So most of my posts are incredibly long and I really want to make sure that amidst the essays that seem to flow out of me each day, there’s also some short and sweet posts that you can read and learn from quickly. About 50% of my readers are new domain investors so I thought, why not put a quick post together for all of you. I frequently get emails from new investors asking how they can get started avoiding some of the common pitfalls new Domainers fall into.
Below are three quick tips for new investors that will hopefully help you avoid some of the most common mistakes.
- Avoid the domain buying spree – this is #1 for a reason. The biggest mistake I see new investors make is buying tons of names before they know the market. Take your time to learn about the space, find out what you can sell, what you can develop, what path you want to take. Then buy carefully making sure you know exactly how every name you buy will make you more money than you paid for it.
- Pick a path, buy/sell or monetize – if you’re just starting out the entire domain space can be exciting. The key is picking a path and staying laser-focused to learn how to succeed in one part of the industry before moving to another. Decide whether you want to buy and sell domains, or buy and monetize domains and stick with one path until you are successful.
- Make sure you get advice from the right people – there are a lot of books, videos, and blog posts out there about domain investing. Make sure you know and trust your sources. There are plenty of people out there making more money off of education than putting what they are teaching into practice. Do your research so that if you’re taking advice from an article or eBook you know that the person writing it has done it themselves.
Feel free to add your own tips below!