I’m about 8 weeks from entering the busiest part of my year. My time has to be planned to the 15 minute interval. I recently had a project fall through and it got me to thinking. How am I going to approach this year as opposed to past years? Would I concentrate on one larger project (the sniper) or would I have a bunch of smaller projects (the buckshot). I am a little different than most domainers. I have a large business with 40 employees and several locations that is bigger and more important than what I do in domaining. I will never be able to put forth the time necessary by myself to pull off all the projects that others seem to put out every few weeks. I have 40 families that rely on me and if I lose focus, then the suffering and income loss will be much deeper than myself. But that’s no excuse for me not to make a ton of money in domains.
I can still do an excellent job because I can buy support or staff. Presently I have plenty at the nursery, but in domaining I only have people that work per task. I hope to change that and add a full time person in the near future. It will allow me to put my ideas into reality and accomplish more than I am doing now. I have chosen that sniper method and will concentrate on just a few income generating ideas. Two are plant related and one isn’t. That’s my only plan. Of course I will buy and sell domains but that doesn’t take a lot of time as I don’t reach out to sell, I let them come to me.
Too often I see people, including myself, trying to do too many things at once. Building half assed websites and letting them go stagnant because something else comes along. Paying people for logos and designs that never come into fruition. I counted the money on things of this nature last year and I spent 5 grand on things that didn’t really even get released or shouldn’t have, let alone make any money. I can’t let this happen this year. I need to have my money actually working and the only way to make this happen is to scale down the number of projects. It is wasting two things I don’t have, time or money.
You might say, how do I not have money? If you’ve owned a business you’ll realize that you never have money until the later years of a business or after a sale. Every dime you have always seems to go back in. I’ve said it before, I can get a loan for a million dollars in a week but scraping up 50 grand cash would take some effort or break into the rainy day fund. Personally I have money but I made a simple rule early. I would not touch my paycheck for business, never. It goes to the bank. My wife is the biggest money saver you’ll ever meet and getting money out of her is next to impossible. In my personal account I could get that 50 grand in an hour but getting it from my wife? Forget it. She makes sure we have plenty of money for later in life. It been fantastic because it has made me work hard for “side money” and not take my personal money and plow it into the business. A mistake people often make and when the business fails and then they have no cash to fall back on. The down side is I can’t often do the things I want to do.
I see all these domainers buying these $20,000 and $100,000 names and I have the money but doing it would risk my financial security. A chance I’m more than willing to do personally but not when you have a wife and kid. It’s forced me to build up that $20 and 100K separately. I’m almost there but I need to have a better plan to make sure I don’t waste more money. I am almost at the tipping point but I just don’t have the cash YET. I am hoping my “sniper” technique will help me save some money and then I will meet and develop relationships with people (online and at conferences such as DomainFest) that perhaps I can partner with or at least lead to more forms of revenue generation.
And you? How do you part timers plan to make money in this business? Are you buying one good name, a handful of nice names, or like many, a ton of junk? And for developing, how many sites can you turn out in a year and how many make money? Could you have made more if you had concentrated on one? I’d love to hear other stories.