Despite what you read, especially on the Internet, there is money to be made in ANYTHING. In most things the easy money is gone but that doesn’t mean there isn’t money to be made. There are all kinds of niches, different approaches, and more creative ways out there to make money in certain markets. Again, it doesn’t mean it will easy, I’m just saying it’s possible. Most will fail because they AREN’T doing anything different than the rest that failed and are only driven by the “I think I can do better” plan rather than a different approach.
Recently there was a post saying that there was no money to be made in IDNs and that the big boys were out and therefore that meant that it was left for the fools. I must admit I don’t know the first thing about IDNs other than what Aaron Krawitz of IDNnewsletter has taught me. Aaron is a sponsor of my site and he is helping me understand IDNS. I am not an investor in IDNs but I want to at least understand everything about domaining so I can make intelligent decisions. No he did not pay me to write this nor am I writing this because he is a sponsor. I am writing it because people that think there is no money to be made in anything,especially IDNs are naive. The reason I am not in IDNs? To make money you have to do a ton of work. I don’t have time to do that…..yet. I laugh at the big boys talk as my whole life of trading, everyone followed the “big boys” and soon realized that the big boys were computers and only made “if this then that” trades. The big boys made their and moved on but the scraps were still billions of dollars to be had.
This is where the easy money statement comes in. Yes, the easy money has left much of the domaining industry. The $8 to $100,000 deals are over. You now have to invest more money and time to make money. Time and money that may not translate to good money or profits that are worth the time invested. Welcome to business. Most companies have to work very hard to get by. Most businesses fail. So if you want to take the pessimist view and you can say, “most likely you will not make money” then you are correct but to think you can’t make money isn’t.
If you want to throw your money away buy a developed name from someone else. I GUARANTEE if that domain had a good return vs effort put in they would not be selling it. Who sells easy money? Nobody. In my trading days people would sell stock picks. If they were solid stock pickers they would be trading their own picks making millions and have no need to tell others. If you are no good at something the best way to make money is to write a book telling others how to do well at it. In contrast, those that are doing well don’t talk about it. They don’t want others to know what there doing in order to keep others from copying them.
In summary, you CAN make money in IDNs, in anything, if you work hard and have a creative, intelligent business model. It’s doesn’t mean you will and yes, most don’t, but to criticize those that are trying is pompous. If someone is telling you how to make money or selling you something to make money, it’s a guaranteed way to not make a dime. You have to take that info and come up with your own approach or niche if you want to be successful. Of course you could just do it better but everything thinks they can do that.
This post was about IDNs in title only. A great blog post about business in general IMO. Very tell it like it is.
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The “big boys” were once “little boys,” so there is room for upcoming boys and girls (let’s not forget the girls).
I’m pretty sure that there will be money to be made in IDNs, particularly for those who know what they’re doing and have a sense of what IDN domains to register and develop.
The big players can give good advice (and often do), but they can also become entrenched in old ways and miss upcoming trends.
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The big domainers already have their financial castle strongholds built up. They don’t need to follow new trends as they already hit it big. Just because they got in early on in domaining doesn’t mean they have a PhD in having a sense of other countries/languages. They may think they do.
Just like anything else, there’s a learning curve, investment and time well spent to be successful. If you’re willing to commit, then yes, there is money to be made.
Great post Shane!
@Shane – Nice post. It is refreshing to hear an open minded post about newer high growth niches like IDNs.
And I agree that if someone is following the conventional “big boy” path that is usually not a way to make money. Doing something different is the way to go.
Hi Shane,
A very useful post. I always wonder about those who sell websites making 300/month for $298. I think it is important to take some of the key attributes out of each branch of domaining — whether it be affiliate marketing, bloggers, directory makers, adult, etc. Each group has their strengths and weaknesses.
As far as IDNs go. We are entering into a new era in domaining, and opening, so to speak, to those who don’t speak, read, or write english — and that’s an incredibly large group of people. IDNs will take on quicker in some countries, i.e. Germany, and slower in others… what is important to note is that most of the world is hooked up financially — I just saw my first Russian website with a paypal button. That button spoke to me, and prompted me to register another Russian domain. In this case it was the Russian words for: Apartment Rentals.com. Not that this is a new thing for me, I’ve been working with IDNs for more than 3 years, but each day I see more and more signs that IDNs have a bright future on the internet. The most important thing I have learned about IDNs is that they are ‘words’, plainly, simply ‘words’, and these words are used by several hundreds of millions of people who have access to the internet. Another important thing I have learned is that IDNs aren’t for everyone, and they aren’t for the faint of heart. You see with IDNs, it’s easy to screw up and register a pretty lame word, or a word that makes no sense. Also, there are native cultures to think about. How important is a word like coffee or hookah to someone in Yemen or Turkey, or how many people search for friends in Russia, or Thailand. Once we step into the world of IDNs, we not only open up to words, but also the cultures of the world. We begin to see that what’s important in one country, may not be in another. We also see which cultures connect and identify with other cultures. So far IDNs have been an interesting and educating experience for me and some of my friends. Of course we are all hopeful this will be the next gold rush, and if not, it has been a truly enriching experience.
Best Regards,
Phio