People are flocking to the domain name market as a result of Business 2.0’s article in December.
I anxiously waited for the latest Business 2.0 to read the letters to the editor that would inevitably result from December’s “Masters of Their Domains” article. The first letter about the article was from a man in Rochester, NY:
“My wife and I truly enjoyed your article on people who are making millions investing in Internet domain names. I had read other articles on the subject, but yours was the most comprehensive and to the point. We started our research yesterday–we’ve decided to become domainers ourselves!”
Welcome aboard! But I’m a bit worried by your statement that you did one day of research and decided to join the market.
First, I’d like to point out that not all of the people in the article are “making millions”. Some of them have managed to spend millions, but not yet make millions. That said, people are making millions.
Here are a few points for newbies to the domain name industry:
1. Don’t buy hundreds of domains before you’ve sold one or know how much money you’ll make from them. I frequently read about people that think they can register available domains and make a mint. This is rarely the case. If you buy 1,000 domains in your first couple months, you’re probably making some bad investment decisions.
2. The first time someone sends you an e-mail offering to buy one of your domains, don’t jump for joy. Make sure you aren’t falling for a scam.
3. Be sure you aren’t buying stolen domains. Sometimes an offer to sell is to good to be true.
4. Don’t cheat. So you’ve parked some domain names and they aren’t magically getting traffic and making you rich? You may be tempted to click on ads on your own parked pages to earn some money. Don’t do it. You are almost guaranteed to get caught, and if advertisers lose their confidence in pay-per-click ads the entire industry will take a fall.
There’s a lot more to learn, but hopefully this will get you moving in the right direction. Have fun, be careful…and make some money!
Ade Lamidi says
I did read the Business 2.0 article and I was inspired by domainers who featured in that article. I am starting out in domain investment and reading a lot about domains. What advice will you give someone like me just starting out?