Recently I’ve been back into the domaining scene, spending my nights picking up gems such as toastedsub.com (new reg). I started to think, its been almost 7 years on the web for me. 7 years ago I started my first mini venture, cellparadise.com selling accessories online, which I parlayed into furnitureparadise.com. However, it wasn’t until my 3 year stint at the largest domain registrar, GoDaddy that I realized the true value of domains. I like many others made all the usual mistakes. Buying based on emotion or lack of research. Since then I take my time calculating purchases. Whether its a $7 or $1800 investment it all ads up and the most important thing to keep in mind is that it’s an investment. An investors primary goal is to maximize their return. Same with domains, forget emotion, forget what you think, it’s all about fact.
Each purchase you make should be based on research. Going back to an old advisement I used to make, buy what you know. This basically means that if you’re an expert in insurance then you can make educated decisions on insurance domains. That said, I own domains relating to real estate, travel, insurance, and many other verticals. The one common denominator in those purchases is that I always made sure to “consult” an adviser in those fields. Consulting could have consisted of a conversation over a cold beer or an email with specific questions. These individuals provided me with invaluable information that I could never have gotten just from doing internet research.
Where am I going with this? Well, I guess the summation of my point is that be precise about what you buy, make a budget, and consult those that are in the know. These are the simplest of policies you should maintain over your domain buying, but to me are the most important. Furthermore, you may too be a “smart domainer.”
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