Lately I have been contacted by more and more people struggling to get started with Domaining. I can’t tell you the number of times people say to me – “I thought Domaining was supposed to be an easy way to make money online!”
My response to that usually is – “Who said Domaining was easy?” In my book I myself tell the reader that Domaining is not a great way to make money by doing little or no work. It is, however, a great way to generate passive income and develop a strong investment portfolio and income. However if you think Domaining is easy, you’re in for a surprise.
For those who don’t know I’m, an Engineer with a Masters from Carnegie Mellon University. As an Engineer I’m used to hard-work and I’m also good at taking a big problem and breaking it down into smaller digestible chunks. In the CS world this is known as a “Divide and Conquer” algorithm. I divide the domain investment process into three main smaller processes:
- Acquire the Domain (buy a domain with good monetization potential – use Google searches and CPC)
- Develop the Domain (create a content-site on the domain with multiple forms of monetization)
- Monitor monetization and continue to improve over time
Notice there isn’t a step 4 where I Sell the Domain? That’s because my domain revenue is the foundation of my business…not sales! This is my approach to Domaining – many people have different approaches – and the great thing is you can pick the approach that is best for you!
Now back to the main point in my post – Domaining is a lot of work. If you look at the people who are successful in this industry – they work hard, I can assure you that Rick Latona, Rick Schwartz and all the other top-dogs in the Domaining world haven’t spent their days vacationing – they have been working hard and that hard work has paid-off. Domaining is an industry, not a get-rich-quick scheme and if you want to make money, you’ll have to put in the time.
You have to develop YOUR OWN strategy for making money with domain names and then work your butt off bringing your ideas to fruition. Want to sell domains for a living? Start spending at least 3-4 hours a day actively finding buyers for your domains. If you’re just waiting for people to contact you don’t be surprised when the money doesn’t come pouring in! Want to make money by developing your domains? Set a schedule for building at least five sites a month and keep-up with your plan all year. So many people just build a few sites, don’t see revenue right-away and then get discouraged and quit.
I can buy a domain and generate double or triple what I paid for it within a few months. In some cases that same domain can make hundreds of dollars a month with no additional work done on my part. I found what works for me and I’ll tell you this – it’s not easy, it takes time, and I’m up late at night working while you might be watching TV or sleeping.
So for everyone reading my blog that is just getting started with Domaining hear me loud and clear – “There is money to be made with Domains, but it’s going to take hard-work!” First decide HOW you want to make money with domains, then devote all the time you can to doing it!