Set Achievable Goals for Yourself | DomainInvesting.com
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Set Achievable Goals for Yourself

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If you are a part-time domain investor, earning $50,000 a year from domain names may seem like a very lofty goal. $50,000 is a lot of money, and it can help with many expenses. $50,000 is a brand new car. $50,000 is a downpayment on a home in many places. $50,000 is a year at a private college. You get the point.

In my opinion, if you want to earn a significant amount of money from domain names in a year, you should set smaller landmark goals along the way to help you stay on track with your primary goal.

I’m not sure if this is a Rick Schwartz paraphrased quote or if he borrowed it from elsewhere, but I am going to use it here. You shouldn’t worry about making $1,000,000. You should focus on making $1.00 a million times.

$50,000 may seem like a lot of money to earn in a year, but when you break it down, that’s about $1,000 a week. If you work 5 days a week, that’s about $200 a day. This $200 a day in profitable revenue is still a big number for many, but it’s much more manageable to look at it that way. IMO, there are tens of thousands of unregistered domain names that can be purchased and flipped for well over $250/each.

If you set achievable landmark goals along the way, you can earn a considerable amount of money a year from your domain investments, even if you do it part-time.


About The Author: Elliot Silver is an Internet entrepreneur and publisher of DomainInvesting.com. Elliot is also the founder and President of Top Notch Domains, LLC, a company that has sold seven figures worth of domain names in the last five years. Please read the DomainInvesting.com Terms of Use page for additional information about the publisher, website comment policy, disclosures, and conflicts of interest.


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Comments (28)

    Tony

    “IMO, there are tens of thousands of unregistered domain names that can be purchased and flipped for well over $250/each.”

    I agree with this. Would like to see an example of such a domain to see if we are on the same page.

    February 15th, 2011 at 1:43 pm

    Elliot

    @ Tony

    IMO, BillingsRealEstateAgent.com could be hand registered and then flipped to a real estate agent in Billings, Montana for more than $250. There are plenty of unregistered professional names like that.

    February 15th, 2011 at 1:45 pm

    Dean

    Great post. As you pointed out, if you look at the big picture it might appear overwhelming and insurmountable. Taking one step at a time makes it more graspable.

    February 15th, 2011 at 1:55 pm

    BullS

    Registered GenerationHot dot com and sell clothing and others .

    Make 10X the money.

    There is a lot of money to be made in domains, just be creative.
    That why I love domains!!!

    February 15th, 2011 at 1:58 pm

    Raman

    Brilliant tips Elliot!! Its very hard when luck is not participating into. I have done bulk of hard work on my another projects since last 2-3 years. I thought I could make many thousands. Today also I am thinking same but results are still low.
    I am still hard working and dedicated to my recent projects. Lets hope it could make my future years comfortable.

    @Tony

    All depends upon how we select the domain and optimize them. Its better we develop them rather than waiting for offers.

    February 15th, 2011 at 2:04 pm

    JamesA

    Elliott,

    Going back to your Billings example, would you just call them and sell the domain by itself, or spell out how they could monetize it? The reason I’m asking it that I would imagine many Billings realtors wouldn’t have a clue as to its worth and how it could help them.

    Thanks.

    James

    February 15th, 2011 at 4:12 pm

      Elliot

      @ James

      I would email and maybe call them to explain how owning the exact match term would be beneficial when someone searches Google for “Billings Real Estate Agent.” I would also emphasize the authority an exact match name like that could bring.

      February 15th, 2011 at 4:19 pm

    Jared Nyaberi

    Elliot,
    Thanks a lot for your tireless efforts in educating and mentoring others in the domain name space of the internet. I am now just starting out in this area of work this year. I will keep my job until I start making a living off domain name sales. I want to thank you and many other great domainers like Rick Schwartz who have wholeheartedly devoted their time to educating others free of charge. I do value your advise and once it resolves, BillingsRealEstateAgent.com will be on sale. I want you to keep doing well and please do not stop mentoring those of us just now coming on board. May God continue to bless you.

    Repectively yours,
    Jared Nyaberi.

    February 15th, 2011 at 6:39 pm

      Elliot

      @ Jared

      Hope you’re able to make a nice sale with that domain name and others.

      February 15th, 2011 at 6:40 pm

    The Big Cheese

    @Jared,

    I’ll give you $3.50 for that domain. Let me know.

    - TBC

    February 15th, 2011 at 7:21 pm

      Elliot

      The funny man returns

      February 15th, 2011 at 7:22 pm

    The Big Cheese

    ;)

    February 15th, 2011 at 7:26 pm

    Jared Nyaberi

    Thanks The Big Cheese. If I do not get any offers for $199, or thereabouts, I am willing to let it ferment for five years or more. Rick Schwartz said that some names need time to ripen so they can find their rightful owner at the right time. as the economy picks up, I believe that an investor or real estate agent in Billings, Montana will want to have that name.

    February 15th, 2011 at 8:16 pm

    TeenDomainer

    Great point, this year I set out a set of goals to meet this year that I hope will not be too hard to accomplish. And right on about the year at a private college it seems every one of them cost that much now.

    Brian

    February 15th, 2011 at 8:47 pm

    Yitzchok

    I’ve only been interested in domain names for a bit more than a year now, and I’ve been trying to read everything can get my hands on about domain names.
    The problem is that it seems that in order to make money off domain names, you normally need to invest a decent amount of money before you see any profits.
    I tried registering a few names at one point, but was told that a lot of what I got wasn’t worth anything.
    So to have the money to invest in good names, and to know what to buy, is not necessarily easy. And even if you know what to buy once, doesn’t mean you’ll know what to buy the next few times.

    February 16th, 2011 at 2:06 am

    Poor Uncle

    As a beginner, it’s always nice to see a pro willing to place a dollar amount and have the courage to say that’s achievable. It helps newbie like me to know what’s achievable. While anyone’s skill level, intelligence, and luck are different…having someone with your integrity put a number out there certainly help me to set my goal. Thanks.

    February 16th, 2011 at 2:22 am

    BullS

    There is nothing about luck when comes to this domain business, just be creative. You don’t need generic words, use search able catchy words like I just hand registered http://www.HighFoodPrices.com since we all going to face high food prices this year!!

    February 16th, 2011 at 2:28 am

    Domain 6 Star Ltd

    I think that first of all to have a real idea of the domain name and does not worry too much if someone tells you that a lot of what you have is worth nothing. Wait until the market itself will tell you.
    My Domain “6star” lay on the shelf for a year. But a few months already getting bids. Offers are too low (the highest is $ 1700) but I have time. I think it sells more time than the domain)

    Martha

    February 16th, 2011 at 5:49 am

    David Cox

    BILLINGSREALESTATEAGENT.COM has been registered and it will be interesting to see how that domain develops over time. Hopefully it will be a step in the right direction for a person to start earning $50.000 per year in the domain business and development of domains. Maybe a case study of right and wrong moves

    February 16th, 2011 at 7:57 am

    Joey Starkey

    What I do everyday. Domains from $150 to $1500 are easy sales. Just takes the motivation to work at it everyday.

    Oh yeah an appetite for rejection helps too….lol.

    February 16th, 2011 at 8:08 am

    The Web Domains

    I have several aged 1 word domains like carousel.org and typist.net. Do you think I can sell to end users for $2k to $5k each?

    Do you have any other way to find end users apart from google advertisers and google results?

    Do you have any guide or any email template with the highest conversion? Or any script to do cold calling, teaching them the worth of exact keyword domain names? I would be willing to pay for it :)

    February 16th, 2011 at 10:15 am

      Elliot

      @ T W D

      I can’t imagine them selling for that much, but I often look at sales charts and don’t see the value in some of them. IMO, an owner’s lack of interest in selling coupled with a buyer’s interest in buying is what will help achieve maximum value.

      I have posted a number of articles about selling domain names to end users… you should be able to find them using the search functionality… I am in the middle of a couple projects right now but it shouldn’t be too difficult :)

      February 16th, 2011 at 10:18 am

    JamesA

    @ David Cox

    I think that’s a great idea. I’d love to follow along and see what works and what doesn’t. This would be a terrific way to share the experience.

    February 16th, 2011 at 4:12 pm

    Joel

    Thanks for this article, Elliot! For a beginner part-time domainer (I’m a college student), this is very inspiring. I second every other person above that has thanked you for the time that you put into this blog. Your advice is very helpful. It’s nice to see someone being open and honest. Thanks again!

    February 16th, 2011 at 10:28 pm

    The Web Domains

    @ Elliot Ok pls let me know through email once you have completed the project :)

    February 17th, 2011 at 6:54 am

    Elliot

    @ T W D

    The information is on my blog for you to find for free. I don’t do private domain consulting – sorry.

    February 17th, 2011 at 8:13 am

    John

    Relatives, etc we’re always amazed that I made money from domains and websites until I told them I only make 25 cents a click from the Yahoo ads, not a whole lot.

    They were always of the attitude “That’s nothing, why waste your time with websites”.

    Then I’d tell them that I somehow get around 100,000 total clicks a year from my 190 websites. All of a sudden it’s was “Wow $25,000 a year from having all those websites, how do I get in to this”! I spent about an hour or two a day updating 1 site, so in a year they all got some kind of update.

    February 17th, 2011 at 12:37 pm

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