Looking backwards into my domaining journey, I realized that there were mistakes that I made.
Here are some of them:
1) I always knew the potential of hand registrations. However, I failed to classify my investments into short term liquidity investments, medium term investments and long term holds. As a result, I ended up selling some of my best names for very very cheap and some of normal ones were held only to end up expiring.
Lesson Learnt: Classify your investment. It will help you hold onto good investments.
2) I did not fix the proper amount of money I would reinvest from the profits that I make on my investments. As a result, a lot of it was spent unnecessarily without being reinvested properly.
Lesson Learnt: Plan a proper reinvestment strategy otherwise you wouldn't know where you blew the profits.
3) Maintaining an excel sheet of all the domain names that you own, their date of registration, acquisition price, renewal date and classifying it as short, medium or long term investment is important. I lost a lot of good domain names because I forgot to renew it in time.
Lesson Learnt: Maintain an excel sheet of your portfolio with expiration date. This way, you know when and what to renew, what to hold and make an informed decision.
4) A strict track of your investment, returns, profits, losses is very very necessary. I made over $30,000 in 2 years of domaining only to realize later that all that money was spent without reinvestment, having no track of where I blew up the whole $30,000 - $40,000 living a good lifestyle, partying and so on.
Lesson Learnt: Keeping a track of your cash flow is necessary. It helps you plan better, maintain a budget and strategize your future.
What are your domaining mistakes and what did you learn from it?
Here are some of them:
1) I always knew the potential of hand registrations. However, I failed to classify my investments into short term liquidity investments, medium term investments and long term holds. As a result, I ended up selling some of my best names for very very cheap and some of normal ones were held only to end up expiring.
Lesson Learnt: Classify your investment. It will help you hold onto good investments.
2) I did not fix the proper amount of money I would reinvest from the profits that I make on my investments. As a result, a lot of it was spent unnecessarily without being reinvested properly.
Lesson Learnt: Plan a proper reinvestment strategy otherwise you wouldn't know where you blew the profits.
3) Maintaining an excel sheet of all the domain names that you own, their date of registration, acquisition price, renewal date and classifying it as short, medium or long term investment is important. I lost a lot of good domain names because I forgot to renew it in time.
Lesson Learnt: Maintain an excel sheet of your portfolio with expiration date. This way, you know when and what to renew, what to hold and make an informed decision.
4) A strict track of your investment, returns, profits, losses is very very necessary. I made over $30,000 in 2 years of domaining only to realize later that all that money was spent without reinvestment, having no track of where I blew up the whole $30,000 - $40,000 living a good lifestyle, partying and so on.
Lesson Learnt: Keeping a track of your cash flow is necessary. It helps you plan better, maintain a budget and strategize your future.
What are your domaining mistakes and what did you learn from it?
Now I get Chinese Offers of about $500/domain, on my very best individual domains, If I'm lucky.
