Don’t be offended, it’s not just you, we’re all doing it. We buy a name and in our mind we have a great plan to develop the site. It gets great searches, a little type-in, but with some development this thing is going to bring in nice cash to the portfolio. One month later, it’s sitting on the shelf gathering dust and $1.13 in revenue. It’s reality check time. You will NEVER develop that name. You simply don’t have enough time to accomplish what you originally thought was possible.
The reason I write this today is I had an epiphany and perhaps it will help you as well. I realized I have to make a choice. I will pick out one or two of the best domains I have to build out and concentrate on those OR I am going to have to hire a few people to help me develop. The third option is to take on partners. Partners that will help in development and share the revenue. I have chosen all three but on my own, I can’t do anymore. Patrick had this epiphany the other day as well. He realized it just wasn’t going to happen. As strong as a business plan you may have, you better have two things, time and money. One can trump the other but if you don’t have either one to throw at a project, it WILL fail.
The reality is this. From this point on I will only buy names that I can flip or trump the 3 names I have determined as the names I will develop next. There is one little side rule in this new game plan. If parking or a mini site pays for registration I keep it. If there is little to no maintenance and as long as they cover renewal, time and effort, they stay. All others I will sell.
Some say, don’t blog and spend your time developing mini sites or put that time into larger sites. I do this to make a little extra money and have fun. I enjoy writing this blog. It gives me pleasure to write each day. I HATE doing mini sites. They are spammy and generally worthless to the people that visit. They are made for clicks not for the pleasure of the user. This isn’t to say mini sites are wrong,they are a good business model for many, it’s merely saying they aren’t for me and as much as I adore money, I’ve got other ways to make it.
I’m not saying I’m better or smarter than anyone else in this business but I am saying one thing…….I’m realistic and maybe you should be as well, it may save you money.
So take a long hard look at your portfolio and ask yourself how long some of the names have been waiting in the cooler for development. If they’ve been in there for years, most likely you need an intervention and you need to let them go. Either monetize them or sell them. Sell it to the other dreamer out there that thinks they are better than you and can monetize it. If you can’t find that person, and you can’t monetize it either….drop it.