Forums: Discussions for entrepreneurs and small business.

It`s been a while since I`ve been on SUN, but used to be a very active member.  Since, I have been busy building my business and expanding into new opportunities.  I`m coming up on 1 year as self employed.  I`ve survived.

I wanted to share some information regarding starting a website that I`ve learned a long the way.  As I started my business I also starting studying Search Engine Optimization which led me to Domain names.

I`ve since become an amateur domain investor and here are some lessons I`ve learned that can benefit you when starting your website for your business or that is your business.

1.  Domain names matter - Why you ask.  Well there are several reasons and I`ll explain them below.

Branding - think about all of the big websites that you or others visit and buy from often.  They have memorable or easily remembered domains names.  Or they have a domain name that directly relates to the product you are looking for.

- 2 ways to go - Now when considering branding for your domain you can choose 2 option but I suggest that you do both.  Buy the domain of your companies name or part of it.  Example: LeTranslator.com This is my companies site and is the name of my translation company.  However, I could have also chosen and a relevant keyword domain name that pertains to my service or industry like - languagetranslation.com .  

The only problem with keyword domains is that they are often times long gone and have been taken.  However, there are still opportunities to get them which I will talk about in a minute.

I suggest that you get your company name first and foremost if possible.  Second get a keyword domain related to your industry.  Why?  I`ll tell you.

Search Marketing -  Search engine optimization "SEO" is the process of making your website the most relevant to the searches of potential visitors using search engines like "Google" to find websites.  SEO is under the umbrella of search marketing.  Although your domain name doesn`t necessarily have a huge impact on your sites SEO it does have some impact and give you added relevancy in the search engines as long as your sites written content is relevant to the domain name.

Additionally - another benefit of having a keyword domain is that many people often type in these domains instead of searching on google.  There are many investors who simply purchase domains names for this traffic and route them to pages that serve ads.  They make millions a year and sometimes a month. 

So think long and hard about the domain name you want to purchase for your company.  Try and stick with .com if possible as it is the best.  There can be arguments on either side but the #s prove it.  Second try not to use hyphens unless you don`t have any other options.

How to find valuable domain names.  First you can use tools to find keywords related to your industry like:  adwords.google.com/select/keywordtoolexternal - this an amazing tool to find the keywords related to your industry and understand how your customer might be searching for your product.

-Put keywords together to make combinations

-Search aftermarket sites that sell already registered domain names. afternic.com, sedo.com, tdnam.com, namejet.com and buydomains.com.  You can also check a lot of webmaster forums.  You will have to be willing to pay a premium for these domains but it is well worth the investment.

- If it is registered but there is not a "real" website up visit domaintools.com and search for the domain and it will tell you who the owner is.  You can then contact the owner and see if they are interested in selling. I`ve done this a few times and it works. 
-If all else fails get creative there are still a lot of good deals out there and solid domains that are unregistered.  You have to be wiling to think outside the box sometimes though.
Make stuff up or get creative by using a "z" instead of an "s". 

If any SUN members want help finding a domain name let me know.

I hope that this helps some of you find the domains you are looking for and plan your websites more efficiently.

Buying a domain for the purpose of reselling it or just squatting on it is a really, really bad practice.

I would say that is a personal opinion.  I think that it is unfortunate for those who aren`t able to get the domains that they want but a wonderful example of entrepreneurship and foresight on the part of those who own the domain.

Squatting is probably the wrong term seeing as it implies that someone does not have legal rights to a piece of property. 

Also, who knows what the intentions are of the person who owns the domain.  My intention with 90% of my portfolio is to develop.  I`m in the process of building valuable content on many of my sites while I organize the other aspects of their development. 

One shouldn`t be quick to judge.

-------------------------

Our Goal Is Your Success!
Founder Girls with Goals

Congratulations on the sale of your domain.  An extra 4k is always welcome.  Do you mind if I ask what that domain was?

I understand both of your positions on buying up domain names but unfortunately that is the nature of the market and most if not all of the premium domains names are being taken by investors.  I would recommend examening your business and think of any domains that could benefit your business now or in the future and purchase them if they are available.  It is likely that within a few years that they might now be available.

Domains that can help your business

- Industry keyword
- Brand name
- Industry keyword + location

If you are a wedding planner in Louisville, KY I recommend buying - KentuckyWedding or LouisvilleWedding.com if they are not already taken because those geographic domains are being purchased like they are going out of style.  Investors are reselling them for 1-5k, sometimes more.

So whether we like the practice or not it exists and it`s best to think ahead for your business and how you can position yourself in your market.

Congrats on the sale.

Okay, so the practice of "investing" in domain names .... let`s take it to another industry.

Say, Christmas trees.

Let`s say you go out and buy every Christmas tree available in the US. People want trees, so then you turn around, mark them up thousands of dollars, and then sell them back to people.

You didn`t want to use the trees for yourself ... you just wanted to make a profit by anticipating the need for trees at Christmas. So now the only people with trees are the ones who grew the trees themselves or the ones who could afford a $2,000 tree.

Most small businesses and startups can`t afford a $4,000 domain name. What you are doing is profiting at the expense of the entrepreneur. Small businesses have to be creative to even compete with big companies that have budgets of several million dollars for SEO and online advertising ... and now they can`t even buy a domain name for $8. What Erin did was sell off something she bought for herself but wasn`t using anymore ... no different than selling a used car or taking children`s clothing to a resale shop. What you`re doing is buying everything to take it out of the equation just because you can, and then selling it back at some absurd premium.

You`re kind of beating a dead horse.  I understand your point but that`s business and investment.  Real Estate developers do the same thing.  They buy up land at a cheaper price and real sell it at prices that people can`t afford so they take out a 30 year loan in order to purchase it.

I understand your point and sympathize but whether we like the practice or not it`s not going to change the reality of the situation.  It`s happening and I`m simply warning businesses to think ahead and purchase domains that will be useful to them now or they will be left behind.

-------------------------

Web Design | Best Beef Jerky | ecommerce articles | Follow vwebworld on Twitter

I don`t doubt you can go around it and pick something else ... I`ve done it before when what I wanted wasn`t available.

Just because "people do it" or it`s a "common practice" doesn`t mean you should jump right in and join them. Lots of people smoke or drink and drive, and yet I`ve managed to avoid both.

The difference in real estate is that there`s a market cap on it ... you can`t sell a house for $1.5mil next to a house that is selling for $400K. No such thing exists in the domain world - each domain is unique, and unlimited in price.

At some point, we`re going to literally have all the names taken. Most people with a domain name might own one or two ... people with 100, 500, or 1,000 names are really just hurting the whole system.

It`s OK, I know, it`s capitalism ... every man for himself and who cares about the consequences of your actions!

I think that it`s probably better to agree to disagree because you obiviously feel strongly about this and personally I don`t agree.  Best of luck to you.