The Three Best Mistakes I Ever Made

I’ve made plenty of mistakes in my life – I’ll be the first to admit it, however I don’t think there’s a single mistake I haven’t learned from. What doesn’t kill you makes you stronger and if you don’t learn from your mistakes then what purpose could they serve? We spend so much time talking about things that go well, sites that perform beyond our expectation, huge sales that came out of the blue – how about the failures though? What about the things that didn’t work-out?

I’m sharing my top three with all of you and encourage you to do the same and share it with the rest of us. You never know – someone could be making the same mistake you made two years ago!

1. Buying Worthless Domains
I spent my first 3-4 months in the Domaining world buying domains like crazy. I was certain that all the .com’s I was hand-registering would be worth a fortune. I quickly learned that about half of what I had purchased was complete junk, but luckily the other half had some decent names in there. Dropping roughly 600 domains was one of the hardest things I’ve ever done but the lesson was incredible and the pain in the beginning made me realize how important it is to really do your homework BEFORE buying a domain.

2. Developing the Wrong Domains
I started developing my portfolio almost immediately – for me parking made no sense, I wanted to create an actual destination! The idea is a good one, but only when paired-up with the right domain. There are some domains that are strong names but don’t have great monetization potential. I quickly learned that niches like credit, debt, law, and finance monetized much better than travel, food, and music. By focusing on developing domains in niches I knew monetized well I was able to start generating very meaningful passive income from my portfolio.

3. Trying To Do Everything Myself
Doing everything yourself is great because you get to keep all of the money…the problem is you lose all of your time. Since I’ve always been doing Domaining in my spare time and not as a full-time job doing everything myself quickly became unmanageable. Hiring the right people to help me out was the best move I ever made and allowed my business to scale. You can only scale so much as one person!

Now it’s your turn – share your mistakes and let’s all learn from them!

{ 9 comments… add one }

  • James July 9, 2010, 2:24 pm

    I wish I could afford to stop making mistake number 3.

    Reply
    • Morgan July 9, 2010, 2:26 pm

      @James – you can! You just need to have a business-model that generates revenue – if you do adding more people can help you scale!

      If you haven’t found a way to make money yet then you can’t but then you’re not making mistake #3. Mistake #3 comes when you have so much business you can’t do it all so you’re losing-out on missed revenue opportunities.

      Reply
  • James July 9, 2010, 2:51 pm

    You’re right, Morgan… I’m not making money… yet (writing is my strong point, not monetization). But thanks to blogs like this, I’m learning.

    Reply
  • Ed from htmlpress.net July 9, 2010, 2:58 pm

    I experience all three and another one for me is not budging from my selling price when someone makes a reasonable offer.

    Reply
  • Domain Report July 9, 2010, 3:34 pm

    Not regging a .ca domain in 2000 and hearing that it sold for around 11k years later. It also had traffic of 100 to 200 per day. Lesson: go with your gut, especially if the cost is low (like a new registration). I checked in on that domain for days, when I finally decided to reg it, it was taken.

    Turning down an $8,000 offer and later settling for $4,000.
    Turning down a $5000 offer and never hearing from them again.
    Lesson: Carefully judge the offers that come in, sometimes the first offer is the best and most they are willing to pay. This is a hard one to get right every time, and depends on your own situation. Even if you’re trying to get more for your domain, keep the negotiation open. Negotiation is easier if you are honest with yourself and are realistic with your price. Any way you slice it, domain negotiation is tough especially if you don’t know who you are dealing with.

    Letting too much time pass before learning to build a webpage – spend some of your domaining time learning to build webpages, or learning Wordpress, which seems to be popular and easy right now.

    Reply
  • The Domain Edge July 9, 2010, 3:57 pm

    Morgan, it is easy to make mistakes in this industry. I have invested in (21) .mobi’s “speculation of a grand slam” only to let all but a few drop. The amount of the lose was very minimal financially, but my pride keeps me serious about what I buy now. The domain business is not a “get rich quick” easy endeavor. It takes a lot of time and research to make any kind of real money. My best advice is don’t quit your day job. Like anything else in life “play for the love of game” you should enjoy what you do. All investments, domaining included, has their risks… Richard Colley (TheDomainEdge.com) P.S. ~ Someone, somewhere, hits the lottery everyday!

    Reply
  • Leonard Britt July 9, 2010, 6:26 pm

    I attempted outsourcing an article and what I got back was useless so I asked folks on one forum if they could recommend anyone. The response was outsourcing content writing generally doesn’t work. Perhaps you have had a better experience?

    Reply
  • Gerald July 9, 2010, 11:12 pm

    This is so true not to ever forget it………sounds simple but so many make this mistake..
    Like me……
    Gerald
    p.s. great post

    Reply
  • Kevin July 10, 2010, 6:43 pm

    I would have to say that I went out buying domains like you did because I though it would be worth a fortune and now I’m stuck with them trying to get rid of them. I started to buy before I did any research so I would say about 90% of my domains are worthless.

    Oh well, live and learn…

    Reply

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