will help down the road.
Shane,
impressed that you get up at 4:15 every morning, but have to ask what time do you go to bed?
Mike Berkens recently commented he gets 6 hours/night. Everyone’s different, just curious how many hours of sleep you run on.
Mike,
I go to bed at 9:15 to 10:00 o’clock. I try and get 13 to 14 hours every two day. I can go on as little as 5 hours sleep but it has to be made up the next night. It is impossible to exercise and work a physical job at the nursery on little sleep. My body would collapse. During my busy spring I have actually fallen asleep at dinner like a 5 year old. I get sick to my stomach when I get too tired. It makes me stronger but there is a fine line and its determined by sleep
Agree. especially if you are exercising, sleep is essential to muscle recovery. I personally need 7-8 but maybe that will change if and when I have kids 🙂
Great article Shane… You keep the hope alive 🙂
Shane,i think you are really making my day these days,before now i do think i can do domaining full time if i have good domains,but i have finally realised that it is not easy because you may have good domains but not willing to sell below your cost price which make you wait for some time for the right buyer and price.
Now my target is to raise money to develop just few of my names,drop some and pay for renewal for 5yrs for the good ones so that i dont worry my self about if i make urgent sales or not
Thank you very much Shane and keep it up for more valuable domain information.
I’m surprised Chef Patrick didn’t chime in on these comments.