One of the biggest issues I had when getting started in the Domain Investing space back in 2007 was learning the difference between hype and reality. As with most Internet-based businesses there are plenty of people out there who claim to know their stuff, who in the end just sell you a story and make their money selling this story rather than practicing what they preach.
Domaining has a lot of hype surrounding it given the low cost of buying a single domain name. Statements like, “Anyone can get started with less than $10 and make thousands of dollars a month” causes many people to recklessly buy domains, often with money they can’t afford to lose.
It’s sad, but as with most things in life – if it seems to good to be true, it probably is. This is why the best thing you can do when you’re getting started in the Domain Investing world is to be incredibly careful where you get your information and advice from.
There are lots of great Domaining blogs out there, many written by people who talk the talk and walk the walk. At the same time, there are also plenty of blogs out there by people who only make a few thousand dollars a year in the space yet profess to know how you can quit your day job and become a full time Domainer.
So how can you tell the different between hype and reality? I recommend doing the same thing you would do if you were hiring someone to work for you, check references. If you find a blog or eBook that looks like it might be just what you’re looking for, find other people who know the author and ask some questions. If everyone you contact says that the person knows their stuff, then you’ve found a reliable source, if nobody has heard of them, or has bad things to say, head for the hills.
If someone is trying to actively sell you an educational product or service do a Google search with their company name in it followed by the word “scam.” If the first page of Google is full of people reporting the product or service as a scam, guess what, it’s probably a scam!
So don’t believe the hype, look past it and find real people that have made the kind of money you want to make in the space. Sure, there could be someone that has built a successful business making $500/month, but if your goal is to make $5,000/month this isn’t the guy (or gal) you want to learn from. Chose your mentors and information sources wisely otherwise be prepared to learn the hard way.