Don’t get addicted to buying domain names. I am addicted to it. Here’s why buying domain names can be addicting.
1) High perceived value. It only costs $8 to buy a DotCom domain name. Wow $8 for a potential million dollar a year website? Awesome I’ll have 20.
Often times you get so wrapped up in an idea for a website in your mind that you lose signs of reality. You think that the business idea is so good that you better lock the domain right now.
2) Sense of Urgency, what if someone else takes it? A domain is meant to be unique. That means only one person can have a particular domain name at a certain time.
That means that if someone takes your domain name that you’ve been eyeing for months, you are screwed. This with the fact that it only cost $8 for a domain, makes you think it’s better to lock this domain name right now.
3) Plurals and misspellings. Man, if you get Booking.com you need to get Bookings.com too right? What if someone takes Bookings.com ? Half your potential traffic would go to them.
For any given domain, you can come up with many plurals and misspellings. For example Google.com. You can imagine people typing in gogle.com, or gooogle.com or googles.com, so Google should grab them all right? Wait I think they did…
The potential for misspellings and plural domain names, along with it’s inexpensiveness makes you want to grab those as well.
4) .Net, .Org, .Info… man… if my site is Booking.com, shouldn’t I grab Booking.net as well? What if a competitor of mine grab Booking.net?
Like the plurals and misspellings. You will often get paranoid about other people grabbing .org, .net, .info, .us version for your domain. You often feel that since it’s so cheap, you should get those as well.
5) Keyword research can find you good domains. If you know about keyword researching, you know that it could give you ideas for phrases you haven’t even thought of. Now for SEO you could by up those domain names and achieve better ranking.
All of these domain names adds up. I bought $200 worth of domain names in one sitting before. I didn’t end up using any of them. Beware!
My advice is buy 1 domain name a day. That’s it, if you feel the need you can get the others another day. Build up your domain first, before you worry about competitors etc. Stop being so paranoid.
Although on second thought, someone did grab QuangVan.com so maybe you should be paranoid…