discuss What is your backup plan?

[Arpit131]

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?

 

[Bob Hawkes]

I agree with @equity78 that I think the vast majority here are either hobbyist or a minor side-gig. Even a few of the prominent voices in domaining say never do it in a way that you depend on it for your main income. Now, there are many, including a number who posted on this thread already, who have been successful in full time domain sales, or close to full time, and hats off to them. The top sellers at the brandable places are clearly pulling in a decent salary from the numbers they periodically post.

In terms of backup, I think it is always good to have multiple uncoupled revenue streams. For those heavily into domains it probably makes sense to also have revenue from some other activity, in my mind. As in all things, pursue what you are passionate about.

And then some of us are just trying to feel retired .

Have a good day everyone, and thanks for all who contributed to the thread.

Bob

 

[The Durfer]

I have plans to:

Affiliate

Stock trading

Anyone in stock trading?

yes, buy some ADA stock. cannabis is booming.

 

[The Durfer]

yes get a trade, then do hobbies and side hustles. Definitely. Don't just be floating around with nothing...

although, a drifter always has a sense of thrill and mystery. hmmm nah, have a job. lol.

 

[BrandChimp]

Great question, everything brings me back to domain investing. For some reason investing in domains is the only "job" that makes me happy. All I want to do is this and I also have a hard time finding a plan b in case something goes wrong.

 

[alcy]

Great question, everything brings me back to domain investing. For some reason investing in domains is the only "job" that makes me happy. All I want to do is this and I also have a hard time finding a plan b in case something goes wrong.

i agree.. domaining may well be one of the rare jobs in world where you either hate it or love it... of course part of it has to do with fact you are your own boss... work your own times... travel world with only your laptop if you want.. or even just yer fone...etc.. but the other part is the thrill of negotiation... of finding buyers ... buyers finding you.. the unlimited possiiblities of which domains to buy... to reg.. unlimited trends... past present and future.... its not for everyone.. but if you will stick to it, then you will really appreciate and enjoy it... imo...

heck u may even like it so much and just wanna keep domainign that you would be willing to move to ukraine or something if yer domaining profits for some reason end up lower than expected for some period of time..... or too low to keep your 20th floor apartment in monaco :P

 

[Reddstagg]

Good afternoon everyone,

This is my journey and it's the opposite of most. I live in Ireland and I'm a fully qualified financial adviser and I've worked in the financial services industry for over 30 years. I took time out of my career to care for my Dad who had Alzheimer's Disease.

I have been trying to get back to work but it is really difficult for someone of my age as it seems to be a game for young people these days. Therefore, as someone who was long term unemployed I was looking to create a job from home where all I needed was my wits and broadband. This was more difficult than imagined as I've only been able to get broadband for the past year.

What could I do? I'm fairly creative and over time I've self published a book on Kindle, I've another in the pipeline which is ready to go any day now and a third will hopefully be out later in the year.

I was running a couple of websites which I had set designed and set up myself (with no previous experience) and these were ready to go but I needed to find a strategic partner who could help me with the technical side of things. Again, being in the countryside just outside of a small Irish provincial town was like having one hand tied behind my back. It would take four hours a day minimum travelling to the largest City for work or inspiration, so this wasn't an option.

I've tried to set up an mobile phone app for people suffering with Dementia and their Carers but I needed between €30-50k to get it off the ground..

I've designed a measuring tool for D-I-Yers and Tradespeople and again, the lack of funds and doors that were impossible to open with no relevant experience meant that again, it failed to get off the ground. I have other ideas for products which in my head are genuinely good ideas but with no relevant industry experience they will have to stay as ideas for now.

The other things that I have in my to do list is sell approximately 1,800 Victorian Penny Red Covers and sell 8,000 Victorian Legal documents and associated ephemera. I also have 200 mid-century African tribal paintings which I am just waiting for an offer for. Too many fingers in too many pies at the moment.

Please don't think that I am using these failures to a reason to whine because I am not. They are as far as I'm concerned just on the back burner for now. Gotta have dreams, right?

Now my Domain Investing journey. I've gone from zero to now in just about a year. Sure, I made some mistakes but I was a quick learner. Opportunities present themselves all the time and I am sure that my strategy will pay off. I've spent €3,400 so far and I now have 200 domain names. I know that some think that my strategy is completely wrong and I am destined to fail and I will waste all of my money and I will be destroyed when renewal time comes around but I believe in myself and I'm still here.

Will I be a domainer in the future? Probably. Will it be my full time job? Probably not. I'd guess somewhere in the middle.

Never let the fear of what you think can't be done stand in the way of what you know can be done. It's a slow and steady race after all and all you need is a plan.

Did I mention that all of my domains are for sale and you'd be more than welcome to buy some or all of them.

Enjoy your journey...but at least buy the ticket first lol!!!

Regards,

Reddstagg

 

[alcy]

Good afternoon everyone,

This is my journey and it's the opposite of most. I live in Ireland and I'm a fully qualified financial adviser and I've worked in the financial services industry for over 30 years. I took time out of my career to care for my Dad who had Alzheimer's Disease.

I have been trying to get back to work but it is really difficult for someone of my age as it seems to be a game for young people these days. Therefore, as someone who was long term unemployed I was looking to create a job from home where all I needed was my wits and broadband. This was more difficult than imagined as I've only been able to get broadband for the past year.

What could I do? I'm fairly creative and over time I've self published a book on Kindle, I've another in the pipeline which is ready to go any day now and a third will hopefully be out later in the year.

I was running a couple of websites which I had set designed and set up myself (with no previous experience) and these were ready to go but I needed to find a strategic partner who could help me with the technical side of things. Again, being in the countryside just outside of a small Irish provincial town was like having one hand tied behind my back. It would take four hours a day minimum travelling to the largest City for work or inspiration, so this wasn't an option.

I've tried to set up an mobile phone app for people suffering with Dementia and their Carers but I needed between €30-50k to get it off the ground..

I've designed a measuring tool for D-I-Yers and Tradespeople and again, the lack of funds and doors that were impossible to open with no relevant experience meant that again, it failed to get off the ground. I have other ideas for products which in my head are genuinely good ideas but with no relevant industry experience they will have to stay as ideas for now.

The other things that I have in my to do list is sell approximately 1,800 Victorian Penny Red Covers and sell 8,000 Victorian Legal documents and associated ephemera. I also have 200 mid-century African tribal paintings which I am just waiting for an offer for. Too many fingers in too many pies at the moment.

Please don't think that I am using these failures to a reason to whine because I am not. They are as far as I'm concerned just on the back burner for now. Gotta have dreams, right?

Now my Domain Investing journey. I've gone from zero to now in just about a year. Sure, I made some mistakes but I was a quick learner. Opportunities present themselves all the time and I am sure that my strategy will pay off. I've spent €3,400 so far and I now have 200 domain names. I know that some think that my strategy is completely wrong and I am destined to fail and I will waste all of my money and I will be destroyed when renewal time comes around but I believe in myself and I'm still here.

Will I be a domainer in the future? Probably. Will it be my full time job? Probably not. I'd guess somewhere in the middle.

Never let the fear of what you think can't be done stand in the way of what you know can be done. It's a slow and steady race after all and all you need is a plan.

Did I mention that all of my domains are for sale and you'd be more than welcome to buy some or all of them.

Enjoy your journey...but at least buy the ticket first lol!!!

Regards,

Reddstagg

remember domaining takes a while to get the hang of... like most things in life... many new domainers reg something and want quick money ... they quit before they even get to understand the basic rule of doamining that there is nothing quick or easy about domaining.. there is just a long hard learning curve... but if you have patience for domaining, and enjoy it, and stick to it.. even if like many you will be in negative earnings for months or sometimes years at first, then eventually things turn around and there is some profit.. how much... well that's up to you.. how much time/money you invest etc...

also if you are not afraid of some risk etc... but agian there is a learning curve there too... try crypto trading.. i am just starting but know people who did well.. some even quit domaining for it

ps i didn't know internet was so hard to get in ireland

good luck.

 

[Reddstagg]

remember domaining takes a while to get the hang of... like most things in life... many new domainers reg something and want quick money ... they quit before they even get to understand the basic rule of doamining that there is nothing quick or easy about domaining.. there is just a long hard learning curve... but if you have patience for domaining, and enjoy it, and stick to it.. even if like many you will be in negative earnings for months or sometimes years at first, then eventually things turn around and there is some profit.. how much... well that's up to you.. how much time/money you invest etc...

also if you are not afraid of some risk etc... but again there is a learning curve there too... try crypto trading.. i am just starting but know people who did well.. some even quit domaining for it

ps i didn't know internet was so hard to get in ireland

good luck.

Thank you for your response and words of wisdom.

Unfortunately, outside of the major cities it was a disaster. We had the national telecom co. who had run the telephone wires and they were reluctant to share the infrastructure even though they had been state funded. The Government set up the Rural Broadband Scheme and most of the big broadband players jumped on board and once they realized how hard it was going to be to make money and how long it would take they pulled out one by one. My mobile was with Vodafone and it seemed logical to go with them for broadband as well. I now have fiber broadband and it's flying. I heard stories of people running businesses who had to drive 30 minutes each way to their nearest town to send one photograph attachment on an e-mail as the dial up modems that most of us had previously just couldn't cope.

It's a small island and I'm sure we will get there...eventually. We even have 4G now lol!!!

Good luck with your journey.

Regards,

Reddstagg

 

[mani0307]

Domaining is my full time job so my backup plan is save some $$$$ and invest in other things if domaining not working well but in my 2 year domaining life i have not seen decreasing domain sales i sold 3 domains in 2018 and 12 in 2019.

 

[Brands.International]

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?

Backup plan: with money you earn initially, buy assets, not liabilities. Always buy assets, that is all. This is valid for domain names as well.

PS: if you do not know what's the difference between asset and liability, study. It's called financial education. Most people have no clue, so they stay poor.

PS2: if you have enough assets, you can say good bye to your daily job, you won't need it anymore. You can still keep it though, if you kind of like what you do

 

[alcy]

Backup plan: with money you earn initially, buy assets, not liabilities. Always buy assets, that is all. This is valid for domain names as well.

PS: if you do not know what's the difference between asset and liability, study. It's called financial education. Most people have no clue, so they stay poor.

PS2: if you have enough assets, you can say good bye to your daily job, you won't need it anymore. You can still keep it though, if you kind of like what you do

reminds me of this guy

 

[Brands.International]

reminds me of this guy

Yes. I advise anyone to listen very carefully to this guy, it can make a whole very possitive difference in as of how well you will live your life, imo

 

[BrandEntrance.com]

Does not apply. I am full-time with everything I do.

 

[ivey]

Get a job, but still dabble with domains.

Imagine a paycheck with domain sales here and there....

 

[Reddstagg]

Good evening,

I forgot to watch the video above and I've just done so. It makes a lot of sense. A friend of mine is a self confessed gambler and mainly bets on the horses and soccer. I don't know how well he does, as he only tells me when he wins. He's not in a position to invest heavily as he has a family and therefore responsibilities. He doesn't really get my domain investing journey and calls me a hoarder. He understands websites and SEO etc but can't get his head around me wanting to spend the little money that I have on domain names.

We had a conversation once whereby I said that it was a good job that I didn't gamble as I had an addictive personality.

I don't see domain investing as gambling. I see it as a gamble, but then getting out of bed every day is a risk. Strewth, even staying in bed is risky!!!

I see my journey as completely different to my friend's gambling on horses and soccer because at the end of the day if his horse goes backwards or his team loses, then he has lost all of his money. The bookmaker will not give him back one single cent.

I see domain investing as investing in assets. They are mine now and no one else can have them if I keep paying the renewal. There are many ways to get back the purchase cost of each domain and therefore, they can be viewed individually as assets. However, as a collective portfolio I also have to minus the purchase costs and renewal costs from my starting capital and add in any sales, or income.

I have not therefore lost any money until the day the journey ends and I make some money and offset the costs or I call it quits and end the journey myself.

I will remember my journey, as I will have a record of my profit and loss accounts and I will look back at the end of each year with a knowing smile and spot my mistakes and have a wry smile at everyone who said I was doing it wrong.

It ain't over until the larger than life Dot.Com has sung and until that day I will keep doing it my way. The way that I have always approached life and things in general.

Will I ever be poor again? Maybe I like being poor. Did anyone every stop to consider that?

Regards,

Richstagg

 

[Compassion]

Gain skills that are valuable for humanity and make sure not to exit this plane with your music still inside of you.

As a teacher and an acupuncturist there is a plethora of opportunity for me.

 

[handpicked]

Good evening,

He doesn't really get my domain investing journey and calls me a hoarder.
......
The profits may be less, but let Domaining 2.0 (from the year 2020 on-wards, as i call it) be more about Ethical Domaining (just like Ethical Hacking). Startups with huge funding may be charged more for the creative domain name we offer them, to reward our creativity too, but established businesses (more than 5 years old) may be charged reasonably for owning their business name.IMO (I did sell 2 hand-reg org's for 230/270$ using this principle in '19). Good luck.

 

[vinothayyavu]

My portfolio around 100 now. So by now i have day job to worry. I have plan to be in full time Domaining 5 years from now . Leaving Day job with only domaining as full time is , greater Risk. So i have planned to invest in Domaining , Android apps, Websites ...etc .

 

[lock]

Liquidation is always going to be backup plan. If I am not getting end users right away I like to think my portfolio is desirable and could still make profit.

 

[Pay.My.id]

I learn more on seo marketing , web design and digital marketing then now provide SEO service to some local company . Its a part of my back plan. Personally ,sometime I feel domaining like buy a lottery, offline investment giving ROI under 10 -15 % , but if you have a good name , reg a perfect domain for $ x or $ xx, you could drive hundred or thousand dollars next time .

Domaining isn't investment, but its more than all investment modelling in the world. We could focus on good name , really good domain , hold if we believe that name would attract big money. I believe that God always know whatever in our life. Believe if we would get lucky

 

[Theanshusingh]

Currently Bankrupt....

 

[handpicked]

Currently Bankrupt....

Your domain 'TheCoding. org' was an awesome name for the coding community, expose it in the right places if you still hold it.IMO

 

[Theanshusingh]

Your domain 'TheCoding. org' was an awesome name for the coding community, expose it in the right places if you still hold it.IMO

Yeah, I still own it....but, I am not getting right place to sell it....I tried to list it here but it didn't worked.....Today, I send few emails to programming related company....hope someone buy !

 

[Reddstagg]

Currently Bankrupt....

Good afternoon,

Then my friend you are in a better place than most of us here at NP. Why you may ask. Well, if you feel that you're down and at rock bottom then your journey and your life can only go in one direction and that is up..up..and away.

You can now afford to take the chances that others can't or won't. Don't take this the wrong way and it is meant as a means of encouragement, but you haven't got much to lose.

Some of life's successful people started businesses when they literally had nothing.

You need to get up, get on and get moving. Time waits for no one. Take stock of everything and everyone that you have in your life and count your blessings. Then count them again.

I'm long term unemployed and in receipt of $200 a week job seekers allowance. I got so fed up with not being considered good enough to get a job so I decided to create my own. I am a Domain Investor now. I started my journey just one year ago and I now have over 200 domain names in my portfolio.

I was depressed, anxious and completely flat broke. I couldn't even afford to pay attention. Now look at me. I've learned new skills and kept my mind active.

If I can do it then so can anyone.

The only thing holding you back is you. The past is your anchor. Cut it free. Don't look back...you're not going that way again.

I wish you well on your new journey.

Regards,

Reddstagg