The post you are about to read is one that I wrote over 8 years ago. I made some minor updates and added about 10 additional tips to the list, bringing it to 111 tips / truths for new domainers. While you and I have surely changed, not much has changed in 8 years as far as the fundamentals go.
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.
1. Read domain blogs 2. Subscribe to Domaining.com 3. Heed the advice of the experts 4. Draw your own conclusions 5. Research before you buy a domain 6. Research before you sell a domain 7. Network with other domainers 8. Find a niche 9. Read forums with caution 10. Make mistakes 11. Learn to negotiate 12. Learn about sales 13. Don’t burn bridges 14. Don’t buy more domains than you can afford 15. Keep renewal fees in mind 16. Don’t rely on automated estimation tools 17. Stay away from trademarked names 18. Familiarize yourself with domain laws 19. Diversify, invest and develop 20. Have a contract when selling a domain 21. Have a contract when buying a domain 22. Stay ahead of trends 23. Review past sales data 24. Understand that a domain is only worth what a buyer is willing to pay 25. Buy domains that interest you 26. Find email examples of effective sales letters 27. Experiment with email sales letters to find what works best 28. Pick up the phone 29. Utilize a broker when appropriate 30. You WILL get discouraged. Keep going 31. Set Goals and a clear vision 32. Don’t register a name just because it’s available 33. Get creative with ways to reach end users 34. Buyers don’t have to be one time customers 35. Learn a little html 36. Learn a little graphic editing 37. Find a reliable hosting service 38. Learn about WordPress 39. Hire a developer if you build a full site 40. Don’t let other domainers discourage you 41. You won’t get rich from parking 42. Realize most of your domains suck 43. Understand SEO 44. Avoid duplicate content 45. Familiarize yourself with Google Trends 46. Social Networking is important 47. Experiment with affiliate programs 48. If you feel strongly about a name, don’t accept a low ball offer 49. Before buying a domain, think about how else the money could be used 50. Try selling on Craigslist, eBay, forums, domain actions and other means 51. Use Twitter to network, not to make a tweet a sales pitch 52. Even sucky names can have high global monthly searches 53. List your names at Sedo 54. Understand brandable vs generic 55. Model what works well for others 56. Don’t quit your day job… yet 57. Never go back on your word 58. If you’re serious, then form a legal business 59. Attend meetups when possible 60. Take lessons from other industries 61. Keep meticulous records 62. Stay connected with new TLDs, even if you don’t invest in them 63. Don’t use Hotmail or spamming looking ail when soliciting buyers. 64. Back up your sites 65. Be prepared to develop or drop any domain you purchase 66. Learn how the drop process works 67. Understand domain taxes 68. Know what your minimum acceptable price is for each domain you own 69. Find partners for development 70. Be willing to work HARD 71. Search feverishly for opportunity 72. Great domains with poor content = crap 73. Look to domain suggestion tools for inspiration only 74. Read, listen, process 75. Know when to give up on a project 76. Know when not to give up 77. Help and teach others, it’s the best way to learn 78. Focus – work on one idea at a time 79. Don’t expect to get rich quick 80. You don’t have to have a huge portfolio to be successful 81. Find free, inexpensive resources. They’re out there 82. Even though some things are free, sometimes it’s worth paying for better quality 83. Know that most end users wont understand the value of a good domain 84. Domainers won’t pay end user prices, neither should you 85. You can’t do it all alone 86. Find an attorney in the industry before you need one 87. If you ask for advice, you’ll probably get it 88. Not all advice is good advice 89. Your friends/family don’t understand what you’re doing. That’s fine 90. Don’t waste time wishing you bought names in the 90’s 91. Buy what you can afford and add value 92. If you can’t write content, hire someone who can 93. Most of your ideas won’t get off the ground 94. Make the few that do get off the ground count 95. You’ll get better with practice 96. There are no shortcuts, only faster runners 97. The best domains maybe taken, the best ideas are not 98. Don’t get emotionally attached to a domain 99. Don’t believe everything you read 100. Keep a separate bank account for domaining 101. Don't look up domains you let drop, it will only piss you off 102. Don't think you have to register every TLD for a name, that's just madness 103. There are ways to accelerate your learning… find them 104. A great domain still requires lots of work to be successful 105. Make sure the TLD is appropriate for the name 106. Keep up on technology 107. Never sell based on panic 108. Never rush into a purchase 109. Your reputation is everything 110. If you don't make money but you enjoy it, keep doing it 111. If you don’t enjoy it, then stop doing it
Have any favorites from the list? Any additional items you would add? Post them in the comments.