Tag - 101 tips

Domain Name Investors

101 Tips / Truths for New Domainers

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.

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