There are “quick rich quick while working from home” schemes, and then there’s domaining. You could get rich quick, but chances are that you’ll make a moderate amount of money while you learn the ropes and increase your profits as you move along.
Like anything else, you’ll get better at domaining the more you do it. Buying and selling internet domains to make a profit sounds easy – and it is – but to do it well, you need to be able to strategize, get creative, and make good business decisions.
Here are a few do’s and don’ts that wizened domainers learn after they spend years in the business. By learning these tips from the beginning, you’ll have a good head start to achieving domaining success!
Think of domain names that are short, easy to spell, and easy to remember.
Purchase a few excellent domain names, market them hard, and sell them before purchasing more domains.
Price your domains realistically. Not every domain name is worth thousands of dollars.
Walk away when you get a sense that a potential buyer is wasting your time. You’re better off spending time with someone who is likely to make a purchase than desperately wasting time with someone who won’t negotiate at all.
Buy domain names that are easily confused with existing companies or brands (www.fasebook.com, for example) in hopes of making a huge sale for big bucks after holding that domain hostage. This is called cybersquatting and there are laws against it.
Develop an emotional attachment to a domain name. While this may sound odd, it only sounds strange until you purchase a domain name that you absolutely love but don’t need yourself and don’t want to get rid of. Don’t keep renewing a domain name and refusing to sell it. You’re in this to make money.
Keep purchasing dozens of domain names before you’ve started to sell any. As we said above, buy selectively, make some sales, and only then buy more.
There you go! You’re starting with more domaining knowledge than most. Go forth and sell websites, grasshopper!