Daniel Scocco here, and this is the Daily Blog Tips newsletter.
Today I want to talk about buying domain names, and why most people
waste a lot of money in the process.
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As we all know, the Internet is booming with opportunities, and
the first step to tap into those opportunities is to buy a domain
name for a website.
Available domains are pretty cheap (around $10 per year), so most
people start buying one after another.
That is what happened with me too. Right after I started working
full time on the Internet I got fascinated with the idea of
launching websites on all sorts of niches, and as a consequence
I bought hundreds of available domain names.
Most of these domains were average to poor quality, as one should
expect since they were available.
The result? I wasted a lot of money.
Out of 100 available domains that I bought I only keep 3 or so as
of today, the rest I let expire over time because they had no
potential.
When I spent money on medium to high quality domains (think $200
per domain and upward), however, I always got a positive return
on my investment.
The message I want to pass is this one: buying average domains for
$10 is usually a waste of money (unless you have an immediate use
for it, like a test website). A much sounder strategy is to buy
fewer (even just a couple) high quality domains.
Here is an example to illustrate my point. Suppose there are two
guys with $100 each, wanting to invest in domain names. The first
one buys 10 available domains for $10 each, while the second one
buys only 1 domain for $100. After a couple of years I am pretty
sure the 10 domains of the first guy won't be worth much, if
anything, while the $100 domain the second guy bought will be worth
at least the same amount of money, if not a lot more (depending on
how he worked on the domain).
The next time you get an urge to buy that free domain for $10 (we
all get it once in a while!) think twice, cause those will be $10
you'll never see again!
Talk to you next week,
Daniel Scocco
http://www.dailyblogtips.com
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2972 Columbia St. Suite # 8161 - Torrance, CA 90503 - US
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