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!