The Value of a Domain Name

When it comes to making money online, there are a lot of opportunities available to anyone with access to a computer and a few dollars in their pocket. Whether you attempt to do so with a website or a blog, it all starts with the purchase of a domain name. Sounds easy? It is, but there is a lot to take into consideration before making your domain purchase.

When picking out a domain name, the most important thing you can do is make sure you have your keyword(s) somewhere in your domain. Remember, this is an investment in your future, and the future of your website. Obtaining a keyword rich domain will give you a huge advantage over others in your niche that don’t have keywords in their URL. There is a reason that people spend hundreds of thousands of dollars for a single domain name in many cases!

One example of this is my recently launched blog Hack WordPress. In the past, I spent a lot of time here talking about WordPress, but close to a month after launch of that site my posts are already outranking similar posts on this site. Keywords in your blog URL are even more important than the keywords used in your post slug.

So how do you go about finding a good domain name that uses the keywords you want for your site? Less than a month ago I talked about PCNames Search, which is a free website that helps you to find a good domain name. Their advanced search feature allows you to censor out certain types of domains (an example would be to only look for dot com domain names), as well as set your keyword at the beginning or the end of the domain. What I failed to mention in my original post is that once you’ve settled on a keyword, you can select your domain registrar from a drop-down menu and go purchase it through their referral link. In my experience, doing this will earn you a discount on your domain. I was able to buy each of my domains from GoDaddy for $7.15 each (instead of over $10.00).

Be proactive. How many domain names do you own? Are they all in use? You may be missing out on some great domain names that will be gone when you later get around to launching your new site. David of CyberCoder, which is one of my daily reads, recently gave the advice skip lunch and buy a domain name. The idea of skipping lunch illustrates just how inexpensive a domain name is. Pay $7.00 (or less with some registrars) and you have use of that domain for the full year. After a year, you can either let it go or renew it if its bringing in some additional income. At least this way you have the domain name if you decide to use it.

David recommends setting aside part of your monthly income strictly for purchasing/renewing domain names. This is something I completely agree with and something I try to practice each month. If I buy 3 domains every month, but only launch one site, I’m still building up age on those domains not in use, while continuing to expand my online presence.

Other tips for buying domain names:

• You should own the domain name of your name (for example, kyleeslick.com). Even if you don’t use it for anything, you should have it parked and in your name. At some point, as more and more things move online, these domains can be used for all sorts of functions, as well as a place potential employers can use to view your resume. You may want to consider purchasing domain names for your kids as well, so they have them eventually when they need them. You don’t want someone else out there using your domain name, do you?
• Once you own a domain name, don’t point it towards your nameservers until you are ready to launch the blog. Having it pointed at a blank site or WordPress blog may have a negative effect on your domain. Generally speaking, its better to leave it where it is until you are ready to use it.
• Step back and think about the domain before purchasing it. Is this easy to remember? Does it use all of my keywords? Is the domain name plural? For example, I recently purchased a domain name called Firefox Projects. In an effort to truly own the brand, I also purchased Firefox Project and then did a permanent 301 redirect to Firefox Projects. That way people will get to my site even if they forget the “s” and I avoid having someone purchase the other domain name and using it to compete with me.
• If your website or blog starts to make more than a $1,000.00 in income a month, you may want to consider protecting your investment by purchasing the other versions of that same domain, such as dot net, dot org, etc., then redirect them all to your blog. This has a very minimal cost and allows you to own your brand and avoid competition.
• If you are trying to develop readership on the domain, avoid domain names that aren’t dot com or that use hyphens if possible. These are only recommended if you are specifically targeting search engine traffic with the domain name you purchase.
• Don’t be afraid to have 20 domains that aren’t in use. Look at them as a very small investment in a possibly bright future. And if its a really good domain, maybe someone will even offer to buy it!

Questions? Have something to add? Sound off in the comments below!