I recently added a new income source to my online business… domaining.
In my last issue of BizWeb eGazette I explained how I bought a domain for $1 and sold it for $700 just three days later.
Today I want to follow up on that strategy by showing you how I’m finding really good domains quite easily.
In fact, I have a fresh buy list that is far bigger than I can use, so I’ll give you the entire list and you can snap up any of the names you want for your own flipping pleasure.
Before I get to that though, I want to share a few important lessons I have learned so far in my domaining ventures…
Lesson #1: Spend more time selling your domains than buying them.
After I had that quick $699 profit I got excited about finding more domains to flip. And I spent about 2 hours a day for a while finding more and more domains. After about 10 days I had registered 20 domains! Financially that’s fine, as the investment is still far less than I had earned. But I was neglecting the most important thing — actively selling the domains.
My first domain flip was successful because immediately after registering the domain I uploaded Gene’s “this domain is for sale” website template onto the domain, with a link to an ebay action. Then I contacted a half dozen or so prospects with an email like this… (Feel free to copy it if you’d like.)
Subject: Re: http://_______srestaurant.com (courtesy notice)
Hi there, as perhaps the best “_______’s” in the country, I thought you may have an interest in this…
There are lots of _______’s restaurants, but only one _______sRestaurant.com.
Whether you’re interested or not, I wish you continued success in your culinary endeavors.
Name – Future ‘former’ owner of _______s Restaurant.com
The website they went to explained why I was selling it and that a few others with a similarly named restaurant may be bidding on it as well. One of the restaurant owners then purchased the domain. Easy peezy – if you take the time to actively promote the domains to some prospects!
Lesson #2: Research potential prospects before buying a domain.
Here is the other big lesson I learned the hard way.
Finding a potentially profitable domain name can be exciting. But no matter how good it looks, don’t assume a domain will be of interest to a buyer — instead, make sure there is a pool of prospects before you buy the domain name.
For example, let’s say you find a domain called KevinsPizza.com and think, there must be a bunch of pizza shop owners named Kevin who would buy this awesome domain name for $100 or more. Rather than making that assumption, go on Google and Facebook and start searching for Kevin’s Pizza, Kevin’s Pizza Shop, Kevin’s Pizzaria, etc.
If you can find at least a half dozen or so companies to contact then you may have an easy flip. Also, if you can find a few higher-end established businesses, that is a lot better. (The restaurant I sold my domain to was a successful 5 star restaurant in a major city.)
That quick profit I made actually opened me up to this mistake. The next day I found another great FirstnameRestaurant.com and bought it right away. Then to my dismay I could only find two restaurants that qualified as prospects. I may have to sit on that one for a while or just let it expire in a year. Not a big loss, but a lesson learned.
The thing is, there are so many great domains available there is no need to buy a domain with limited potential. It just takes a little research before you pull the trigger!
OK, now I want to share my secret source for finding great domains. While I love Gene’s expired domain sites and filtering software, I decided I did not want to limit myself to expired domains only. So I started experiment with some other tools and found this really cool free tool.
At the site I can paste in my list of first names on the left and my list of businesses on the right. It then spits out all the available domains. Give it a try, you’ll love it! The potential uses are limitless. For example, instead of first names, consider pasting a list of states or cities into the left column. Use your imagination and you’ll find some great dot coms!
In fact, I found so many good names I do not have time to research them all for profitability let alone register them all. So here’s my last from last week. Most of these are probably still available so consider grabbing a few if you can find a pool of potential buyers. Just promise me you’ll post a comment below when you turn a profit!
DonaldsRestaurant.com (Maybe you can sell this one to Trump!)
Have fun! And remember, if you ever need any help getting an income source set up online, come here.
I’ll show you everything I do the earn a full time living in my spare time.