Just joined the site, ready to ask my first question

[Dreighen]

Hello All!

I want to build a legitimate Domaining Business. But I haven't purchased a single domain yet (still learning, researching, and reading everything I can get hands on).

My question is this:

I know I will probably incorporate as an LLC. Have any of you created a business plan for your domain business, or structured and created a real company for your domaining business? If so, how did you go about this?

Thanks!

 

[Ray]

Welcome to NamePros!

We hope you enjoy your stay and learn a lot while you are here!

To answer your question, while I am not one of them, many have created a legitimate business. I tend to due it out of hobby.

If you need help with anything, be sure to ask for help as our community will help you learn the ropes.

Good luck!

 

[Kate]

I know I will probably incorporate as an LLC. Have any of you created a business plan for your domain business, or structured and created a real company for your domaining business? If so, how did you go about this?

IMHO, it's too early, too fast.
Before you set up a business structure for the sole purpose of domaining, you need to learn, practice, and be sure you have what it takes.

A CPA can help you draft a business plan.

 

[allanh]

In my opinion, it is very hard to make a living purely from domaining alone, unless you develop them into websites. CPC earning are only significant unless you have a huge portfolio of quality domains with plenty of traffic.
Keep your daytime job and do domainining as a hobby to start with. If you make profit then consider career change.

 

[Dreighen]

Thanks for the insight already guys. I am working with a business mentor who is an serial entrepreneur himself, but we've only had our first meeting just recently, he's going to help me with a business plan.

I plan on developing my domains as you stated allanh. I agree sdsinc though, this is for down the road. Right now, I am just in the reading, learning, researching phase of this.

And I'm attending school full time right now and not employed. So I have the time to invest into this venture.