discuss Did I give a wrong advice?

[Arpit131]

A couple of freelancers asked me if they should move into full-time domaining?
My straight-forward answer was NO!

The reason I advised against it was because while I believe domaining is a good side income and can fetch good amount of money in the long term, it is also a patience game which cannot substitute a continuous flow of income which you get in your job, business or freelancing.

While domaining is a good investment option, it is not very good in terms of substituting a regular income unless you hustle real hard for a couple of years or more!

Was my advice wrong? What do you suggest?

 

[NickB]

spot on....

 

[johnnie018]

Good advice

 

[Bob Hawkes]

I agree 100% with the advice you gave. I think that you can be a better domain investor when you do not depend on it as your only source of income, and that your life will be more balanced and healthy as well. I know that a few have managed to make domain investment a full time successful career but I think it is challenging.
Bob

 

[NickB]

I agree 100% with the advice you gave. I think that you can be a better domain investor when you do not depend on it as your only source of income, and that your life will be more balanced and healthy as well. I know that a few have managed to make domain investment a full time successful career but I think it is challenging.
Bob

I am pretty sure those that go full time started out as a hobbyist / part timer gradually building up their knowledge (and domain investment cash balance) before taking the plunge.

If I am wrong on this and some people just dived right in and made a success of it straight off the bat then please let us know.....

 

[assured domain deals]

I know it could be possible for some people who are in domaining for the last decade. But, only a few! I believe, a person can not make their living by domaining. So, completely agree with you.

 

[Kate]

Nobody should go full-time before there is even a proof of concept...

 

[~ The 34 Year Buzz!!]

....
.....
Was my advice wrong? What do you suggest?

If they enjoy fishing in a lake which is not well stocked (hoping to get lucky), then part-time is good advice, otherwise stay away 100%, unless you want a cheap, easy form of gambling.

 

[Lord Antares]

It is also worth pointing out that it depends on where you live.

If someone from a second or third world country has got the basics down, some experience and especially outbound sales (for continuous or semi-continuous sales), it is very possible to live off domaining.

The majority of the world population could live comfortably off of $1k+ per month from domaining.

Of course, absolutely never quit your job until you are consistently earning money and can see your future clearly.

 

[~ The 34 Year Buzz!!]

...
If someone from a second or third world country has got the basics down, some experience and especially outbound sales (for continuous or semi-continuous sales), it is very possible to live off domaining....
...

Sounds great, but...
You could find many people in the USA who like the idea of getting "the basics down" and making $1k+ per month (or more), and...

How do "second or third world" people have the money to get started?​

Just a reality check.

 

[Lord Antares]

Sounds great, but...
You could find many people in the USA who like the idea of getting "the basics down" and making $1k+ per month (or more), and...

How do "second or third world" people have the money to get started?​

Just a reality check.

Yeah, but Americans can't live off of 1k per month.

And yeah, trust me, thr barrier to entry is large. When I give money for a 4L, it's much more relative to your money.

But I have it si much better if I get the basics down and sell via outbound because the sales mean a lot more to me.

 

[Brands.International]

Unless you live in countries where you can live from several hundreds of dollars / month, do not go full time. Even then I can imagine it must be pretty stressful, as sales are not guarantied and you can get desperate if you depend on them.It is much better and profitable when you do not need sales urgently, that gives you lot of space.

Imo best is to do it as a serious hobby - keep your daily job or business or assets, and enjoy profits from domaining as well

 

[infosec3]

You gave great advice. Domaining is not easy. Their best alternative is to do it part time until they have a full understanding of it and money to invest indecent domains.

 

[AgentE13]

I agree with your advice

 

[xynames]

It’s a cutthroat business and unless you’re holding old school domains held from the past you’re most likely not going to be making a lot of money at it.

Even these new guys that came in in 2015, and thought they were smarter than everyone else after making a few splashy big flipper sales are pretty quiet these days.

Still like any other business if you’re good at it you’ll do better than others that are similarly situated. Meaning - even if you just start today if you’re good at it and lucky you’ll do better than most.

 

[biggie]

I am pretty sure those that go full time started out as a hobbyist / part timer gradually building up their knowledge (and domain investment cash balance) before taking the plunge.

If I am wrong on this and some people just dived right in and made a success of it straight off the bat then please let us know.....

Hi

I would tend to agree, as one has to accumulate knowledge about the how to's

but it also depends on what one brings to the table, their own business experience, cash flow, contacts, etc.

it makes a difference in amount of capital you have to invest initially, versus trying to build capital thru sales or create income stream, while trying to sustain the portfolio and remain active in domaining.

Yeah, but Americans can't live off of 1k per month.

Hi
have to disagree on that.

there are many americans surviving off less than 1k per month

but that too, depends on a lot of other social, economical, educational and other opportunities or the lack of them, that makes the difference in household income..

still, I think OP gave best advice for anybody without prior knowledge of domaining to consider.

as even those who got in when internet first started, had to either be earning a living before that or had some form of income to invest in .com initially.

i'd say if you have a job, keep it and try domaining part-time
you need health, medical and dental, not only for you, but for family too.

that is expensive and can wipe away the roi of a domain sail, quick fast and in a hurry

so a full time domainer, gotta have all those duckies, plus unexpected one's covered
imo….

 

[vinothayyavu]

True. And Great Advice.

 

[ak4586]

You gave great advice. Domaining is not easy. Their best alternative is to do it part time until they have a full understanding of it and money to invest indecent domains.

Perfect

 

[.X.]

Great Advice.

A person can become a full-time domainer by domaining part-time and building capital and leverage off selling part-time.

But as I have told SO many people, being a full-time domainer takes talent, you must be extremely strategic and have a natural certain business mentality that is very minority within the industry.

The few I know that are full-time domainers today started part-time and gradually worked their way to a full time status.

 

[Arpit131]

I agree 100% with the advice you gave. I think that you can be a better domain investor when you do not depend on it as your only source of income, and that your life will be more balanced and healthy as well. I know that a few have managed to make domain investment a full time successful career but I think it is challenging.
Bob

Absolutely Bob. I agree with your thought process 100%.

I am pretty sure those that go full time started out as a hobbyist / part timer gradually building up their knowledge (and domain investment cash balance) before taking the plunge.

If I am wrong on this and some people just dived right in and made a success of it straight off the bat then please let us know.....

That is correct, my friend. But abandoning your source of income to come into domaining which takes years to master and has irregular revenue is what I think makes it a fantastic side business but a not so good full time business.