Today I read about a domainer who had enough of “the pipe dream” of the domain industry and was getting out. They were struggling to sell domain names and decided to leave the industry.

I would like to see every entrepreneur succeed in their business, but when one makes the tough decision to move on – there is something to be learned for everyone.  Don’t fool yourself.

Is your business making money or not?  That’s a hard question to ask yourself when things aren’t going the way you would like. If your business model is based on “flipping” domain names – are you making sales?

Today was also the day that the new weekly report of domain sales from DN Journal came out.  DN Journal draws up a weekly list of top reported domain sales across the main domain extensions such as .com and country code domains, etc.  It’s one of the best sources to see what kinds of domains are selling and at what prices. It’s a good learning tool…..but it can also be deceptive. 

The thing about this list…..it can be frustrating to read about certain domain sales that don’t particularly make sense – except to the buyer.  Especially if you have  a similar domain to one that has sold for a large sum, and you’ve never even received an offer on your “great” domain.  That’s the thing, sales figures for some sales can be understood, the value is apparent. But with some sales, it’s hard to understand.  And most importantly, you cannot apply a “comparable” price to your domain. Don’t fool yourself, or give yourself false hopes. 

That’s part of the lesson our former domainer was leaving us. It wasn’t working for them, so they were leaving.  Make sure the rest of us don’t get wrapped up in false hopes. “Hoping” someone makes you an offer and you sell a domain is not a strategy.

That’s the double-edged sword about trying to flip domains. There is always the potential to “strike it big” with a big sale. But, just like the gold rush, others with “gold fever” leave the domain industry downtrodden and disenchanted because they spent alot and sold little.

There are many business models to make money with domains, just as there are on the larger internet. And really, in my opinion, while it all “starts” with a domain name, they are really just a small piece of the bigger puzzle when building a real business.  If your business model is selling domain names, be sure YOU ARE SELLING. It’s easy to collect names that never sell, or fool ourselves that we are “investing” and by holding for the long term we will get a big payday. 

As many a wise business person has said > Sell something now – take care of your immediate needs first. Then grow. Don’t let the dreams of the weekly domain sales lists prevent us from taking a hard look at our own businesses and see if we are really reaching our goals or not.

And if we are not, then CHANGE. Let’s face reality and make business decisions that need making – No Pipe Dreams.

Source from http://domainassets.ca/

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