Domaining is an awesome way to make easy income because it typically only requires a small investment per domain name, and the payoff can potentially be quite lucrative. For those who are unfamiliar with the practice, domaining is buying internet domain names and selling them to parties who are interested in owning them.
There are a few pitfalls that domainers sometimes fall into, so let’s discuss them in order to help future ranks of domain investors avoid making the same mistakes.
1. Don’t miss out on the .com version of a domain name.
While there are a variety of extensions available for domain names nowadays (.cc, .biz, and .tv, just to name a few), .com remains the most popular one. Even if you expand out into other extensions, always make sure you secure the .com version of any domain name you invest in. While an up-and-coming company may be willing to pass on SillySweatersForDachshunds.biz, they’re going to want the .com extension for the domain. If you own it, you stand to make at least a few dollars’ profit off of selling it to them.
2. Don’t purchase domain names that are hard to remember or spell.
The whole point of domaining is to choose domain names that someone, someday, will eventually want to purchase from you. This means that the simpler the domain name, the better. While buying supercalafragalisticexpialidocious.com may seem like a good idea (that domain name is for sale, by the way!), who on earth is ever going to type all of that in? No one, that’s who – which is why if you invest in a domain name that’s long or tough to spell, you’ll likely be stuck with it for a long time.
3. Don’t use hyphens or numbers.
Enough said about that. Stick to letters and keep it simple. Adding in hyphens and numbers makes a domain name too complex and undesirable for buyers.
The key rule in domaining is to keep it simple. If you do, you’re more likely to purchase domain names that end up being potential gold mines.