Need advice

[vegasboy]

i was having a discussion with one of my lecturers and we ended up talking about domain names and the industry in general and he was too interested to even want me to write a business plan that he will pitch for funds with and atleast i start investing in domain names as a real business .the issue is am just a newbie who really doesnt have insight into the industry and thats why i wanted someone to help me out with the business plan

 

[Name Trader]

Nobody is going to help you out with a business plan. You need to read, read and read for at least six months before you even start thinking about a business plan.

 

[Kate]

Without a business plan, it's not a business. It's a hobby. But a hobby that can burn a hole in your wallet
Before you even begin with a business plan you need an idea and vision. Isn't it early.

 

[Sabre]

Agreed with the above.

If you don't know the industry, you don't know where the money is - and if you don't know where the money is, you'll just be burning money for fun.

As stub said, read, read and then read some more.

The Newbies section is a great place to begin.

 

[dompro]

it will all depend to whom your business plan is going to be pitched to. If you just tell them you just will be buying domains for $x-$xx here and selling them for $xx-$xxx there it might work with only some newbies like you (but most business people are also critical about what they put their money into)

 

[vegasboy]

thanks guys for your great advice .i have been reading alot of domain news like everyday to atleast know where to start investing in domain names. in all that time reading .........., i realised the following
1.domain bloggers have a great influence on domaining trends ie shane started blogging about his 10k investment in numeric domains and they are now hotcakes but that doest mean that if you cant buy nnnn.com you invest in nnnnn.com as their values like even take years to recoup.and that takes me to my first lesson learnt ..., learn from those who are makin success in domaining and redo it all over again.
2.never leave doing what you doin on a daily basis like your job but as for me i am just a student and i cant invest yet on quality names due to less capital but that doesnt ditter me from finding some old games at godaddy that go for less .i am plannin to look for a job and save on a monthly basis for a period of not less than three years .
3.As all of you guys have said , knowledge is key and havin great insight in domaining requires you to be a vivid reader then i will make it my obligation to be reading on a daily basis

 

[cache]

once you finished reading, you may start playing. It is not that expansive to buy/sell domains. Unlike regular business where you have to rent office or pay high maintenance fees, domaining is less of risk. But start slow, don't put all your money in one shot.

 

[vegasboy]

i would have started with the followin names if it were today
j-z.org 2hrs to go n just at 70

 

[MicroGuy]

i was having a discussion with one of my lecturers and we ended up talking about domain names and the industry in general and he was too interested to even want me to write a business plan that he will pitch for funds with and atleast i start investing in domain names as a real business .the issue is am just a newbie who really doesnt have insight into the industry and thats why i wanted someone to help me out with the business plan

Investing in domain names is currently the worst possible investment you could make. Sit down with your instructor and discuss other possible areas of investment. Guns and ammo seem to be trending well lately. I would look there. ()

 

[novatheory]

Investing in domain names is currently the worst possible investment you could make. Sit down with your instructor and discuss other possible areas of investment. Guns and ammo seem to be trending well lately. I would look there. ()

LOL I agree. More with the Hunting seasons opening in the fall. Always a money maker. Check CL in rural areas, all ready the post related to guns, atvs, etc are showing up and fast.

 

[zoomactive.com]

Seriously? Funding with out a business plan? Good luck with that.

It takes entrepreneurs who have a solid business plan an average of 2 years to get funding. All I got to say is if it sounds too good to be true then it is. Don't get wrapped up with the wrong person and you better have protection like an LLC "few investors" or Inc "many investors". Also, be sure to always do you due dilligence on who you will be partnering with and have a lawyer review the contracts.

Good luck!

 

[lalita bisht]

No one can advice you on that. And thinking to raise funds in order to invest in domain names is not a business plan. Why would an investor choose you to invest his money into the domain market when you yourself are a newbie.

 

[JoeBiz]

Without a business plan, it's not a business. It's a hobby. But a hobby that can burn a hole in your wallet
Before you even begin with a business plan you need an idea and vision. Isn't it early.

This is a ridiculous statement. No Business Plan = Hobby. The internet is a place of never ending tangents, twists and turns. An up-front business plan, in the literal sense, is almost impossible.

8^X

---------- Post added at 02:59 AM ---------- Previous post was at 02:54 AM ----------

Investing in domain names is currently the worst possible investment you could make. Sit down with your instructor and discuss other possible areas of investment. Guns and ammo seem to be trending well lately. I would look there. ()

Amen to guns and ammo. Gold also has a nice trend and a great long term forecast.

 

[Kate]

This is a ridiculous statement. No Business Plan = Hobby.

It seems that at least in Germany, the tax authorities shut down businesses that don't turn a profit: they are classified as hobby. Accordingly, 98% of domainers should be terminated :P

I forgot we are on Namepros, it seems nobody here runs a real business, especially a business on domains
Buying lottery tickets and hoping for the best is not a business plan. More to the point, I was wondering why the OP is talking about a business plan when it seems they still know nothing about domains. Nobody should enter a business they are totally unfamiliar with imo. It's putting the cart before the horse.


Amen to guns and ammo. And canned food. And toilet paper :]

 

[mdomain]

I recommend you to read Rick Schwartz blog:

http://www.ricksblog.com/my_weblog/

 

[alien51]

Buying lottery tickets and hoping for the best is not a business plan. More to the point, I was wondering why the OP is talking about a business plan when it seems they still know nothing about domains. Nobody should enter a business they are totally unfamiliar with imo. It's putting the cart before the horse.

A business plan could be as simple as a logical sequence on how to make a profit, from the exchange of goods and money.

It could be a one-time event that can never be repeated. For example, selling your antique Picasso. Sometimes, people who earn a profit from "luck", would believe they can duplicate the event. Until they realize and accept the reality, that their "business plan" is unsustainable.

A business plan that is based on the logic of hits-and-misses and speculation, can be called a "high risk business plan". For example, electronic makers try to make a business plan to sell 3D television sets, eventhough not much 3D content is available for consumers to utilize a 3D tv. These companies are engaging in speculation. And it's a "high risk" business plan.

As long as a business plan "makes sense", and there is indeed a possibility to earn a profit no matter how risky it may be, then it can still qualify as a business plan.

Ticket Scalpers spend a fortune buying all front-row tickets in events, hoping they could resell them back at inflated prices. If few legit customers come to the event, then the ticket scalpers are forced to sell cheap. And they incur massive losses. On hindsight, it turned out to be a "bad business plan".

Some business plans don't make sense, at first glance.

For example, Sony sells its PlayStation 3 consoles at a LOSS. Why would anyone sell a merchandise for $300, when it costs $500 to make? It doesn't make sense. But Sony is hoping profits from its other division would compensate for the losses, and use the money spent on PS3 as marketing cost to promote the PS3 platform.

 

[namenut]

I agree .... your putting the cart before the horse.
You need to develop a niche or a groove you can
show a profit in. A business plan will develop from your
track record and abilities. Usually around a model
that reflects a good ROI. Most domainers will expect
unrealistic ROI and end up in the long hold and hope
model ... Hold to develop or aggressively seek sales.
In most business models a ROI of 200% to 500% or
more is unrealistic but very achievable in domaining.
If you can average a good ROI you will have your
business model in front of you and a good idea on a plan.

Start with your passionate interests. This is a great
motivation.

Good luck ... welcome to NPs.:hi:

nn