You have a choice TIME or MONEY. If you want to make a lot of money at anything you’re going to need a lot of one of those. I’ve realized I can buy almost anything I want but time but I can also buy time in many circumstances. I will use the plant analogy because of course I grow plants. I can grow the thing from seed and save money OR I can buy a finished plant. It takes me 3 years to grow the plant and will cost me 50 cents and I can sell it for $10. To speed things up I can buy it ready to go for $5. Either way I have a chance to make money but the amount I make and the time it takes is vastly different.
That’s a decision you’re going to have to make with domains as well. You can buy a great name for $50-100K and get a head start making money right now or you can buy a lesser name and spend years building a site and SEO. You spend three years and build a site called buyshovels.com and I buy shovels.com. I SHOULD make more money than you with my site but with a proper build out and business model you could do just as well but it’s going to be much more work. Then again, I can flip the domain at any point as well.
So should you just go out and spend $100K? You just went out and spent $55 K on a 500 series BMW and that’s only going to get you a couple “nice car” s and a $70 oil change. Ironically both probably won’t do you any good while being parked but you get my point. You are willing to put thousands of hours into work on a domain but not willing to put in thousands of dollars. How much is your time worth. How many hours would you save by having a category killer domain? How much more money would you earn? How much is your time worth? These are all questions you need to ask yourself. So here is my advice.
Save your money. Find your niche. Buy a category killer. Build the shit out of the domain and make some money. You can still get chicks in a 1995 Accord
Hey Shane:
Just wondering if I am going to need a certain “color” of 1995 Accord in order to get those chicks. I ask this because out in California, the 95 Accord doesn’t exactly scream, “Date this guy.”
Mark,
Blue seems to do it. Of course the key to my success is my license plate. HUGEDIC*.com. Seems to make them forget about the car
Hi Shane,
I enjoy reading your domain blog and since you´ve posted your own thoughts about how to do domaining I am noticing that the quality here is going up, congratulations to that. Specially the comparance between growing plants and domain names – I just couldn´t write it better – Domaining is like being a farmer, I´ve said that to a lot of people offline and will continue to do so – for now they still don´t get it hehe 😉 Cheers
My license plate is a little more modest and is probably more of a plea than a command: rideme
James 🙂
Great analogy with the plants – are you sure you didn’t go to that other school in Alabama?
BTW, if you drive an Expedition with kid fingerprints all over the side windows it really doesn’t matter what your tag says – might as well be whois – “privatereg”