I have been domaining for awhile now. Buying and selling domain names can certainly be fun. It's a thrill when you scan a list for hours to find 1-2 domain names that show "promise" and then you're able to acquire them through an auction or you successfully drop catch them straight into your account.
However, this article is not about all the great aspects of domaining, but rather, to focus on some of the things that are often left out. Some people need a slight wake-up call as to what they should expect when getting into this business or any business for that matter.
I have seen too many eBooks making false claims about how you can get "rich" off of domaining; how everybody can do it; and how all you need to do is buy their eBook or pay them for their domain course so that you too can sell a domain name that only cost you $10 for a 100,000,000% return on your investment, they say.
Come on. Let's stop trying to find an easy way out. There is no easy way. If it sounds too good to be true, then it probably is.
Since we've started making videos on YouTube regarding the domain name space, we've received several emails from people who enjoy what we’re doing and how "real" we are with the information we provide. In the spirit of being real, let's talk more about what you can actually expect working in this business.
Scanning
A lot of time will be spent scanning lists of domain names in search of the best domains to buy. No, these lists will not be pretty. Actually, there will be tons of garbage domains to go through that will make you scratch your head as to why they were ever registered in the first place. You'll see everything from random characters, which look like the registrants pressed random keys on their keyboard, to outright bad domain names that make us wonder what the registrants were thinking when they registered them.
Combing through lists of domain names every single day isn't the most glamorous thing to do, but it could prove to be very rewarding. If someone asks you what you are doing and you reply, "Looking through some expired domains," you're most likely not going to get the same response from them as somebody else who instead replied, "Traveling to Hawaii for business." Domaining is hard work that most people aren't willing to do.
Consistency
We should strive to be consistent in everything we do where consistency is important, and that's especially true when it comes to scanning lists for domains. It requires that we be consistent and persistent. You never know which great domain name(s) you might miss if you don't scan and filter domains each day. One day of being lazy could result in someone else’s fortune. We can't afford to lack consistency.
Personally, this is something I still battle with from time to time. This business is a constant grind.
It's a good idea to set reminders of drop times, ending auction times, days scanned, etc. Get organized. Develop a system. Start writing things down, set alarms, and make it happen. No excuses.
Rejection
For the most part, people don't like being solicited to buy things, especially when they aren't actively looking to buy. When you begin to partake in outbound marketing to try to find potential suitors for your domain names, you will get plenty of responses that will make you scratch your head.
You will get emails from people calling you a cybersquatter, telling you to get a real job or how much of a piece of "poop" you are, etc. It's all part of the game. Many of the top people in this industry and other industries in the world deal with rejection on a continual basis.
Why should we be any different? It may take 100 no's to get to 1 yes, but that's the name of the game in outbound sales and why consistency is so important.
Risk of Losing Money
If you’re scared to lose your money, don't enter this business. It’s as simple as that. You're going to need to shell out some of your hard-earned cash to see if you can successfully make money with domain names. No, I am not talking about $10 or $20 bucks either. It will take more than that just to learn what does and does not work. Every buy is a risk, and as a domain investor, the goal is to make sure that your reward far outweighs your risk. Calculated risks are an important part of every business.
That's the thing with starting a business online: most people seem to forget how much money it takes in the offline world to get started in a business. It often costs hundreds of thousands of dollars in loans for a business to get off the ground in the physical world with a storefront, proper licensing, and much more.
The great thing about the Internet is that you may not need hundreds of thousands of dollars in loans to get started. However, expecting that you'll be able to see if this business works for you with only a few bucks is unrealistic. That mentality isn't going to get you anywhere, and it's probably best to quit while you’re ahead.
The Long Haul
I've been involved in some way, shape, or form on the Internet since 2008. It's 2016 now, and I am still grinding away. I've made great money and lost a lot too. You have to learn to enjoy the journey. It may sound cheesy, but nothing in any endeavor that’s worthwhile is going to be easy or come quickly.
I remember when I first heard about buying and selling domains: I wanted to look into it but for some reason I didn't. In 2013, @Willox Perez and I decided to give it a shot. We read a lot on it and still do today. We bought some worthless domains, but we also kept following and learning about the top people in the industry, occasionally bothering them with questions regarding the industry via email and private messages.
So what’s the point?
It's all a process. Enjoy it. Learn from it. Grow from it. Get better at it. Find people who are better than you, and instead of resenting them, let it motivate you to become the best domainer or whatever it is in life that you want to become.
Is there anything else that I missed when it comes to the truth about domaining? Let us know!
Check out the supplementary video of this article:
Note: This video contains profanity in the beginning; you may skip past it.
Which of these points are most important to know about domaining?
Share your thoughts in the comments.
However, this article is not about all the great aspects of domaining, but rather, to focus on some of the things that are often left out. Some people need a slight wake-up call as to what they should expect when getting into this business or any business for that matter.
I have seen too many eBooks making false claims about how you can get "rich" off of domaining; how everybody can do it; and how all you need to do is buy their eBook or pay them for their domain course so that you too can sell a domain name that only cost you $10 for a 100,000,000% return on your investment, they say.
Come on. Let's stop trying to find an easy way out. There is no easy way. If it sounds too good to be true, then it probably is.
Since we've started making videos on YouTube regarding the domain name space, we've received several emails from people who enjoy what we’re doing and how "real" we are with the information we provide. In the spirit of being real, let's talk more about what you can actually expect working in this business.
Scanning
A lot of time will be spent scanning lists of domain names in search of the best domains to buy. No, these lists will not be pretty. Actually, there will be tons of garbage domains to go through that will make you scratch your head as to why they were ever registered in the first place. You'll see everything from random characters, which look like the registrants pressed random keys on their keyboard, to outright bad domain names that make us wonder what the registrants were thinking when they registered them.
Combing through lists of domain names every single day isn't the most glamorous thing to do, but it could prove to be very rewarding. If someone asks you what you are doing and you reply, "Looking through some expired domains," you're most likely not going to get the same response from them as somebody else who instead replied, "Traveling to Hawaii for business." Domaining is hard work that most people aren't willing to do.
Consistency
We should strive to be consistent in everything we do where consistency is important, and that's especially true when it comes to scanning lists for domains. It requires that we be consistent and persistent. You never know which great domain name(s) you might miss if you don't scan and filter domains each day. One day of being lazy could result in someone else’s fortune. We can't afford to lack consistency.
Personally, this is something I still battle with from time to time. This business is a constant grind.
It's a good idea to set reminders of drop times, ending auction times, days scanned, etc. Get organized. Develop a system. Start writing things down, set alarms, and make it happen. No excuses.
Rejection
For the most part, people don't like being solicited to buy things, especially when they aren't actively looking to buy. When you begin to partake in outbound marketing to try to find potential suitors for your domain names, you will get plenty of responses that will make you scratch your head.
You will get emails from people calling you a cybersquatter, telling you to get a real job or how much of a piece of "poop" you are, etc. It's all part of the game. Many of the top people in this industry and other industries in the world deal with rejection on a continual basis.
Why should we be any different? It may take 100 no's to get to 1 yes, but that's the name of the game in outbound sales and why consistency is so important.
Risk of Losing Money
If you’re scared to lose your money, don't enter this business. It’s as simple as that. You're going to need to shell out some of your hard-earned cash to see if you can successfully make money with domain names. No, I am not talking about $10 or $20 bucks either. It will take more than that just to learn what does and does not work. Every buy is a risk, and as a domain investor, the goal is to make sure that your reward far outweighs your risk. Calculated risks are an important part of every business.
That's the thing with starting a business online: most people seem to forget how much money it takes in the offline world to get started in a business. It often costs hundreds of thousands of dollars in loans for a business to get off the ground in the physical world with a storefront, proper licensing, and much more.
The great thing about the Internet is that you may not need hundreds of thousands of dollars in loans to get started. However, expecting that you'll be able to see if this business works for you with only a few bucks is unrealistic. That mentality isn't going to get you anywhere, and it's probably best to quit while you’re ahead.
The Long Haul
I've been involved in some way, shape, or form on the Internet since 2008. It's 2016 now, and I am still grinding away. I've made great money and lost a lot too. You have to learn to enjoy the journey. It may sound cheesy, but nothing in any endeavor that’s worthwhile is going to be easy or come quickly.
I remember when I first heard about buying and selling domains: I wanted to look into it but for some reason I didn't. In 2013, @Willox Perez and I decided to give it a shot. We read a lot on it and still do today. We bought some worthless domains, but we also kept following and learning about the top people in the industry, occasionally bothering them with questions regarding the industry via email and private messages.
So what’s the point?
It's all a process. Enjoy it. Learn from it. Grow from it. Get better at it. Find people who are better than you, and instead of resenting them, let it motivate you to become the best domainer or whatever it is in life that you want to become.
Is there anything else that I missed when it comes to the truth about domaining? Let us know!
Check out the supplementary video of this article:
Which of these points are most important to know about domaining?
Share your thoughts in the comments.
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