Lessons in Domaining: The Importance of Focus

When I started in the Domaining industry I found myself with hundreds of domain names and the constant pressure of developing, parking, or selling my names as quickly as possible. What I learned very quickly was that many of the names I thought were worth thousands were worthless, and that developing a quick site vs. a good site made a huge difference. At first this was a depressing realization – I had just wasted hundreds of dollars on domain names that nobody wanted and I found that to really make money with my domains I had to put a lot of time and energy into developing a website.

This is the realization I had two years ago and over the past 24-months I can say it was the best learning experience I’ve ever had. If you find yourself in the same situation the first thing I can tell you to do is: stop, walk-away from your computer, pull-out a notepad and make a plan.

When I realized the situation I was in I knew that I had to make changes in order to turn this into a lucrative business rather than a renewal nightmare. So I did exactly what I’m telling you know – I left my computer and pulled-out a yellow notepad. On the notepad I created three headlines, each one on a different page.

1-Year Goal:

2-Year Goal:

3-Year Goal:

Under each of these I wrote the high-level goals I had for the next three years. Mine looked something like this:

1-Year Goal:
– Let all the garbage-domains drop or sell them if possible
– Start a blog
– Build one high-quality website each month

2-Year Goal:
– Buy domain names with strong keywords similar to other domains that have recently sold
– Continue to focus on making a great blog
– Build one high-quality website each month
– Sell one domain name each month
– Sell any domains that I do not believe in or would consider dropping

3-Year Goal:
– Buy domain names with strong keywords similar to other domains that have recently sold
– Continue to focus on making a great blog
– Build one high-quality website each month
– Sell one domain name each month
– Make over $x,xxx/month consistently

Making a three-year plan is absolutely essential because it takes you out of the overwhelming place that many of us find ourselves and allows you to focus on your high-level goals. I have stuck to my plan and am getting ready to start year three. Now don’t take this for more than it is – I am not an Internet Millionaire or a Dot Com mogul. Instead I’m someone who has a passion for what they do and I’ve stuck to my goals. I am making a consistent monthly income with domain names and in an economy like this – anything consistent is pretty incredible!

So for those of you out there with a huge portfolio of domains, spending each day completely overwhelmed and feeling like there is nothing you can do – stop! Step-away from your computer, pick-up a pen, pencil, quill, whatever it is that you write with – and make a plan. After just 10-15 minutes of writing down your goals you’ll find yourself more relaxed and most importantly – focused on what you have to do to reach your goals.

There is a entire half of 2009 that is yet to happen – make the second half of this year a time in your life that you can look-back on and say – “that was when I took control, focused, and reached my goals!”

{ 3 comments… add one }

  • Arbel June 30, 2009, 6:57 pm

    Hi Morgan !

    Great post…

    To educate people is the fastest way to success…

    Thank you

    Arbel

    Reply
  • theoretical July 1, 2009, 6:21 am

    Having good, clear long term goals is great advice but to really focus you need to have clear short term goals as well (and often goals in between). Be specific – revenue for each site this month, number of posts for each site this week, one direct advertising deal a month, submit my existing sitemap to yahoo today, etc. etc. Making a todo list on paper or with tools like bootcamp (the free version) will help you stick to those goals.
    One item you can add to your todo list is read something like the 7 habits books or super self – they aren’t for everyone but if you are so disorganized you don’t know what to do with yourself, then they are good place to start.

    Reply
  • Chris July 2, 2009, 12:07 am

    The power of goals is unbelievable. I would highly recommend (if you don’t do so already) to change your monthly income goal to a daily income goal. Write that number on a post-it note and stick it on your monitor so it’s in your face everyday seeping into your subconscious. Soon you’ll meet your goal and if you continue to repeat that process you’ll eventually hit $2740/day = $1 Million per year. hahaha! Have fun, man.

    Reply

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