Rumor has it that Internet domain mogul Rick Latona will be going live on his new blog very soon at RickLatona.com. Rick’s company has been making big waves recently with his “Daily Domains” subscription email, selling high value domain names at great prices. His sales have been peppered across DNJournal’s Weekly Sales Report of late, and it’s sure to continue.
If you are like many other domain investors, you probably have quite a few domain names with an idea of how to develop each of them – or a thought about what type of website each could become. As mentioned on this blog and on other blogs, development is difficult. If you are strongly thinking about developing (and not just contemplating), I would like to offer a few suggestions to help you decide which name(s) to develop and how to plan it out.
1) Review your portfolio and identify your best domain name – either the category killer name or a great niche name. Determine whether you think this name is worth spending between $5,000 – $100,000+ for a functioning website (depending on how well-functioning you want it). IMO, to spend money to develop a domain name, you either need a great new idea for your website to attract visitors or your domain name is the category killer name that people type-in expecting to find information on the subject. Honestly, if you don’t have either, you probably shouldn’t spend a lot of money developing the name. Don’t fret – just spend the extra money to buy one of these names instead of 500 fresh registrations!
2) Write an outline of how you see the finished product.
The domain industry has made the news again this week, this time with an article appearing in Investors Business Daily (found on CNN). With the domain industry maintaining its strength, mainstream news outlets are taking notice and beginning to cover the industry. These positive articles discuss how the industry is becoming more mainstream, which will continue to make venture capital companies more comfortable when investing millions of dollars.
Here are a few other recent articles that have appeared in mainstream press:
Christian Science Monitor
The Telegraph (UK)
International Herald Tribune
While much of the world’s economic systems are going through tumultuous times, the domain industry appears to be strong. The continued success and growth of the industry is leading to greater focus as it’s becoming an alternative to traditional investing vehicles. As more venture capital firms invest in the domain space, I believe we will see similar articles in the mainstream press. With the domain industry becoming less secretive, the fruits the industry bears may become even more lucrative.