I’ve been writing a lot of posts lately about how to take control of your domain portfolio and start making money with your domains. Lately I’ve seen an increase in the number of people contacting me in a state of panic. They spent thousands of dollars buying domains and building MiniSites and thought they would just kick-back and watch the money roll in.
Oftentimes I’m emphasizing the same five things that I discovered soon-after starting my business. Let’s face it – Domaining can be one of the most overwhelming industries. This is because many people have hundreds or thousands of domains and want to develop them or sell them all at once. So if you’re feeling overloaded and don’t know what to do next read these five steps below and take control of your Domaining future – before it’s too late!
1) Focus on 2-3 Domains in Your Portfolio
I’ve said this before and I’ll say it again – don’t try to develop or sell every domain you own! Pick your top two or three domains and come-up with a detailed plan to either develop or sell them. Don’t move-onto any more projects until you have reached your goals with these 2-3 domains.
2) Stop Buying Domains!
If you are making money with domains and life is good then, sure, keep buying domains. If you are spending more money than you are making then put on the brakes! Only buy more domains once you have a profitable business.
3) Fresh Content is King
So you’ve picked your top 2-3 domains and started developing one of them. Once you’ve finished developing it don’t stop there! Keep adding fresh content as often as you can.
4) Keep Track of Income and Expenses
Open-up Excel and create a simple spreadsheet showing your income and expenses for each month. You don’t know how your business is doing unless you’re tracking this. If it’s too much to track then you need to slow down – unless of course it’s too much money coming in and in that case hire someone to enter this data for you!
5) Be Patient
Domaining is not a great way to get rich overnight. You need to keep putting as much time as you can into as few domains as possible to make those domains the best that they can be. If it doesn’t take-off overnight, don’t get discouraged, just be patient!