- Impact
- 52
When you purchased your dot tv name it was not worth any more than you paid. After all, what something is worth is what someone is willing to pay, nothing more, nothing less.
Now that YouTube transformed the way we view online video and the cost of bandwidth and site development has come down, it is more than likely your dot tv names have increased in inherent value. As more and more companies release streaming video sites on the Internet and on dot tv, you can expect to receive more and more inquiries about your domain.
Perhaps you already know the price you are willing to accept or you know you want something above a minimum price. Regardless, you probably invested in the dot tv market for either speculation or development. The longer you can pay your registration fees and hold the domain, the more it will be worth in the future (assuming the trend continues). Finding the optimal time to sell if you are a speculator, or develop if you are a developer, will depend on how much money you have, how much time you are willing to wait, and what your short term and long term plans are.
The most important thing is to first decide whether you truly are a risk-taker. Acquiring a domain is a risk, but it is a completely different risk from pumping money into a business that is designed to harness the power of your dot tv name. If you are a speculator, look at the sales of dot tv names as that info is released and look for trends and similarities between the domain name that sold and your own domain name. Get as much exposure for your domain name as possible. You can even come up with various business ideas or plans for the use of your domain. If someone likes what they hear, perhaps you just found yourself a buyer who might pay more than someone who wants to develop your domain for their own project. Heck, if its your idea, maybe you can negotiate a small piece of the action for yourself assuming the buyer feels your skills or services would be of value to developing a business on your site. Remember, nothing is impossible, but you have to prove that you can add value beyond furnishing a buyer with a domain or possibly a domain with an idea for development.
If you conclude you are a developer, then you may want to determine whether you have the time and money to really bring a site from a domain into a fully monetized online business. Ideas are good, but someone that can execute on an idea and monetize it is what separates the men from the boys. Some men may run out of money but they will have actually succeeded in taking the first critical steps. Getting more money is never impossible and may even be a good idea before any development takes place. Maybe finding other partners to create, assist, and or manage the business is something that you may consider. Either way, if you develop, make sure you have a fully developed business plan (at least in your mind) that you have bounced off other people.
I will not lie. Moving forward without some written business plan is not the best idea, but in the online world things change fast and business plans must be flexible. On those dot tv projects I have had the pleasure to work on, the business plan changed constantly such that 6 weeks after we started only 20% of our original business plan remained in effect. We had to adapt to the market and anticipate today where the market would be tomorrow. The point is come out of the starting gate with a well thought out plan of attack and dont remain married to it.
And most of all don't wait until you want to develop to learn whether you are a developer or a speculator. Too many people wait too long and never decide. They go to develop, believing they are a developer, and suddenly realize that they are more risk averse then they anticipated. They experience the challenges of starting a business and lose their comfort zone. Of those that do, some then sell at the wrong time for the wrong reasons just to get out while they can.
Don't wait to decide for yourself. Be prepared and good luck.
Now that YouTube transformed the way we view online video and the cost of bandwidth and site development has come down, it is more than likely your dot tv names have increased in inherent value. As more and more companies release streaming video sites on the Internet and on dot tv, you can expect to receive more and more inquiries about your domain.
Perhaps you already know the price you are willing to accept or you know you want something above a minimum price. Regardless, you probably invested in the dot tv market for either speculation or development. The longer you can pay your registration fees and hold the domain, the more it will be worth in the future (assuming the trend continues). Finding the optimal time to sell if you are a speculator, or develop if you are a developer, will depend on how much money you have, how much time you are willing to wait, and what your short term and long term plans are.
The most important thing is to first decide whether you truly are a risk-taker. Acquiring a domain is a risk, but it is a completely different risk from pumping money into a business that is designed to harness the power of your dot tv name. If you are a speculator, look at the sales of dot tv names as that info is released and look for trends and similarities between the domain name that sold and your own domain name. Get as much exposure for your domain name as possible. You can even come up with various business ideas or plans for the use of your domain. If someone likes what they hear, perhaps you just found yourself a buyer who might pay more than someone who wants to develop your domain for their own project. Heck, if its your idea, maybe you can negotiate a small piece of the action for yourself assuming the buyer feels your skills or services would be of value to developing a business on your site. Remember, nothing is impossible, but you have to prove that you can add value beyond furnishing a buyer with a domain or possibly a domain with an idea for development.
If you conclude you are a developer, then you may want to determine whether you have the time and money to really bring a site from a domain into a fully monetized online business. Ideas are good, but someone that can execute on an idea and monetize it is what separates the men from the boys. Some men may run out of money but they will have actually succeeded in taking the first critical steps. Getting more money is never impossible and may even be a good idea before any development takes place. Maybe finding other partners to create, assist, and or manage the business is something that you may consider. Either way, if you develop, make sure you have a fully developed business plan (at least in your mind) that you have bounced off other people.
I will not lie. Moving forward without some written business plan is not the best idea, but in the online world things change fast and business plans must be flexible. On those dot tv projects I have had the pleasure to work on, the business plan changed constantly such that 6 weeks after we started only 20% of our original business plan remained in effect. We had to adapt to the market and anticipate today where the market would be tomorrow. The point is come out of the starting gate with a well thought out plan of attack and dont remain married to it.
And most of all don't wait until you want to develop to learn whether you are a developer or a speculator. Too many people wait too long and never decide. They go to develop, believing they are a developer, and suddenly realize that they are more risk averse then they anticipated. They experience the challenges of starting a business and lose their comfort zone. Of those that do, some then sell at the wrong time for the wrong reasons just to get out while they can.
Don't wait to decide for yourself. Be prepared and good luck.
