It’s a common conundrum in Domaining and one that many people don’t spend enough time thinking about. How you spend your time in any business directly impacts the success of your business. The challenge is, for many people buying is just a lot more fun than selling. Yes, the thrill of the sale is great, but I find one of the main reasons why Domainers fail isn’t because they can’t sell their domains, it’s because they don’t put any time into doing it.
First things first, don’t take this the wrong way. I’m not saying that you should stop buying domains and do nothing but try to sell your domains. Instead I am saying you should balance your time so that you put more focus on selling domains than buying them. You need quality domains in your portfolio to keep a steady stream of sales but you also need to get over any fears you have about sales, and quickly.
Like electricity, people tend to move towards the path of less resistance. This is what initially attracts people to Domaining, for under $10 you can buy an asset that you could sell for thousands, heck maybe even tens of thousands of dollars! Sounds exciting doesn’t it? The reality is that in most cases your domains will not sell themselves and you’ll have to actually put the work into selling them. The problem is that many Domainers are addicted to buying domains, spending hours each day scanning droplists, forum posts, etc.
If you are happy with the revenue you’re bringing in then don’t change a thing, keep doing what you’re doing. However, if you’re finding that every month you are missing your goals, then maybe you need to look at how you’re spending your time. So let’s talk about selling domains.
Selling domains is hard work. Anyone that tells you it is easy to make money selling domains is either lying to you, or doesn’t actually know because they don’t do it themselves. The first thing you need to decide is whether you want to do this work yourself, or if you want to hire someone to do this for you. If you’re doing it yourself set a simple goal – spend more time every day selling rather than buying.
By changing this balance you can put your time into something that directly results in revenue. While buying a good domain could mean revenue down the road, that very day you are actually spending money, not making it. I think all businesses should put more than 50% of their time into making money, not spending it.
So take a look at your day and ask yourself what might just be one of the most important questions a Domainer can ask themselves, “Am I spending more time buying or selling domains?”
Latest posts by Morgan (see all)
- Two Easy Ways To Setup A Directory Website - September 1, 2014
- Weekend Musings – Techstars Demo Day - August 31, 2014
- Watch this video and tell me you don’t want an Amiga - August 30, 2014