Is Domain Name Business a Reliable Source Of Income?

Hello house, considering the fact that Nigerians are yet to fully grasp the knowledge of domaining in Nigeria. Is domain name business a reliable source of income, if yes how?
Thanks.

Active Member Asked on March 1, 2018 in Business.
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      Domain name is a very lucrative business and a very reliable one. I have a friend who owns webnaira a website selling domain names and hosting. He makes so much money from it because he have people who renew their website every year.

      Although it was a shared hosting website but he is still making his money.

      Establishing a hosting service in this country will be a waste of money. because to maintain 24 hours power supply is expensive to run.

       

      Expert Consultant Answered on March 1, 2018.
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        Well, that depends on who you are and your knowledge in the business, as well as your investment commitment. The amount of patience you are willing to have will play a crucial role in determining whether the business will be “a reliable source of income” for you or not.

        While they has been stories of some people with zero knowledge of the business who picked random domain names, registered them at registrar’s $10 price and quickly flipped the names for thousands of dollars. While such stories are true and happens from time to time however, the main lifeblood of the business is knowledge. The level of knowledge you have in the business will determine whether domain name business will be a reliable source of income for you or not. You need to have deep knowledge about different industries, know what is trending, and register or buy domains accordingly. You must be able to predict trends to pick up valuable domain names ahead of time.  You need to know what constitute valuable domain names – I mean characteristics of good and valuable domain names. Countless of people waste their money buying crappy domain names that will never sell.

        Investment is also key in the business. While you can still register fresh (hand reg) domain names and sale for bucks, the bulk of valuable domain names has already been registered by the early birds. To get these domain names, you need to make some investments by buying them from the holders. A valuable domain name could cost anything from $500 – thousands of dollars depending on who is holding it. Participating in online domain auctions is important. That is the best place where you can win domain names at lesser price and sell for higher price.

        To give you idea of how profitable the domain name business can be –

        You can buy a domain name for $1,000 and sell it for $25,000 or more .

        You can register a domain name for $10 and sell it for $1,000 or more.

        To achieve these on a consistent level, you must have deep knowledge about how the business works. You need to learn what works and what doesn’t.

        It is also important to note that a domain name, though valuable, could take several years to sale. Nevertheless, a single good sale could change your financial life forever.

        Pro Consultant Answered on March 2, 2018.
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          I heard hotel.com and business.com were sold for $7M and $5M respectively. It requires patience and trials. You don’t know the domain name that will give you 6 figures.

          Expert Consultant Answered on March 2, 2018.
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