Categorized | Domaining Tips

(When) Should You Give Up Domaining?

Posted on 05 April 2019 by Andrei

The Internet is full of “anyone can do it” messages… but in a lot of cases, reality is more let’s just say complex than the guy who wants to sell you a $99 book on success makes it out to be 🙂

We’re different.

Some of us have a special gift when it comes to X, some of us are better at Y, others excel at Z and so on… perhaps you try and try when it comes to X, to the point of not realizing that perhaps you were “meant” to do Z instead. Time and time again, people fall victim to the sunk cost fallacy and end up believing that because they invested so much time trying to get better at X, they have to continue doing that because otherwise, all that time/energy goes to waste and that would be a shame.

Huge, huge mistake.

If you’ve been a domainer for an extended period of time but just didn’t manage to find a business model that represents a good fit for your personality and skill set, I believe it’s only rational to consider the possibility of trying other occupations (or asset classes) on for size.

Don’t make the mistake of assuming you’re somehow a “failure” if you don’t manage to make something work. There’s absolutely nothing wrong with failING (which does not make you a failURE) as long as you learn from your mistakes and don’t keep repeating them. On the contrary, the only people who never fail are the ones who were never brave enough to put themselves out there and actually try something.

Alright… but when should you consider giving up?

Honestly, there’s no “set in stone” strategy here, don’t over-think it. If you feel you’ve given domaining (or any other occupation for that matter) a fair try, did your best for a reasonably long period of time but it just doesn’t seem that you’re going anywhere, it might be time to move on.

How?

Well, by cutting your losses and not adding to them, first and foremost. If you have let’s say 500 domains left and renewal season is 8 months away, you’ll try to extract as much value as you can out of them. “Leaving the industry” basically represents a combination between:

A) Reaching out to those who made offers for your domains in the past and trying to close the deal… now, of course, those leads are pretty cold, so don’t have extremely high expectations

B) Trying to sell the other domains (the ones for which A is not applicable) on the reseller market

C) If A and B doesn’t work, there’s no shame in dropping domains that have absolutely no potential

… one small variation, however, is that you might decide to hang on to a few of your best domains. It’s not like doing so puts a huge dent in your budget, so as long as you don’t over-do it, that should be fine.

But… what if you get the “itch” again?

That definitely tends to happen to some people and, if so, ask yourself if you truly have valid reasons to return. Has anything meaningfully changed? For example, have new and potentially lucrative niches within domaining appeared? Or has something happened in your life that now gives you an edge when it comes to one domaining strategy or another?

If so, feel free to give domaining another go. As we’ve already established, there’s absolutely nothing wrong with failing as long as you have a proper experimentation framework, risk/reward assessment system and mentality with respect to learning from mistakes.

Finally, please understand it was not my intention of turning this into a demotivational post. Not at all. I’m simply trying to be realistic because, in the end, it’s not just the money you lose as a domainer that affects you. The so-called opportunity cost is also a huge issue… in other words, you’re not just losing money through your investments, you’re also losing the opportunity to use your time/money/energy in a more effective to the point of being potentially life-changing manner!

If you’re in good shape in the worth ethic department and wise enough to know when something has or doesn’t have the potential of working, you’ll be just fine in the long run. Yes, life is short… but not that short. Again, it’s all about establishing a proper framework and sticking with it.

Will painful mistakes need to be made every once in a while?

Yes.

Will it be a humbling experience when that happens?

Yes.

But these are all pieces of a puzzle, a puzzle that I hope will ultimately result in you being very happy down the road!

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