Share Your Biggest Domaining Mistake

We all make mistakes, it’s part of life. In fact, if you look at some of the most successful people in business like Donald Trump, they have made many mistakes along the way. Last week I shared a recent mistake that I made while negotiating a $10,000 sale. On my blog I share my successes and my failures and I think that those out there who claim they have never made a mistake, are probably lying about their successes.

I have talked a lot about how I built a six-figure business in this space which allowed me to quit my day job last year. Without these mistakes I think I’d still be moving-along in five-figure territory, which is fine, except if you’re trying to replace a six-figure salary.

Since I know we all can learn a lot from each other I thought I would reach out to you, my readers, and give you the opportunity to share you biggest Domaining mistake with the community. If you don’ t want to use your real name or email address I won’t hold it against you and I won’t delete your comment. I am an incredibly public person and this has been both a good and bad thing for me so I completely respect if you’d like to keep your identity private.

So dip into your Domaining archives and share your biggest mistake with me and my readers!

{ 15 comments… add one }

  • James March 27, 2013, 9:55 am

    I would say my early big mistake, quite awhile ago now, was not having a good grasp of the scope required to generate decent liquidity in domains. Registering and, principally, buying good domains is great, and a challenge in and of itself, but it’s extremely import to understand that your scope really needs to be really quite large for brandable or generic names to generate liquidity. If you’re not prepared to grow to that scope, regardless of the quality names you are buying, it certainly may not be the right business model, particularly in generating a significant AND timely return.

    Reply
  • Lucas Webster March 27, 2013, 10:00 am

    Starting about 10 years late and thinking that was not a massive disadvantage along with trying to scale a CPC system based on SEO.

    Reply
  • John March 27, 2013, 11:37 am

    I made the mistake of turning down a reasonably good offer on a name when I just needed cash. I was convinced I could get more for the name…Two weeks later I crawled back and said I would accept the offer. The reply was a lower offer. I took it!! I knew who the buyer was and it was an end user who could make really good use of the name. They just held fast at a time when I needed the money. I still made an amazing ROI though, as it was a hand regged name 🙂

    Reply
    • Morgan March 27, 2013, 4:20 pm

      Thanks to everyone who has shared so far and looking forward to reading more!

      Reply
  • Darryl Lopes March 27, 2013, 12:52 pm

    Biggest domaining mistake would be registering trend related domains and see them spike with interest and two weeks later no traffic and not selling them in a year and drop them.

    Reply
  • Carsten March 27, 2013, 1:40 pm

    Collecting a crappy portfolio, before you learned from Morgan or domain sherpa….
    These guys really were an eye-opener.

    Reply
  • Garry Epperson March 27, 2013, 3:55 pm

    The biggest domain mistake I made was a long long time ago when I read about the guy who bought banjo.com and unicycle.com but it never “clicked” with me that I should do the same thing. I finally got it several years later when I read about Kevin Ham in Business 2.0 magazine.

    The second biggest mistake was when I read that same Kevin Ham article and saw that friggin’ substory box talking about people investing in .mobi. I wasted thousands of dollars on those when I should have educated myself before I bought my first one.

    I wish I would have stumbled onto Ricks blog first.

    Reply
  • Jonathan March 27, 2013, 5:21 pm

    It took longer than I would have liked to ‘get’ what a good domain is, but I think I’m on that path now.

    I don’t evaluate domains emotionally (cute, sound nice, look cool, etc), but instead on the keyword quality and end user appeal.

    My biggest mistake was getting a $1000 offer in my email which I didn’t use often and then find out like 3 months later (D’OH!!). Didn’t close that sale.

    Make sure all your whois email points to an email account that you use regularly so you don’t miss anything (and check your junk folder).

    @Morgan great work. Keep it up!

    Reply
  • James in Japan March 27, 2013, 11:17 pm

    One of the biggest mistakes so far was putting too much energy into a 2005 microniche site model, and not enough into domains with longer term, deeper potential. Slowly seeing the light from studying the material on blogs like this, Domain Sherpa, Adam Dicker, Rick’s blog and others, and am thankful for that. Thanks for this blog and post, Morgan!

    Reply
  • robert B March 28, 2013, 1:42 am

    When I started domaining for about 3 years ago, I had a trademarked (?)domain which I got a offer of $1000 which i turned down. Three weeks later I got a letter from a lawyer and i eventually had to give that domain away for free.

    Reply
  • Igor Mironyuk March 28, 2013, 2:29 am

    I more prefer register domains than buy it although now i think the opposite.
    So half year ago i registered domain in Adult category. I thought then that if the domain of the category for adults so be popular. However, one extra letter (“s”) between the two key words (“adult” and “baby”) spoiled the whole domain.
    My biggest error contain and if for africa wiki is 1600 regional seaches, for my .net domain nothing leave from this.

    Reply
  • Adi Weitzman March 28, 2013, 11:13 am

    My biggest mistake is wasting money on names that sound good to me but that are crappy names. I think the tendency is to read a blog or two and think you are an expert. My other biggest mistake is not reading and studying enough about every aspect of domain name investing. There is SO much to learn and one really needs to be careful. My advice would be to think of names and research them but not spend the money until you are comfortable enough arguing its value.

    Reply
  • AbdulBasit Makrani March 29, 2013, 12:12 pm

    I invested in .mobi and .asia domains. Bought crappy domains in those extensions with no return at all. Waste of time and money.

    Reply
  • Bako.com March 31, 2013, 2:51 am

    The biggest mistake for me is probably not getting into the domain selling game! Six figure income sounds pretty awesome! I read these articles all the time but only buy domain names for my own website projects. I think it has made me a better domain picker for my websites. I hand registered UsedRemoteControls.com thinking I can build a website for people to list and sell there remotes. I look at the domain an know I could sell a few of my own remotes to pay the registration haha. Maybe I could buy domains to make money!

    Reply
  • MillionaireMan April 2, 2013, 9:11 am

    Buying quirky domain names and trying to turn them into social sites. The labor intensive process was just not happening. Plus concentrating on several variables at once instead of just going with one thing and building that one thing first into a success is a major learning experience. Remember keywords are king when it comes to domain names. Opinions differ – comments welcomed.

    Reply

Leave a Comment