I’ve been slowly putting together a list of 100 domain investing tips. The list contains a little common sense, a few reminders, and perhaps a few new ideas. Here is are tips 51-60
51. Take what you read on the Internet with a grain of salt. View the information as a puzzle piece. A piece that needs to be combined with other pieces to create a final picture. Everything on the net needs a second opinion.
52. Trends can make you money but most likely will eat you alive , $8 at a time. Every once in a while you’ll get ahead of a trend and be able to hand register a good name. More often you’ll be chasing and the trend will come and go. Unless it’s a major new development, avoid going deeper into the non dot com tlds.
53. If you have a problem with a domain related company ask questions first before you write off their platform. You may be surprised that you have an issue that can be resolved quickly. It may even be a your problem, not theirs. Often people have problems due to lack of information rather than lack of a quality platform.
54. If you make money you probably owe taxes. For people living in the US, if you make money you will owe taxes. Make sure you keep records so that it doesn’t come back to haunt you later. You don’t have an employer managing your taxes and taking it out each check. Often you may not even get a proper 1099. It’s your job to make sure you do the proper paperwork and pay the correct amount. And remember, your audit will come many years later and it will be much harder to get your ducks in a row when you don’t have emails and the ability to go back and check your sales and purchases.
55. Keep your receipts. This goes with 54. Domain investing is a business. You need to keep your receipts for your business expenses. Your computer, your Internet, cell phone, and even your domain conference trip all are business expenses. Consult a good accountant to help you decide what you can and can’t deduct from you taxes. If you make millions you may consider a move to an island that is more tax friendly like Frank Schilling did.
56. Consider posting rejected offers on your domains. A method employed by Michael Berkens that gives potential buyers a bottom floor from which to bid. It doesn’t give an exact price but rather a minimum and a price range from which to start the bidding.
57. Building your sales outlets are just as important as buying good names. In order to make a profit on a name you have to sell it. Two things can help you get a good price for your domain. One, having a strong domain. Two, having a place to sell that draws the greatest amount of eyeballs. People spend a lot of time searching for domains but hardly any time building and searching for a great sales platform. They just wait and hope people will come to them. That works if you have a great catalog of strong names. If you don’t, you’ll need to work.
58. Take photos, and lots of them. Think of all the times you’ve needed photos for your websites. Every time you go somewhere you need to take photos. And not just of buildings, but of a fence, a squirrel, a girl riding a bike. They will be your property and you won’t have the urge to take something off the net or have to put the ugly courtesy link below the pictures.
59. Become known for a niche. Our industry is small. People learn who is “known” for certain types of domains. Amongst all the spam that will come your way trying to sell you those domains will be people trying to help you. They will point you towards domains in your niche. Give them to you for cost. I’ve had people nice enough to email me with links to dropping domains in my niche. If you “pay it back” you’ll be surprised how helpful people can be when they know what you like and invest in.
60. Wait a day. You may be surprised how much money you save if you wait a day before you make a decision. Of course an auction gives you a limited amount of time but perhaps you come up with a dollar figure you’re willing to go up to 24 hours in advance. Or wait 24 hours until you make a counter offer. This tip especially applies to night and late night decisions. A fresh brain is a better brain.