So its near the end of the year, and Im looking back at my various businesses. Maybe you are too. Thinking about what you could do different or better in 2009.
What was your biggest business mistake in 2008 and what did you learn from it?
For me, it was definitely investing .... more like over-investing in land rush segments. It's my second year of part time domaining (I also have other developing businesses) and when I saw LLLL.coms take off, I figured "Hey, there is something to this landrush thing".
So I wondered about what might be the next segment to explode. There were the L-L-L's, .info's etc etc. But NNNNN.com made the most sense for me, easy to value (or so I thought) and what could be more desireable than a dot-com?
Now Im sitting with a large bunch of NNNNN's and part of the lesson is, I didnt plan far enough in advance for the renewal fees. Dont get me wrong, I believe in NNNNN.coms as a long term proposition, but I think you are going to see masses and masses drop come feb/march 09.
If you have some cash, pick up some nice ones, I doubt Marchex or whoever it is that has all the US postal codes is just going to drop them, so that will help with scarcity to some extent. I also know some large (1000+) investors that intend holding theirs.
If I had the money Id keep em, age em. But such is hindsight and now Im focused on spending my money differently.
Bottom line: Make sure you bite off what you can chew, long term.
Thanks to all the DNFers that helped me learn this year, some who know who they are and some I read here.
So what was your biggest mistake of 2008 and what can we learn from you?
Happy holidays
What was your biggest business mistake in 2008 and what did you learn from it?
For me, it was definitely investing .... more like over-investing in land rush segments. It's my second year of part time domaining (I also have other developing businesses) and when I saw LLLL.coms take off, I figured "Hey, there is something to this landrush thing".
So I wondered about what might be the next segment to explode. There were the L-L-L's, .info's etc etc. But NNNNN.com made the most sense for me, easy to value (or so I thought) and what could be more desireable than a dot-com?
Now Im sitting with a large bunch of NNNNN's and part of the lesson is, I didnt plan far enough in advance for the renewal fees. Dont get me wrong, I believe in NNNNN.coms as a long term proposition, but I think you are going to see masses and masses drop come feb/march 09.
If you have some cash, pick up some nice ones, I doubt Marchex or whoever it is that has all the US postal codes is just going to drop them, so that will help with scarcity to some extent. I also know some large (1000+) investors that intend holding theirs.
If I had the money Id keep em, age em. But such is hindsight and now Im focused on spending my money differently.
Bottom line: Make sure you bite off what you can chew, long term.
Thanks to all the DNFers that helped me learn this year, some who know who they are and some I read here.
So what was your biggest mistake of 2008 and what can we learn from you?
Happy holidays
). I will stick to the "safe" names which I believe are; LL/LLL.com, dictionary .COMs and pronounceable LLLL.coms which are easy to brand and spell. I don't think I will develop more, as I still think flipping names is the most fun and efficient way of making $$$ with domains. 
