What Tips Would You Offer A Newbie Domainer?

This video offers tips, ideas and strategies for new domainers entering into the very competitive area of domaining.

I have wanted to do this post for quite a while, good to finally get it down on paper bytes! Having a background in affiliate marketing / and website creation my path as a domainer is a bit different from most. I spend a bit more time creating mini sites and less time buying domain names. Having exchanged email with lots of folks just getting started with domaining I often hear similar stories.

• New domainers often get a bit *buy* happy when they are just starting out and end up spending lots of money in a time when they are still very much learning the ropes as a “domainer”.
• New domainers often find that others do not share their enthusiasm for the domain names they have purchased, finding that selling their names is a bit tricker than they had hoped.
• New domainers often become disenchanted with earnings from domain parking – their are many reasons for this but the bottom line usually that the names they picked up 95% of the time will never see any quality traffic. No traffic = no money.
• Once yearly reg fees come around new domainers often let names go and end up spending lots of money with little to show in return for their investment.

With that here are some tips I would recommend for those new to the business of buying and selling domain names. My method takes work, energy but will create a cash flow for those just started something that can make all the difference in the world. Even more exciting domainers taking my advice will have something worth value once those nasty yearly reg fees are due.

1. Start off with a plan of action, put down on paper how much money you can spend over the course of a six month period. For some that might be a grand – for others it might be $300 or less. My method will work for any amount you put down within reason (lets say you need at least $200 spend over a six month period).
2. Understand that their is much to learn as a new player in the domaining world. Plan on spending lots of time at blogs, forums and other quality sites online about the subject of domaining and Internet marketing.
3. Learn the difference between domain names that are brandable versus what I call “keyword driven” names.

   *example of branded names: Google.com, Yahoo.com and Amazon.com
     Nobody was searching for “google this” or “yahoo that” when these companies first got started.

   *example of keyword driven domains: CheapTickets.com, DomainParking.com, MovieTickets.com

4. Understand that what makes money online is traffic, your job as a new player in the domaining industry is to tap into commercial keyword traffic which will make you money and thus create a monthly cash flow for you. What is commercial keyword traffic, well in short it is traffic that makes money online. Searches done for products or services that cost money.
5. Learn all you can about what people search for online, the types of words people using while at search engine and begin think about possible domain names based on exact keyword phrases that are generic in nature and available as a domain name. Use the free Google Adwords keyword suggestion tool to hunt for keyword phrases with plenty of advertisers competition. Register several domain names based on these vary keyword phrases and then move on to the next phase of my action plan. Development.
6. I personally feel any serious domainer should have some basic skills when it comes to creating a website online today. After all if your going to be buying and selling domains online shouldn’t you know how to create a basic website? With that choose several of your domain names that are keyword driven and begin creating a website on the subject at hand. Pay close attention to the Google Webmaster Guidelines, after all your going to hope Google sends you free search traffic that you can later monitize with earning programs like Adsense, affiliate programs or other partner programs online.
7. Spend equal time between learning about web design and basic seo and hunting for the next great domain name to buy or flip.
8. Don’t expect to make any money from your websites for six months – this is where most people fail. They give up before the are able to see any real results, making it online is not hard. However those that apply constant pressure over a period of months and years win the race.

So that is how I would guide a friend or relative who might want to get involved in domaining today.

What is your experience?
What tips would you give others just starting out?
What has worked for you and what has not?

To Your Success,
Brian J