101 Tips / Truths for New Domainers
I was having lunch with an old friend a couple weeks back. The type of friend you see just a few times a year. We were catching up on things and he asked me “If I wanted to start domaining, what tips or advice would you give me.” I explained that my definition of domaining includes flipping, longer term investing, and developing. That said, my reply was “I could easily come up with 100 tips for you.” So, he held me to it. In the spirit of sharing, here are 101 tips and truths for new domainers. This list could easily be doubled, but it’s a good start. There are probably a few reminders in there for experienced domainers as well.
- Read domain blogs
- Subscribe to Domaining.com
- Heed the advice of the experts
- Draw your own conclusions
- Research before you buy a domain
- Research before you sell a domain
- Network with other domainers
- Find a niche
- Read forums with caution
- Make mistakes
- Learn to negotiate
- Learn about sales
- Don’t burn bridges
- Don’t buy more domains than you can afford
- Keep renewal fees in mind
- Don’t rely on automated estimation tools
- Stay away from trademarked names
- Familiarize yourself with domain laws
- Diversify, invest and develop
- Have a contract when selling a domain
- Have a contract when buying a domain
- Learn to use the Google Keyword Tool
- Review past sales data
- Understand that a domain is only worth what a buyer is willing to pay
- Buy domains that interest you
- Find email examples of effective sales letters
- Experiment with email sales letters to find what works best
- Pick up the phone
- Utilize a broker when appropriate
- You WILL get discouraged. Keep going
- Set Goals and a clear vision
- Don’t register a name just because it’s available
- Get creative with ways to reach end users
- Buyers don’t have to be one time customers
- Learn a little html
- Learn a little graphic editing
- Find a reliable hosting service
- Learn about WordPress
- Hire a developer if you build a full site
- Don’t let other domainers discourage you
- You won’t get rich from parking
- Realize most of your domains suck
- Understand SEO
- Avoid duplicate content
- Familiarize yourself with Google Trends
- Social Networking is important
- Experiment with affiliate programs
- If you feel strongly about a name, don’t accept a low ball offer
- Before buying a domain, think about how else the money could be used
- Try selling on Craigslist, eBay, and other means
- Use Twitter to network, not to make a tweet a sales pitch
- Even sucky names can have high global monthly searches
- List your names at Sedo
- Understand brandable vs generic
- Model what works well for others
- Don’t quit your day job… yet
- Never go back on your word
- If you’re serious, then form a legal business
- Attend meetups when possible
- Take lessons from other industries
- Keep meticulous records
- Stay connected with new TLDs, even if you don’t invest in them
- Don’t use Hotmail when soliciting buyers.
- Backup your developed sites.
- Be prepared to develop or drop any domain you purchase
- Learn how the drop process works
- Understand domain taxes
- Know what your minimum acceptable price is for each domain you own
- Find partners for development
- Be willing to work HARD
- Search feverishly for opportunity
- Great domains with poor content = crap
- Look to domain suggestion tools for inspiration
- Read, listen, process
- Know when to give up on a project
- Know when not to give up
- Help and teach others, it’s the best way to learn
- Focus – work on one idea at a time
- Don’t expect to get rich quick
- You don’t have to have a huge portfolio to be successful
- Find free, inexpensive resources. They’re out there
- Even though some things are free, sometimes it’s worth paying for better
- Know that most end users wont understand the value of a good domain
- Domainers won’t pay end user prices, neither should you
- You can’t do it all alone
- Find an attorney in the industry before you need one
- If you ask for advice, you’ll probably get it
- Not all advice is good advice
- Your friends/family don’t understand what you’re doing. That’s fine
- Don’t waste time wishing you bought names in the 90′s
- Buy what you can afford and add value
- If you can’t write content, hire someone who can
- Most of your ideas won’t get off the ground
- Make the few that do get off the ground count
- You’ll get better with practice
- There are no shortcuts, only faster runners
- The best domains maybe taken, the best ideas are not
- Don’t get emotionally attached to a domain
- Don’t believe everything you read
- Keep a separate bank account for domaining
- If you don’t enjoy it, then stop doing it
About Mike Sullivan:
Mike Sullivan is a domain investor, entrepreneur and writer from the suburbs of Chicago.
39 Responses to “101 Tips / Truths for New Domainers”
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I have no idea how you did it – but those are some great tips.. How long did it take you to come up with 101??
There is tons of great advice here and I def will use alot of them in 2011
@Chris, not long. I could (and might) come up with 101 more
All great advice.I’m printing it out now.
My only question is why HOTMAIL is a bad idea for contacting prospective buyers.(?)
What would you suggest as an alternative?
@Dr.Vegas, Hotmail is often interpreted as spam. Try your own domain for email if you have one. A company name comes across with more credibility.
Great list Mike. I’m sure each of these could likely be it’s own post too
@Adam, thanks. I was thinking the same as I wrote this. You may see some posts pulled from this in the near future.
How does one overcome #90 after seeing Domain King Schwarz’s portfolio?
@Uzoma, there is nothing you can do about missing that opportunity. You have to focus on not missing the current opportunity.
I think “living in the past” is more common in domaining than other industries, since it looks more opportunity-based. Yes, one could easily be $Ms rich by having a 90′s domain, but then who’d knew they would worth that much one day? But this is essentially the same for any disrupting new idea
Many items in the list apply to anything in life, thanks for the great list, Mike.
Mike, thanx for the tips,my fam. sure dont understand domaining but at least i’m not alone.If you want to go for a cup of coffee let me know,i’m in Park Ridge
@Rich, That would be cool. Maybe we could get a few people from the area together sometime.
If there is ever a meet – I’d sure like to be a part of it!
Once I actually broke it down for my family/close friends then showing them Sedo, Namejet, Afternic, DnJournal Sales reports, and basic tools, they all have been trying to jump on board. I am sending this list to them right away, nice read. My father though keeps telling me to get out, but that won’t be happening anytime soon.
Great List Mike
ideal
@Tommy, thanks.
Hello Mike Sullivan,
Thank you for the 101 tips. You posted “You have to focus on not missing the current opportunity.”
What are the current opportunities in domaining?
Robert McLean
@trickytobeat, I can’t say I know for sure. Some would say .CO, others might say development or longtail keywords. IMO, you need to decide and make your best effort at it.
Thank you, Mike
A great analyse on what domaining is. Every forum, blog etc about this business must have that tips-list limed on their homepage. Waitin the other 101 tips…
Merry Christmas and a Happy New Year!
@Duras, feel free to suggest it to your favorite sites
Hi Mike,
All of those tips were excellent. By the way I enjoy the interviews you have with different people who created websites.
Have a great Christmas,
Dick St Cyr
@Richard St Cyr, I love doing those too. So much good information from people actually doing something with their domains.
I like 89…I’ve been struggling on this one for years
@Jezza, that one haunts me too
Now there are 102 things to do as a beginning domainer…
Read this list by Sully. I’m copying your link and sending my clients to it. All domain ebooks should do an update and put this link (or ask permission to copy) to this list.
good job!
Thanks, inspires me to hear that you’re passing this on.
I am going to print this list out and hang it on the wall in my office.
I’m fairly new to Domaining but with a strong sales background feel I am doing fairly well.
I Develop, Do Enduser Sales, and am building a holding of names for investment.
I like these 3 tips:
#9 Read Forums with Caution. (Not everyone is an expert that is writing in the Forum.)
#40 Don’t let other Domainers discourage you.
(Not Everyone is your friend.)
#89 Your Family/Friends don’t understand what you are doing. (No matter how hard I try my wife is lost on this one.)
Thanks for the list.
@Joey, great to see you’re staying diverse. Keep it up!
Thanks for a very useful list! My favorite is #30: “You WILL get discouraged. Keep going.”
@Tim, one of mine too. There have definitely been times when I wondered what I had started.
A great list so many of the tips are easy to forget and overlook. But with hard work and determination you can do well.
@Brian, thanks… I bet you have some to share too.
great list, Mike. you are a machine.
@Brian, as a great man once said, “heh heh”
Mike,
Congrats on compiling a superb list. With just a little imagination and tweaking on the part of the reader, this list applies equally well to pretty much any business or occupation – from math teacher to motivational speaker, carpenter to CEO, artist to author. And, most importantly, it’s an excellent list for living – thanks for putting “pen” to paper.
Kind regards,
Andy
@Andy, I appreciate the kind words.
Should I learn HTML…or Dreamweaver? Is HTML basically the same these days as it has always been? If I pay some coder a 4-5 figure sum to flesh out a site that I think has potential…am I now “married” to that coder when I need to make basic changes? Would learning HTML lessen my dependency on the coder should I need to make some changes? Yeah..too many questions.My bad.
Learning basic HTML will help you with mini sites or tweaking sites that a developer has designed for you. Dreamweaver will make it easier for you. Hope it helps, feel free to email if you have more questions.
This list applies to pretty much every business…
Especially Domaining… Thanks very much for the reminder right in time for the New Year…
I have to commend you for the time you put into this blog post. #78 is a Gem: “Focus – work on one idea at a time”. I watch so many people take on more than they can handle and at times I fall victim to this as well. Focus is monumental to ones success and with that accompanies a concise strategy. Thanks for a great blog post! Keep up the good work, Mike!