The Evolution of My Business
I want to clear up a couple of misconceptions that I’ve seen pointed to me and my blog recently. The purpose of my blog is to give an inside view of what I am doing with my domain names and how I am generating revenue or trying to generate revenue. Some of what I am doing will make me money while some of what I am doing will end with me spinning my wheels. This is my first experience with starting a business, and it has been an evolving process. I enjoy chatting about the domain industry, and I am happy to share an inside view of my business model and plans.
I have been buying and selling domain names for a few years, and I’ve been fortunate enough to have the opportunity to work on my business full time. As my life and business progresses, I have to make certain business decisions to put me in a strong financial position for years to come. I see buying and selling domain names as a great opportunity (and one I have been successful at for a little while), but I also see it becoming more difficult. As a result, I have started to develop a few of my better domain names using various strategies I have been happy to share (mini-sites, affiliate websites, full businesses…etc).
While I don’t think development is for everyone nor is it for every domain name, I do see it as a way to grow constant revenue streams. While domain parking can be a source of passive income if your domain names get type-in traffic, I haven’t been fortunate enough to own many great domain names that generate a ton of PPC revenue – enough that I wouldn’t sell. Since I have dedicated 100% of my energy to growing my business, I am focusing more on development. I have the time, I have the resources and I have the energy to create businesses around logical domain names – starting with Lowell.com.
As I said, I do not think development is for everyone nor is it for every domain name. It takes an extraordinary amount of time to develop a domain name, it’s expensive, and it may be unproven. While I have slowly begun to reap the rewards of development – 12 hotel reservations on Salinas.com last month and some revenue from the job board, I have a long way to go to be profitable. Fortunately, I am able to leverage some of my domain name assets to buy other names for development down the road, including Burbank.com.
I read somewhere that I am selling all my domain assets to focus on development. This is entirely inaccurate. I have always bought and sold domain names, but with the expense of Burbank.com (I bought it from a person who had a functioning newspaper and didn’t have it for sale), I had been selling more rapidly lately – although that is slowing down. I have also been buying domain names even as I am selling. Some of the names are for development (Oenophiles.com) and some are for sale (Metabolizers.com and UnemploymentLine.com).
I still believe the domain market is soft due to worldwide economic conditions, but I am bullish on the domain industry for the long term. In order to sustain my business, I have decided to build businesses around some of my domain names, which I highlighted in my post about the perfect portfolio for me. As the industry evolves, I am evolving as well, and I am happy to share my plans as they evolve.
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