DNTip.com

Creating Domain Possibilities

Say you need shampoo. There are two ways to go about buying a bottle: one, you can go to the store and pick up the exact shampoo that you always buy or two, you can browse the selections and make a choice based on the deals you see once at the store.

Domain name buying is the same way. You can either go to the market knowing exactly the domain names you want to buy or you can browse through auctions to see what’s out there. Both ways can be profitable, but without a doubt, browsing will take more time. If you want to build a good portfolio quickly, it pays to occasionally go after the names you really want. Browsing is fine to find quick sales, but sometimes, you just have to have Herbal Essence or Suave.

Creating a List of Possibilities

Slow down. Before you head to the Internet with a single prized domain name embedded in your mind, name a minute to think of the many possibilities. I mean, imagine your dismay if all you want is www.cheese.com and the owner is selling it for thousands of dollars over the price its actually worth. Before you slam your computer against the wall in frustration, try to remember that domain names are like fingerprints—sure there’s only one www.cheese.com, but there are millions of other names out there as well!

Create a list of possibilities before you begin looking. Start with the domain name you really want—www.cheese.com—at the top of the list. For most people, the domain names they want are generic and way overpriced. From there, think of alternatives, like www.swiss.com or www.cheddar.com. These may also be generics, but ones that are not quite as popular. You can then move on to generic plus names, and add to your list options like www.yellowcheese.com and www.creamycheese.com.

Take things a step farther, and think of some less valuable names that you may still want. For example, would you be willing to buy a misspelled name like www.chedder.com? What about www.cheddercheez.com? Continue to make a list of domain names you would consider buying.

Setting a Budget

Before you jump online, check out your list and determine your budget. This will prevent you from paying too much in the event that you get caught up in bidding on a name or negotiation. Start with the most money you will spend on a name in general, even for the very best name one you list, www.cheese.com. For which names would you be willing to pay this top price? After you’ve determined the top price you’re willing to pay, check out the other names on the list.

Remember, you goal here is to make a profit, and you can’t do that if you don’t have a buyer. Look at each name and consider both how much it is truly worth to a final user and how much you would be willing to pay for it. Consider the qualities of a good domain name that I’ve outlined as well as the mistakes you may find with a domain name. You can also do some research to try to find a specific domain name’s past selling prices.

Once you’ve set your budget, try to stick to it. A domain name is only worth so much. Don’t let a bidding war suck you in or a seller talk the price higher and higher. Trust your instincts and only raise your price if you have a good reason to do so.

A Note on Browsing

Don’t let the past section discourage you from browsing altogether. That’s how the best deals are found in many cases! However, even when you are browsing, remember to know what you what. Review the common domain name mistakes and look for names with good qualities. Be prepared to shell out the money for a good domain name, but don’t bid on just anything. You’re only as good as your knowledge, so make sure you understand the market before you move.