Like I said, no right and no wrong way, I'm glad we are different and I am glad I can toss in a word of advice on occasion.
Again whatever works makes the most sense, if you can cover your costs and at least make a small profit then kudos to you.
I do have to throw in one more comment.
It took me 4-5 years of domaining to start and show a good steady profit stream. I remember writing off losses thinking wow thats a big chunk of change. Luckily for me I had a number of business incomes and I was looking for writedowns so buying assets was a good strategy for me.
Most businesses fail in the first 5 years and domaining is no different, I always tell the newer guys to expect losses in the first few years. It is only the lucky or the extremely talented that are a success right from the get go.
MapleDots...thanks again for your response. I come from industries where if you can't turn a profit in the first year or two you should shutter your doors. It appears you have carved out your own niche in the domain industry and you're pretty good at it....Congratulations! However, like you and I have agreed, there's more than one way to succeed in this industry, and there are probably as many ways to fail.
The business of buying and selling domains for profit is a very low level entry business. It cost less than $1,000 to purchase an inventory/portfolio of names that appraise for well over 100K. Frankly, despite what you and I think about appraisals or valuations, there's something very intriguing about that. I'll also agree from my experience in other industries, if you buy
"crap" it remains crap. I'll have to admit that the first 100 domains I bought while learning this business were crap, but I also know the last 100 names I've bought are at least one or maybe two "grades" above crap
Most entrepreneurs I know pay little attention to the fact that it may take "4-5 years of domaining to start a good steady profit stream". I know I don't, and that philosophy has served me well throughout the years.
I wouldn't dare tell a newbie to "expect losses the first few years". I don't believe in luck either, however I do believe you create your own luck. That said however, I do believe you need
"some" talent in the area of originating better crap than the herd, and
"some" talent in the area of sales and marketing. I'll also add that you need to be having fun doing what you're doing. If you're not having fun doing this, I don't think you're cut out for it
There is one question you can address for me MapleDots...when I look at Namebio and see where the likes of Uniregistry, Sedo, NameJet etc.are selling the kinds of domains you invest in, how do they do it? Do you know? I can only speculate, but I do have some ideas about how they do it. If there is anyone out there reading this and would like to share how Sedo or Uniregistry etc. sell domains I would appreciate your sharing. Thanks,
And just one more question MapleDots, I noticed you didn't comment on my
mini niche portfolio of just six "melon" domains; CannaMelon, CBDMelon, MelonFusion, MelonHigh, MelonSpirits and RxMelon. Since you were the one who brought it up, I would appreciate your comments. Again, thanks in advance for your commentary.