One of the coolest things about owning a domain name is that you can get into just about any type of business your heart desires. Domain ownership breaks down some of the barriers of entry in an industry, and it allows you to jump right in feet first. You don’t necessarily need to sell product or services to be in a particular business, and you can make your own niche in the industry.
Let’s say you always wanted to be a travel agent or restaurant reviewer. You can buy yourself a domain name, easily set up blog software (or have someone do it for you), and start writing. You might not become recognized as the next Frank Bruni or Robert Parker, but you can carve your own niche because you can offer a unique perspective that they can’t. There are thousands of people who are similar to you, so why not reach out to them and share your interests? With a bit of web design and marketing help, you can create a unique site that tells people who you are and why you are pursuing this business. Maybe it won’t grow from anything more than a hobby, but the more you write, the better chance that someone will read it and be interested.
All it takes to do this is a domain name and an interest in a particular business. A friend of mine owns a highly targeted domain name (with an affiliate website), in the same industry my father’s been in for 30+ years. I told my friend that he should attend one of the semi-annual industry trade shows. With the domain name he owns, he will instantly receive respect from the wholesalers and exhibitors, even though they probably haven’t heard of his website. Having a well-targeted domain name tends to do that. People assume that you have a well-funded and respected website when you own a great domain name.
I am not a tax expert and this is far from “real” tax advice, but if you started a French restaurant review blog and generate revenue using Adsense or direct advertising sales, I would imagine you could deduct some of your dinners, as that would probably be considered a business expense. Why not get into a business that you are passionate about? It’s as easy as buying a related domain name and simply uploading blogging software or having a designer create a website that reflects your personality.
Of course you could do much more with a domain name than start a blog. You could build a directory site or e-commerce site with a little more work. By purchasing a domain name, you are buying a piece of land in the business district of your choice, and you can build whatever you would like. Is jewelry your thing? Why not set up shop on Jeweler’s Row on Sansom Street in Philadelphia? Want to work in the stock market? Why not buy a property on Wall Street? With domain ownership, you can virtually open a business anywhere you want!
