NameSilo

What is your backup plan?

Labeled as discuss in General Domain Discussion started by Arpit131, Jan 30, 2020.

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  1. Arpit131

    Arpit131 Top Contributor VIP

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    There are many full-time domainers out here on NamePros and something that has made me think a number of times about domaining before making it a full-time career is

    What if domaining didn't work out for me for a year?
    What if the net profits after renewals comes out to be negative, because sales were down (either in general or for me)?

    Has any full-time domainer or someone who invested a considerable amount of money in domaining, experienced this?

    What is your backup plan?
     
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  2. bmugford

    bmugford www.DataCube.com PRO ICA Member VIP ★★★★★★★★★★

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    Well, when times are good you need to prepare for potential bad times.

    The same questions could really apply to any job or career really.
    Things don't always go as planned. It is good to plan for that possibility.

    For instance if you own a quality portfolio you always have the option of selling some at less than end users pricing if sales are slow. Not ideal, but it is an option.

    Brad
     
  3. WhoaDomain.com

    WhoaDomain.com WhoaDomain.com Gold Account VIP

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    Develop and Monetize!

    Easier said than done.

    Ideas

    PBN
    become an affiliate to generate cash flow to "cover" your expenses in "this business" and then just enjoy domaining.
     
  4. bmugford

    bmugford www.DataCube.com PRO ICA Member VIP ★★★★★★★★★★

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    I have also considered investing in other assets, as well as other commercial businesses.
    I am always open to new opportunities.

    Brad
     
  5. BlackCatsAreNice

    BlackCatsAreNice Restricted (15-30%)

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    Unless you have a portfolio of desirable domain names, you better have a DAY JOB.

    Domaining as a main hustle is NEVER going to be sustainable if you're not able to ride the highs and lows.

    It's a feast or famine game and your chances of turning up as skin and bones in the middle of the financial desert is all be certain unless you meticulously tally your ins and outs and budget carefully.

    To that end, I am guessing that most domainers have a day job. Preferably a well paying one that is able to sustain you in the months and months that you get no sales.
     
  6. equity78

    equity78 Top Member TheDomains Staff TLDInvestors.com PRO VIP ★★★★★★★★★★

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    Not as many full time domainers here as you think. Most polls show most here hobbyists.
     
  7. imadoer

    imadoer Top Member PRO VIP

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    backup planz

    Drive-thru at Mc Donalds
    Become a Gigolo
    Paper cup and a cardboard sign with a good slogan.
    Dress up as venom and take photos in time square.
    Stand out front of home depot and look for work
    Walmart greeter Hi welcome to walmart!
    Move to a third world country and offer seo services
     
  8. alcy

    alcy Top Contributor VIP

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    well technically domaining is digital job....duh!.. take anywhere u want.. which makes us digital nomads... so if domain sales get lower... move to cheap country.. tons of those around.. india.. vietnam.. thailand.. bulgaria.. and many more!

    its not a backup plan for everyone.. family.. kids etc.. but if your baiscaly on your own.. and living in one of the more pricey countries.. say usa... or canada...or denmark ... or something like that... then for $10k a year in domain sale profit you get nowhere in say canada.. whereas in say bulgaria.. where average salary is around 500$... well... that puts yuo at twice the average still! u can rent apartment for $200 month in big city bulgaria.. same thing in big city canada is min $1000... i think canada poverty line salary is like 20k/year... for 20k in bulgaria you basicaly live like a king... or prince... yu get the point

    i quote bulgaria but there are many similar places.

    so yeah... here is your backup plan B... and C.. and D... and 30 other countries probably!

    plus of course if u like to travel... then this becomes so much more than your plan B... it becomes your dream come true! and all this thanks to domaining whcih you also love ;) so you happy cause u travel + you happy cause you love to domain = total bliss heaven on earth! :)

    except now stay home cause its just bad timing.. case of corona virus. so yeah... plz be careful folks... this thing is like watching world war Z with brad pitt.
     
    Last edited: Jan 30, 2020
  9. iKhalyfah

    iKhalyfah Established Member

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    If domaining is your full time job, then have multiple side hustles, just like if you have a day job, domaining is probably one of your multiple side hustles!
     
  10. Recons.Com

    Recons.Com Top Contributor VIP

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    My primary focus is branding/marketing. I have full time MBA in Finance and Marketing from a top US school. Domains are complementing my services, as I am strong believer that you don't really own a brand unless you own the default domain name for it.

    Regardless, if I would for some reason stop selling domains, I can still consult, while running my companies.
     
  11. .X.

    .X. God is great Gold Account VIP ★★★★★★★★★★

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    It almost impossible to predict a long term future with any job IMO, it is always best to set aside a asset planned liquidation just in case, there are just to many variables in the equation to be able to concrete most things IMO.

    like @equity78 posted, there aren’t really that many full time domainers, not as in compared to the amount that participate in the industry
     
  12. Arpit131

    Arpit131 Top Contributor VIP

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    Exactly my point! Some people I know started developing some of their domains for the same reason.

    Have you tried it? How much time did it take? What kind of effort? Can you elaborate on this?
     
  13. Arpit131

    Arpit131 Top Contributor VIP

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    Exactly! This better be the case. When I started off, I was in college so it started more as a hobby! Till date, it never could be my full-time profession. But some people who did well in the business had a really strong grit and were very strict about the goals that they set for the year. The rest just happened.

    But that is like a compromise you make when things don't work. I wouldn't call this as a backup. Moving is so much more! I meant alternate source of income instead of cutting down on the cost/expense itself.

    Good to know! A lot of people may not have it. Your skills are saleable considering the MBA that you have. Not everyone may have it. What about others entering branding/marketing business? How feasible do you think it is for them?
     
  14. ArielT

    ArielT Top Contributor VIP

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    I have plans to:

    Affiliate

    Stock trading

    Anyone in stock trading?
     
  15. alcy

    alcy Top Contributor VIP

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    i think in this era, crypto trading is by far better than regular old stock trading...
     
  16. ArielT

    ArielT Top Contributor VIP

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    Maybe, but as per what I've read, in traditional trading there are many known strategies such as stop loss etc and who knows in crypto
     
  17. alcy

    alcy Top Contributor VIP

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    well give it a try.. look into it... if you say you do not know quite how it works..
    maybe you will like it.. maybe you will actually find it beter than regular stock trading... and more profitable... without trying, how can we know :)
     
  18. alcy

    alcy Top Contributor VIP

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    yes i agree that moving is so much more.. which is why I said in some cases, family etc, it may not work.. plus u need to enjoy traveling... but at same time, moving imo can be Plan B.. in terms of what happens if as per your op, sales get lower one year.. or for a while.... moving to a cheaper country would enable you to get by... and moreso live quite well on lower income... for many domainers, who perhaps do not yet have the needed knowledge or experience (like everything else in life, domaining is a game of experience -- what u get out if what u put in) generating net profit of say $30k+ per year may not be easy.... and such figures may be needed for living in the more expansive countries in the world.... usa.. canada... germany... etc.... whereas to live in the less expensive countries around world, one can live quite comfortable with $10k domaining net profits. now $10k profits per year from domaining is a very attainable figure for the average dominer, who has done this for a while... and reached certain level of experience....

    in the end it boils down to what kind of person you are.. what your lifestyle is... your financial needs... whether u have family.. mortage.. or not.... being digital nomad today is not for everyone... however millions do it... and the number grows each year... being digital nomad is on the rise... not decline.. which speaks for itself i think.. and domaining, like a good few other things, is the perfect job for becoming and being digital nomad... and imo traveling and being digital nomad, does allow you to "survive" when there are tougher years in terms of domaining profits... this is why I used this example as actual plan B. imo
     
    Last edited: Jan 31, 2020
  19. Matt Morgan

    Matt Morgan Established Member

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    DIVERSIFY: FIND OTHER ALTERNATIVE INCOME OPPORTUNITIES
    Take advantage of the digital space, and find other additional opportunities to make money online (alongside domain investing) whether it be affiliate marketing, pay per click sites, google adsense, email marketing, product creation, coaching, graphic design for customers etc.

    For example you can have 3-5 of these below systems set up:
    1. An affiliate website, selling somebody elses products for a commission (with a banner of their product on your site for example)
    2. A content site with google adsense over them, getting money from people clicking adds
    3. Any other computing skill you have, you can help others and charge a fee for it? (graphic design)
    4. Building an email list and promoting products to them
    5. Domain investing
    (This is just for pure example purposes)

    So if you have 5 ventures then at least if one of the ventures don't perform well then you have some others which can still generate alternative income for you.

    Try to look for other alternative opportunities you can expand your efforts in, aswell as domaining.

    I appreciate having many sources and systems to earn money takes time, effort, learning but it can be done, even if you just have one extra alternative method to make money online.

    YOUR QUESTIONS
    As mentioned above can have alternative backup optional sources/systems to receive online income from, so if one doesn't perform you have others to rely on for income.

    Well for me, because of the alternative methods to generate online income from (in the 5 examples above), then I have alternative methods to generate income from,

    so if profits after rewewals comes out to be negative, then it isn't really a big deal for me, as I have incomming funds from the other sources.

    It doesn't have to be a big deal for you too, so start to think to find additional alternative methods to diversify your efforts into.


    It has happened, stale periods in the domaining, but as I have other systems in place to earn money from then for me it is not really a big deal, as I have not put all my eggs in one basket.


    OTHER POINTS
    • Diversify your efforts into other fields on online income generation.
    • Don't put all your eggs in one basket, find other avenues to make money.
    • What skills do you have? can customers online use these skills which you can charge money for?
    • Don’t just look for online opportunities, but offline too. You can look for stocks, shares, bonds for example. (Uber driving perhaps :xf.grin:)
    • If 1 of all the methods you use to make money do not make money within a 12 month period for example, then you have another set of sources which will hopefully bring you income.
    • Make a spreadsheet which lists your online profit ventures vs the income generated from them month by month.
    • Think outside the box with your online money generating ventures.
    • Learn as much as you can for anything new you try, so you get familiar with what is involved.
    • Don't be held back to try anything due to fear of failure. Sometimes you just have to go for it and try it.
    • When deciding to try a new alternative way to generate money, follow other experts in the field you wish to try, so you can see how they are doing it.

    Matt Morgan
     
  20. Recons.Com

    Recons.Com Top Contributor VIP

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    The problem with branding is that it seems easy on the service and many take it on without the proper background. It might not be a rocket science, but there is a lot of science that goes into it.

    Many also think that they can just do self service here. Just brainstorm with the team or even think alone, come up with something and run with it. No one would think to do self service for their architectural design, or their legal documents, yet the single most influential decision for the survival of business is made by a team that is not qualified for this beyond "it looks cool", "sounds great", "I had this idea when I was a child" etc.
     
  21. Ntmt

    Ntmt Established Member

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    I believe every full time domainer had previous Day Job. The most obvious Plan B is to return to previous Day Job.
    Investing of part of income to alternate assets is reasonable for all jobs, not only domaining.
     
  22. lobbyist88

    lobbyist88 Established Member ★★★★★★★★★★

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    I've started dabbling full time — but I'm an outbound salesperson, not an investor. If you've worked in tech and know how to sell software, selling domain names is very similar. But I'm realizing this is an entirely different approach than what most here might consider.
     
  23. frank-germany

    frank-germany domainer since 2001 / musician VIP

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    not really...
     
  24. alcy

    alcy Top Contributor VIP

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    ive only done bit of crypto trading
    and zero stock trading

    so i can't say for sure.

    and you? bit of both? lots of both? bit of one? lot of one? cheers
     
  25. frank-germany

    frank-germany domainer since 2001 / musician VIP

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    both
    same principles apply
    but volatility can kill you fast
     

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