“I have a great business idea! I was eating marshmallows and pretzels at the same time yesterday, and it dawned on me. Marshmallow covered pretzels – tadah! I bought the domain name MarshmallowCoveredPretzels.com, and I think there’s a great business idea. I need your help to make it happen…”
I am excited for people when they call or email me telling me they have a great business idea and the matching domain name. It’s great when people take initiative to start their own business online. There are many advantages to it, but if you’re reading my blog, I am sure you are already aware of them.
However, I am probably the wrong person to speak with about building your business idea into an actual business – especially if you aren’t planning to make it your complete focus. I am a domain investor first and foremost. I acquire domain names because I believe the value is greater than I am paying. On 90% of the domain names I acquire, my primary objective is to sell it for more than I paid, and most of the time that involves a quick sale.
A domain name can be a great start for an online business, but it’s just that – a start. You need to have a solid business plan to go along with your domain name, and that doesn’t include the financial backing that some projects need or the person behind it who is determined to make it happen. There are a lot of people with good ideas and nice domain names. It takes a lot more than that to build a business.