Over the years, I have been asked by quite a few people to be their domain industry mentor. It’s an honor when someone thinks highly enough of me to ask me, although most probably did a quick Google search for “domain investing” and found my website… LOL. Unfortunately, I do not do any mentoring formally or informally.
There are several reasons for why I don’t offer mentoring:
- I value the free time I have. When I am not working on my own business, I spend time with my family. The pandemic has kept us all at home much more and parental oversight is even more necessary these days.
- Domain investing is a high capital, low liquidity business, and I am not comfortable advising people how to invest and what types of domain names to buy. I don’t want the responsibility of guiding people to spend their hard earned money on speculative assets.
- Inherently, there is a conflict of interest with a mentor relationship because the only thing that separates people in this business is knowledge and capital. The first part of that equation is usually the hardest to get. If I see a great buy opportunity on a $3,000 domain name, do I take it or do I tell the mentee to buy it and lose out myself? What if I am wrong and that domain name doesn’t sell?
- Domain investing is fun for me, at times, but I don’t get jazzed about the idea of spending time teaching someone about domain investing. Beyond my blog, teaching doesn’t really appeal that much to me.
There are a number of great resources for people interested in learning about investing in domain names. There are great education-focused blogs and forums, social media venues, domain name tool providers, and even educational programs. Some of these longstanding education-focused venues include DNAcademy, Domain Sherpa, NamePros, and iGoldrush.
When seeking out a mentor or educator, I would recommend that people do due diligence before committing time or money. It should be easy enough to find information about the success of the mentor or program in the domain industry. Ask for personal references from people who were successfully trained by these mentors and educators – and by all means reach out to those references and verify. Post a thread on NamePros or Twitter asking others for references.
There is a lot of good domain investing advice on forums, blogs, and other industry-focused websites. There is also plenty of bad advice out there. I am sure there is well-intended but bad advice right here on this blog, too. Luckily, I don’t charge readers one way or the other.
I know there are a lot of good and honest people who are domain investors. Quite a few of these people openly share information and advice on a regular basis. There have been times I questioned why the heck someone would share valuable advice on Twitter or NamePros that could end up giving them more competition! Some people feel compelled to give back since they received advice as they were learning about domain investing.
Like any other types of investments, when it comes to finding domain investing mentors and educators, it is a good idea to verify credentials and do due diligence before spending money. I am sure there are successful investors who would be happy to mentor or guide someone, but it is important to make sure they have the credentials and aren’t in it to enrich themselves.