Well that’s it, 2018 is in the books and I am really excited about the year ahead for many reasons. Every year I put together New Year’s Resolutions, and as I’ve gotten older, I’ve tried to get better at setting realistic goals. I have three sets of resolutions – life, business (Bold Metrics), and Investing of which Domaining is a major part of.
One thing I’ll note is that New Year’s Resolutions are often fairly specific to that person, so this is one of those posts where maybe one thing makes sense for you, but it wouldn’t be too crazy if nothing does. I thought Rick Schwartz wrote a really solid post recently about Domaining being an “Individual Sport” and that really is true.
Yes, the Domain Industry is full of amazing people, and it’s awesome how many people share their thoughts, strategies, and advice (and often for free). I have made some amazing lifelong friends thanks to Domaining, and I think it’s fair to say we have one of the most welcoming and incredible communities on the planet.
All that being said, our own life situations, techniques, past purchases, sales, what we do with our profits, our losses, etc. It’s all individual. So when you read the ways in which one person is thinking about their investment strategy, it really might not be relevant at all to yours. In short – take this as my own thoughts for me, not as advice for anyone else. With that said, here are my Domaining New Year’s Resolutions for 2019.
- Say yes to more inbound offers – I say no to most inbound offers and have for some time now. This hurts sales velocity and often because I’m trying to lock in a 10x ROI. I’m going to start to try to be a little more comfortable with a 2x or 3x ROI since every time I make a sale I can book a profit and add more domains to my portfolio that can create an even bigger profit down the road.
- Increase my average purchase price – in 2018 I’d say my average purchase price for a domain was between $100 – $200. This year I’d like to increase that to $500 – $1,000. In the end I’ll likely buy less domains but put a bigger focus on quality.
- Work with brokers more – I don’t have time to do outbound on my domains, and given how busy I am I also realized last year that I don’t really have time to do good follow-ups on inbounds either. In Q4 I started letting Uniregistry brokers handle more of my domains and it has produced better results than I could have myself. Looking back on their conversation log I can see how much they really work it, lots of emails, phone calls, etc. I think good brokers can really work magic, they do this all day every day so they’re going to be a lot better than me, and I want to work with brokers more this year.
- Keep better track of what domains I have set to autorenew – I need to do a better job of evaluating which domains I want to renew. I accidentally renewed some names last year that I really should have dropped, this year I want to be more relentless about really thinking through if a name is worth keeping, especially if it’s something I hand registered.
- Go to NamesCon Europe (as well as Vegas of course) – I’ve been to every single NamesCon in Vegas but I really want to connect up with the European Domaining crew more. So this year I plan to go to both Vegas and Portugal. I have an amazing time at NamesCon every year so this year going to two NamesCon’s really does just sound like twice the fun.
Okay, there you have it – my Domaining New Year’s Resolutions. Feel free to comment on any of mine or share yours. Either way, I want to hear from you – comment and let your voice be heard!