I don't know how many times that I get asked that question but it's a lot. Like many of you I have people coming up to me all the time asking if I can find them some domains to buy that will give them a great return. They get a little put out when I say to them, "You mean the domains that I'm going to buy I should give to you?"
This statement normally causes them to stop asking me questions. Everyone I meet wants to buy domains but not many people are prepared to do the work. This really drives me crazy! It makes me think of the story about the little red hen who tried to get help from all the farm animals to bake some bread but none of them would help. When the bread was finally baked and smelt great they all wanted a slice. For all of you prospective domainers out there - go and bake your own bread and do some work.
The Little Red Hen story is also tied into another comment that I make at Traffic conferences, "Domainers work incredibly hard for their passive incomes." Yes, it's bizaar. We're all working our butts off to get a few more dollars while ignoring the opportunity cost of our time. You're time is precious and never forget that you'll never get it back.
I hope that these few lessons that I've learned help you in your own thinking:
1. Don't try and do everything - take a look at what you do and hone the skills in the area that you really enjoy and that you have a real skill in. I know that a lot of domainers have developed an incredible ability to source domains - more power to you!
2. Outsource the bits you don't like - sure, every businessperson has to do some things that they don't enjoy but get rid of all of the other stuff. Get a book keeper and ensure that the accounts are right. Get a good accountant and lawyer. Don't wait for the tax man to remind you.
3. Partner with like minded organisations - if you're parking then ensure that you have a great relationship with your parking company. Be friendily and professional and remind them that you are focused on profit maximisation. At ParkLogic we believe in having a great relationship with our parking providers while at the same time as maximising our customer's profit.
4. Don't waste time - it's really easy to waste a lot of time. I remember when I was doing desktop publishing many years ago I spent a whole day experimenting on a job for a client and acheived absolutely nothing.
5. Don't lose sight of the end - remember why you're working. It could be so that you can spend more time with your family or because you just want to buy that boat. Whatever it is don't lose sight of the ultimate objective. There have been many people who have climbed the ladder of success only to find that it's leaning against the wrong wall.
6. Like clockwork - in whatever business that you're in ensure that you are working towards a revenue stream that comes in every month, month in, month out. I see many domainers waiting for the big deal that's just around the corner while ignoring other potential sources of revenue while the endure unnecessary personal hardships due to lack of cash. Don't do it. Get the revenue flowing and the big deals will come.
I'd love to hear from other's that have found some great solutions to many of the problems that face us all in our domain businesses. Feel free to leave a comment.
Article Resource: http://www.typepad.com/
Becoming a real domain business
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