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Incorporate What You Know Into Your Business

As the saying goes, “the shoemaker’s son has no shoes,” similar can be said about the development of some of my websites. I am a trained Direct Marketer, but I sometimes forget even the most basic direct marketing principles when building my websites and my blog’s brand. If I was looking at some of my websites from a marketing point of view instead of a domain owner, there would probably be significant changes.

Through my involvement in the domain industry, I have learned quite a bit about forums.   I am a member of several public and private domain and Internet discussion forums, and there are things about each forum that are cool, and things I find annoying. However, on most of my sites (with the exception of TropicalBirds.com), I have no forums at all.   I know that forums are a great way to interact, and they can also drive traffic (and repeat traffic) to a website, helping to gain trust and build a community.

With all that said, I decided to launch a Burbank, California forum yesterday on Burbank.com – with help from Kevin @ BigTicketDomains.com.   Using a customized Simple Machines forum, Kevin was able to set up a forum for me that can be used by Burbank residents and visitors.   There are still a few tweaks I need to make, but I think this is going to be a smart move in the long run.

The point of this is that you should think about your own background when building your websites.   If there are certain things you’ve learned in business or from your hobbies, you should consider incorporating them on your website.   Think about think things you would want to see if you were a user of your website, and make it happen.   If you enjoy using a particular feature, chances are good that others will as well.

Tap into your own background and knowledge when developing.   Sometimes lessons you’ve learned can be adapted and adopted by your websites.

Disclaimers, Disclosures & Conflicts of Interest

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Let’s face it.   As domain investors, we are a part of a small community, where nearly all of us are connected in some way. Some companies have partnerships, many people are close friends with others, and some people have known others via forums, chat board and industry functions for years.

No matter what someone writes nor where they write it, there will always be some sort of conflict of interest due to friendships, partnerships and other relationships. With that said, it’s important as shrewd business people and entrepreneurs to see where conflicts of interest exist and to note them in the back of our minds.

Just about all of us have created our own path to get to this little known industry.   Using the same gut instinct that brought us here, we should also use it to determine if someone’s blog post, news article or other public statement is self serving or if its going to be genuinely in the interest of the industry. I have found that while some posts may appear to be self serving at first glance, the content of the post is actually helpful and informative.

For the most part, most of the public domainers (those who keep a public profile) do so to help and encourage others.   While some might have conflicts of interest, people shouldn’t be so quick to publicly knock that person down simply because of a known overlapping business entity or relationship.

It’s difficult or impossible to not have any conflicts in certain posts that I make (especially those where I interview friends or discuss products/services I use), and it would be ridiculous if I had to put a disclaimer in every post.   We need to use more common sense before being so critical and judgmental.

Why Domainers Don’t Generally Partner Up

I’ve received a few “partnership” offers, and I know that domain owners who have premium domain names receive development partnership requests often. I am sure Rick has received dozens of email requests from people who want to help him open a candy store on Candy.com. When it comes to partnership requests, it’s unlikely that the requester will be taken seriously.

It seems that most people want the domain owner to trust that they know what they are doing, and many times, they might, but they can’t prove it. Why would a domain owner be willing to risk his reputation (and domain name) on someone that randomly pops in with an idea? There are plenty of great ideas out there, but execution is what’s important. If you want to partner with me or another domainer, come to us with case studies of your successful businesses. Show us how much revenue you’ve generated by applying your idea elsewhere, and perhaps we can talk.

The problem is that most people have good ideas but no clue about the execution side of things. It’s very easy to tell someone else how they should run their business, but when it comes down to it, the execution is the most difficult part. Toys.com may look like a great $5,000,000 domain name, but a new company would probably have to spend double or triple that on the inventory, overhead, and fulfillment in order to set up a system that will drive a strong return on the investment.

If you do have the ability and a track record of successful web launches, you need to be willing to put in the time, effort, and finances with the hopes of sharing profits on a finished site. If you achieve agreed upon goals, you should get a percentage of the business, but not until that happens. If you are willing to do all of this, then perhaps we will entrust you with our premium domain names. If not, it’s probably best to find someone else for your experiment.

The other option is to do something on your own, start generating revenue, and then pitch the domain owner on integrating the successful business model with the industry defining domain name he owns. The key to all of this is that you must be able to build and manage a successful business, otherwise you will just waste your time and the domain owner’s time.

Domain Assets Strong Despite Economy

I don’t need to share any recent sales data to show that the economy is impacting domain values.   I think the bottom line is that good domain names still sell for high prices, and average to below-average domain names are difficult to sell these days.

One thing is certain though.   No matter how difficult the economy is, nor what happens to currency valuations and/or fluctuations, domain name assets are stronger than many other assets, and they are very similar to land and precious metals, all of which are limited and have intrinsic value.

Regardless of what happens with the economy, precious metals such as gold, silver and platinum will still have value. They can be used as bartering tools (if necessary) and they can be used just about anywhere in the world.   Likewise, the best real estate is the world will still remain valuable.   You won’t be able to make a ridiculously low offer for a piece of land on the water in Palm Beach any time soon or ever because there will always be someone there with a better offer – be it cash or cash equivalents.

Domain names can’t be lost (unless you forget to renew them), they are difficult to steal if you are careful, and good ones are valuable just about anywhere in the world you go.   The Internet is one thing that binds just about the entire world, and it isn’t going anywhere.

Sure, people may be struggling to survive financially and things may appear to be getting worse, but as far as I can see, the impact is somewhat isolated.   I think some people need to spend less time watching the news and more time focusing on how to improve their own economic conditions.  

Fear is as dangerous as what is feared.

Apple Unveils Upgraded “Recession Macs”

Choosing to buy a Mac instead of another PC was a difficult decision.   However, it was a decision I am thankful to have made because I love my Macbook.   In fact, I am working on MacBook #3 at the moment.   I am also thinking about buying a new MacBook because the one I have has been running a bit slow due to the additional software I’ve added on over the last year and a half.

Today, Apple updated and upgraded their consumer lineup of computers, including laptops and desktops. The price of a new MacBook Pro (using the Intel’s “Nehalem” Xeon processors) was dropped from $2,799 to $2,400 – a little over 10% off.   In addition, Apple also updated its iMac and Mac mini desktops.

If you are looking to update or upgrade, now might be a good time to buy a “Recession Mac.”

Virtual Data Back Up from Mozy

A couple weeks ago, I blogged about how important it is to back up your data, and I recommended using a flash drive for your data back ups, which is what I did.   A few people commented and others emailed me about this topic, and a few of those notes suggested that an online data backup should be used because a flash drive or other device would be harmed in a fire, stolen, or lost.   I did some research, and I found a company called Mozy, which is an online data back up system to help protect your data.

The way it works is that you sign up for an account and download their software. Upon opening up the software, you check off the boxes next to the files you want to back up, and it backs up your data using 128-bit SSL encryption and protects it with 448-bit Blowfish encryption. I am not a technical person, but the company says that the encryption is the same that banks use to encrypt data, so I assume it’s safe.

One of the nice features of Mozy is that you can set it to back up your data at specific times, and it will automatically back up your data for you. Mozy can be used by both Mac or PC users, which is nice for me because I have a Macbook.   Additionally, if you want to transfer files to another computer, it’s easy to do with Mozy.

The price is also a good selling point –   just $4.95 a month for unlimited data, and there is also a free account for limited data transfer. I think this is a valuable service for anyone, but especially for people who have business ventures online and need to make sure their data is safe and secure.

I believe Mozy has a valuable service, which is why I am happy to blog about it.