Here are a few quick hits for another lazy Sunday afternoon.
- The Snapnames Geo & Local Search Showcase has just over two days remaining, and just seven auctions have bids: SanFrancisco.net, NewBoston.com, VacationExpert.com, CommittedRelationships.com, GuitarRentals.com, Scarborough.org, and SeattlePictures.com. As you can see, there are more than just geodomain names on sale, many of which have no reserve.
- When are people going to realize how much of a waste of money it is to register stupid names about current events – especially those involving athletes, celebrities, and other famous people. Sure, your Tiger Woods domain names may be humorous (doubtful), but nobody is going to pay you squat for them. At best, you will draw the attention (ahem, criticism) of the mainstream media. Do you really want to answer a reporter’s question in front of your family, friends, neighbors, and countless others about why you think your lame Tiger Woods domain names are worth anything?
- I don’t really mind the Sedo redesign…. I actually don’t use Sedo all that much anyway. I do feel badly for someone who had a five figure auction running that ended the day of the redesign. I guess there isn’t much that can be done to avoid this, but it’s a bummer.
- Tax time is coming! The Domainer Tax Guide is a good resource for people who need some tax advice related to domain investments. Yes, that’s my affiliate code, and yes I also bought a guide and sent it to my accountant since he hadn’t worked with a company like mine before.
- Larry Fisher is one of the more successful domain investors I know, and he’s been writing a series about a 7 figure domain auction in which he is involved. Larry plans to blog much more often on DirectNavigation.com this year, so it’s a good idea to add him to your list of daily reads.
“I have a great business idea! I was eating marshmallows and pretzels at the same time yesterday, and it dawned on me. Marshmallow covered pretzels – tadah! I bought the domain name MarshmallowCoveredPretzels.com, and I think there’s a great business idea. I need your help to make it happen…”
I am excited for people when they call or email me telling me they have a great business idea and the matching domain name. It’s great when people take initiative to start their own business online. There are many advantages to it, but if you’re reading my blog, I am sure you are already aware of them.
However, I am probably the wrong person to speak with about building your business idea into an actual business – especially if you aren’t planning to make it your complete focus. I am a domain investor first and foremost. I acquire domain names because I believe the value is greater than I am paying. On 90% of the domain names I acquire, my primary objective is to sell it for more than I paid, and most of the time that involves a quick sale.
A domain name can be a great start for an online business, but it’s just that – a start. You need to have a solid business plan to go along with your domain name, and that doesn’t include the financial backing that some projects need or the person behind it who is determined to make it happen. There are a lot of people with good ideas and nice domain names. It takes a lot more than that to build a business.