If you’ve been dabbling in domaining, you’ve likely discovered that it’s an easy way to make money. You can do it from anywhere as long as you have a computer, a bit of creativity, and a bit of money to invest.
When people first get started domaining, there are mistakes that often trip people up. Here are a few pitfalls to avoid as you work to build your domaining business.
Over-pricing your websites
Buying a website for just a few dollars and selling it for thousands a few months later is an exciting prospect, but in reality, this isn’t going to happen with every single site. Be realistic with your pricing to avoid turning potential buyers off. Even if you don’t make thousands off of a site, profit is profit. Keep in mind that you got started with domaining to make money – and then go out and do it!
Purchasing way too many sites
Some domainers fall into the trap of frantically purchasing hundreds of sites hoping that one of them will create the huge payday that will pay off the cost of the others – and then some. Remember that it’s better to strategically buy two really good domain names and sell them for a modest profit than it is to randomly buy up dozens in hopes that one will turn into a cash cow.
Neglecting your renewals
When you pay good money to own a domain name, make sure you don’t lose out on it due to letting it expire. This is another good reason not to let the number of domain names you own get out of control. Remember to renew your domain names on time in order to maintain ownership until you decide to sell.
By educating yourself about the mistakes made by others, you’ll better be able to get your domain investment project off to a smooth start. Happy domaining!