Let’s face it – Domaining is one of the most fun, addictive, and satisfying investment platforms out there. You can make money buying and selling domains, parking domains, developing domains, leasing domains, and the list goes on! With so many great ways to make money with domain names why is it that so many people complain they aren’t making any money?
I commonly receive emails from blog and book readers usually explaining what they’ve done so far and then asking why they aren’t successful. In many cases the first question I ask them is this – “How much time do you spend focused on revenue-generating activities?”
This may seem like a simple question but let me ask it one more time and this time, ask yourself the same question. How much time do you spend focused on revenue-generating activities?
You see – one of the biggest challenges I see new Domainers struggle with is time management – however time management is a problem that plagues many other Domainers, and for good reason! We are in an industry where opportunities are constantly presenting themselves, great deals are out there – and so many people spend a lot of time looking for those good deals! There is nothing wrong with spending time searching for great domain name…you just have to make sure that you are either generating revenue by purchasing those domains. It’s as simple as that – but doing this in practice can be a challenge!
Just think – how much time do you spend on expiry services, auction sites, domain forums, etc. and then look at how much revenue that makes for you. Are you making more money than you are spending? Sure – if you are consistently selling the domains you buy and make a nice profit then keep doing what you are doing…but if you are building-up what you think is a great domain collection and you aren’t generating any revenue, then its time to take a step back.
Take a step back and look at your revenue so far in 2010. Is your business growing compared to last year? Is your revenue growing each month? If it is not – take control of your time and spend a majority of your time on revenue-generating activities!
In 2008 I made sure that a majority of my time went-into developing the domains in my portfolio. In 2009 I hired a team of people to do this for me continually so at all times I am focusing on revenue-generating activities. Back in 2008 I wasn’t generating enough revenue to hire anyone to help-out, I put in my own sweat-labor and created some excellent passive income machines. This gave me the luxury in 2009 of being able to outsource the development work and keep my focus on acquiring great names, writing my blog posts, etc.
Now that Q2 is starting it’s time to take a step back and look at what you want to achieve in 2010. Set your goals and then do everything you can to achieve them – with good time management skills you can make sure you stay-focused on what matters – and as with any business cash flow is the key!