I’ve heard the excuses, horror stories and the flat out complaints about our industry. I hate to say it, but being successful in this industry has nothing to do with the economic climate. Those that are capable of flipping domains will continue to sell them regardless of the obstacles. I’ve thought, complained and have been one of those people to blame my lack of sales on the economic climate.
With that last statement in mind, I have been able to see both sides of the story since I have been on both sides of the fence. Those thoughts and experiences have lead me to write a list which a great deal of us in this industry can relate too.
10 Reasons Why You Have Not Made A Profit Domaining
Part one only includes five reasons, look out for part two in the series in a follow up post.
1. You Continue To Make The Same Mistakes
Making mistakes is common when entering into this industry. In order to succeed you must learn from these mistakes quickly and better prepare yourself against making them again in the future. Unfortunately I have witnessed many domainers dig themselves a deep whole because they refuse to identify their mistakes.
2. You Never Finish Projects
Registering a domain name does not count for much these days. Anyone can do it and anyone does do it. Some take it even further and find themselves starting development projects. Unfortunately the majority of these projects never see the light of day because they simply are not finished. Who cares whether something is successful, if you start a project try your best to finish it. Even if the project doesn’t reap benefits right off the back, you never know who might be watching! Potential buyers want finished projects!
3. You Don’t Treat Your Domain Portfolio Like An Investment Portfolio
How are you supposed to make a profit if you didn’t approach the domaining industry like you would your stock portfolio? Good question right! It amazes me how many people are willing to sit on a domain name for years without trying to sell it for a profit. Are you in the business for losing money? Well a great deal of you seem to be quite good at this. This used to be an issue which plagued me as well but I am happy to say I have been able to make a profit in this industry sometimes selling domain names below the price that I feel they are valued.
4. You Gave Up Before You Started
Its hard to be successful in an industry if you have given up before you’ve truly given it a chance. Very rarely does one become wealthy instantly in any industry let alone this one. There are a great deal of guides out there that want you to believe otherwise. Some of you might of even gotten sucked into this industry off of one of those get rich quick schemes. Well everyone, the reality is that will not happen but I have seen plenty of success stories. Why not become one of those? Shoot for the stars by all means but sometimes reaching for the moon might be a realistic choice.
5. You Bought Into The Great Domain Land Rush
Talk about some band investments. One of my worst investments is a domain name which I have tried to ignore. I fell into the idea of registering a .CM domain name and boy have I learned not to be this stupid again. The domain is sitting around collecting virtual dust. This was a poor extension choice for me, but at that time you couldn’t tell me otherwise. I bought into the great domain land rush and what a rush it was, unfortunately that rush is going to cost me a couple of dollars.
I have decided to make this into a two part series. I really do feel that we can all learn from these points that I have come up with. Trust me, if I can keep you from making the same mistakes that I have made then by all means! This industry can be very lucrative but you’ve got to have a game plan and eventually an exit strategy. Now is the time to develop these! Look out for part two in this series, coming whenever I decided to type it up!