These aren’t rules but tips that have worked for me over the years. There are thousands of these types of lists but I will add my own personal thoughts (Imagine that). I’m not a millionaire domainer but a person that makes an extra $20-$50K each year that allows me have a little extra spending money and more importantly, build a investment portfolio that possibly could make me a millionaire domainer down the road. Owning my own business certainly gives me advantage as I already have a niche and the ability to dropship many of the products that are respresented in my domains. In no particular order here are my first of 10 tips
1. Do you own due diligence. Experienced domainers don’t mind answering questions but 95% of what you need to know is already on the net. It takes time to go through it all but it is certainly out there. Before you take any action, do some homework and THEN do it.
2. Buy and sell dot coms. Develop other TLDs. You want to lose money in domaining? Buy the new tlds and you are on your way
3. Don’t burn your bridges. This is the case for all business people. Problems will arise, people will be asses, but letting them know exactly how you feel only makes YOU feel better. You’re going to learn something in everything you do. Even if it’s how NOT to do something. Many times I’ve looked back and realized I may have actually been the one at fault due to my lack of patience, experience, or knowledge and at the time I reacted incorrectly. Unless somebody’s taken your money the best thing is to just walk away, smile and say it’s best we end our business relationship.
4. Finish one thing and move on. Biggest problem in domaining. Everyone is trying to scale. Even Rob at Epik will admit that he has to take a step back and finish what he’s started. What’s the good of having 20 things going on and all of them are done half way or half assed.
5. If you bought the domain for $50, congratulations you have a $25 domain. Those that think a domain they recently purchased under $100 is worth more than the purchase price most likely are deceiving themselves.
6. When you develop a domain do it different. Use your content, your picture, your ideas. If you have any chance of getting it to the top of search engines you are going to need have different content. Google hates duplicate content so don’t duplicate. Good things take time and you’ll make more money with one original site than you will with 10 cut and paste sites.
7. Watch and learn. You want to learn? Watch Morgan Linton’s new daily show. You can ask any question you have and someone will answer it. If not on the show in the peanut gallery.
8. Traffic dictates the value of your domain. Small number of uniques doesn’t necessarily mean it’s worthless but there is a bottom limit that is acceptable. With no development a domain needs to get at least 30 uniques a month to have decent value in my opinion. Even my 5 letter names that have no true meaning get at least this. There are billions of people in the world and you can’t get 30 uniques a month? Ahhh with development it will be worth something. Then you have a WEBSITE worth something, the name is still worth squat.
9. Get your name out there. You want to buy and sell domains? Meet others that do as well. Be known for something. Of course don’t be known for spamming comment sections but if you have a niche, let people know what that is and you’ll be surprised how many people will help you out. If there is a 5L or garden domain available somewhere my email is always full letting me know where they are. The community is a friendly community but you have to be a part. Help others find their niche names in return
10. Be timely. Answer your emails quickly. People really appreciate a quick response. The common excuse is “I get so many emails it takes me time to respond”. My response is, if that many people want to get in touch with you then it’s your job to get staff to respond to the inquiries. In all that junk mail are real people that want to give you money. Take it.