Domaining MBA Monday: Make Sure You’re Getting Advice From The Right People

mentoring

It’s a lesson I’ve learned time and time again and I thought it would make a great topic for Domaining MBA Monday. Advice is a very powerful thing, in some cases it can be the catalyst that allows your business to take off like a rocket ship, in other cases it can be crippling, leading you down a losing path. Not getting advice is one of the biggest mistakes you can make in business, but getting bad advice can be much worse.

Nowhere have I seen this more true than in the Domaining space. The thing with Domaining is, whether you’d like to admit it or not, there’s a lot of smoke and mirrors and plenty of people who like to look like they’re more successful than they are. Of course this happens in just about every industry but when you’re talking about virtual assets, confidentiality agreements, etc. it can be very hard to tell who’s walking the walk and who’s talking the talk.

First before I go any further I don’t want anyone to read any deeper into this post than you need to. I’m not trying to single out one person, nor am I trying to say that you should trust nobody, what I am saying is that you need to make sure, like the title says, that you’re getting advice from the right people. In general I recommend getting advice from people who are where you want to be.

Make sure you stay focused in where you get your advice and know that people have different areas of expertise. Remember, there are many different models to make money in this business and you want to get good at one before you move onto the next, which means you’ll want to find a mentor who has already mastered what you’re trying to learn. If you want to make lots of little sales, don’t get advice from the guys who do just a few big sales a year. If you want to build hundreds of minisites, don’t get advice from someone who runs a handful of large full-scale websites.

Yes, there are many ways to be successful in the domain industry but make sure the person you are talking to is successful with the thing that you want to do to make money in the space. Of course this can evolve over time. When I started in Domaining my focus was development and monetization of many small sites, as my business has developed over time I layered in selling domains in the four-figure range, this meant that I had to look at a different mentor who had experience in this space. Now I’m focused on much larger sales but far less per year, and once again I’m making sure that I get advice from someone with a proven track record doing just this.

If you are doing Domaining as a part time thing, find a part time Domainer that has done what you want to do. Want to go full time? Talk to a full time Domainer that has gone through what you plan on going through and learn more about how they did it. Just make sure that every time you get advice you are getting advice from someone who has done what you want to do. Last but not least, beware of people claiming to be bigger or more successful than they are. People like this are all over the net and sometimes can be hard to spot, like a job interview, do a mentor interview and ask around if you think you might be talking to someone who is selling you a story. If you can’t find many people that will back up your “mentors” claims, move on and find someone you can trust because like I said above, getting bad advice can be much worse than getting no advice.

Do you have a story to tell about a mentor who helped you? Have you ever encountered a fake mentor who led you down the wrong path? As always I want to hear from you! Comment and let your voice be heard!

(Photo Credit)

{ 5 comments… add one }

  • Mark Collier October 15, 2012, 12:42 pm

    Hi Morgan

    Great post, as an SEO turned domainer I have seen exactly what you are talking about in the advice given out on SEO in some of the domaining forums. People often mean well but you can’t be an expert on everything, as a result I think a lot of the domainers who are developing domains in an effort to gain search engine traffic are spending a lot of time and money using non-existent or extinct models and ideas.

    Reply
  • James October 15, 2012, 1:15 pm

    Nice post. I should imagine that most of the domainers who are potential mentors own and run a blog; Rick Schwartz, Elliot Silver, you, Mike Berkens, etc.

    As well as going to them for advice, I’d recommend going back through their old posts, reading how they’ve done what they’ve done. I’m doing exactly that on your blog 😀

    Reply
  • Jennifer October 16, 2012, 5:58 am

    Hi Morgan,
    I can tell you are a man who walks your talk.

    This post is very timely for me as new comer as I forge ahead into this industry.

    How would you recommend reaching out to established domainers for mentorship.

    I reached out to a popular domainer, who lives in my area via email. I’m on his newsletter and sent an email requesting an exploratory meeting to learn more about his industry.

    The reply was a little disappointing but I’m not discouraged.

    As a solid domain professional, how would you appreciate being approached by someone new to the industry seeking to network or simply getting to know you as a domain professional.

    Any help would be appreciated.

    Kindly.

    Reply
    • Morgan October 16, 2012, 6:46 am

      Great question @Jennifer! The first thing to realize is that not all successful Domainers are great mentors, some love to teach, others don’t. If you had a bad response from one don’t think this means that you will get the same response from everyone.

      What I would recommend is asking specific, rather than general questions. If you ask someone things like, “How do I get started?” or “What’s the best way to make money with domains?” then you may be asking too broad of a question.

      My recommendation would be to first read every blog post you can shake a stick at, everything you need to get started is contained within some of the top Domaining blogs. Then, as you start to understand more about the industry and have specific questions reach out potentially even referencing the specific post that left you wanting to know a bit more.

      The most important thing to understand is that it has taken many of us years to learn how to make money in this space. Many people enter the industry and want to start making money their first month. The first 6+ months should be spent learning not doing. Once you have a good understanding of the space then it’s the specific questions you ask that can give you the edge you need to really start making some money in the space.

      Hope this helps and thanks for the question, maybe I should turn this answer into a blog post as well!

      Reply
  • Aaliyah January 15, 2014, 3:22 pm

    hi,
    I have an important question, Is it legal to purchase a domain name with an extension whose letters complete the domain name, if the full name is the name of a domain registered by some else? ex. motorcycles.com belongs to someone so i register motorcycl.es….I dont want any legal problems. thanks

    Reply

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