How Domaining is Like Doing a Polar Plunge

Melissa_Dafni_Polar_Plunge_2013

On Saturday, February 23, I did a very crazy thing. I willingly jumped into 37’F water. They actually had to cut through the ice to create a place for us to jump. Why in the world would I do that you may ask, and I will tell you. It was for a very good cause. I participated in the Polar Plunge to support the Special Olympics of Colorado. I managed to raise over $900 in support, so there was no way I was going to let them down!

So what does that have to do with domaining?

1.    A lot of people will tell you you’re crazy and try to talk you out of it.
While I had a lot of support, I also had a lot of people telling me what I was doing was crazy or stupid and I shouldn’t move forward. Sound familiar? A lot of people view domaining as crazy, even a waste of time and money.

2.    You need support.
It’s hard to do anything alone, especially when you hear a lot of no’s, don’t do that, or it won’t work. Having someone cheering you on, to help you keep focused on the big picture is a huge asset.  Every time I received a donation on my behalf for Special Olympics, it motivated me to keep trying. It’s the same for domaining. Whether you’re buying domains for flipping, long term investment, it’s easy to get disheartened when things don’t go your way. Having support will help keep you motivated when you most need it.

3.    Believe in yourself.

Some people will tell you it can’t be done simply because it hasn’t been done before. Others because they themselves have failed. If you believe it’s possible, don’t let them determine your fate. I knew I could make the plunge and I really wanted to support the Special Olympics. If you have done the research and you believe deep down that you’re making the right decision, believe yourself, not the cynics.

4.    Know when to cut ties.
While I won’t say that sometimes the naysayers are right, sometimes, you are going down a path that has a dead end, and it’s better to get out while you’re ahead. While I didn’t face the issue, not everyone can do the Polar Plunge. Health issues are a big factor. Don’t send yourself into ruin or to the grave trying to prove someone wrong. Sunk costs can be expensive, but there’s nothing you can do about it other than limit them from growing further.

5.    Without some risk, there’s little reward.
Everything in life is a balance of risk and reward. In some cases, the risks outweigh the rewards, sometimes, there is no risk, but also no reward. Investing in domains is the same. You are speculating on virtual real estate. Sometimes that will pay off, sometimes it won’t. And sometimes, no matter how crazy, it’s worth doing. Just like being sponsored to jump in to freezing cold water.

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Domain Auctions

You can purchase domains via various domain auction sites, these websites make it easier to buy and sell domain names.

A drop registrar is a domain name registrar who registers expiring domain names, to sell at auction, as soon as the registration expires. To participate in a drop registrar auction you need to register your interest prior to the beginning of the auction.

A domain auction site allows a customer to purchase a previously registered domain, which suits their needs, from an owner who wishes to sell their domain name. A domain auction site allows sellers to list multiple domains, easily and conveniently, on the one website.

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Register, Registrar, Registrant, Registry.. What does it all mean?

These are terms you’ve probably heard used, when talking about domains.
But what do they mean? What’s the difference? Although they sound
similar, they refer to very different things. When talking about
domains or reading articles about domains, these terms will often be
used, so it is important that you understand what they each mean.

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What is Domain Tasting?

Domain Tasting is the practice of purchasing several
available domain names and then utilizing the five-day grace period to decide
which of the domains will be profitable to own and releasing those that are not
financially beneficial.

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