Sweetmantra: Domain Name Strategy

Quitting My Dream Job Wasn't Such a Crazy Idea After All...

It's been nearly two months since I announced I was resigning from Tucows to launch my own boutique domain name consulting firm. A lot of my friends and colleagues have been asking me how it's going so I figured that was a good topic for a blog post.

First of all, I was overwhelmed by the support and encouragement I received from so many people. I was particularly touched by one business associate who told me that if I ever needed office space there would always be a desk for me at his downtown agency. Thank you to everyone who took the time to reach out.

I was also surprised to get calls and emails from people who said that my decision to head out on my own, and my reasons for doing so, was a real inspiration to them. To think that my personal decision would have a positive impact and ripple effect on other people really moves me.

From a business perspective, things have gotten off to a flying start. Within hours of announcing my decision to launch my own company I received several inquiries from potential clients (many of whom are now active clients) and I am still catching up on the various leads I've gotten since then. It was very gratifying to see that there was pent up demand for the kind of services I'm offering. My hunch was right.

One thing I wasn't expecting was the flood of people wanting me to help them sell their domain names. I had not planned to offer any services in this regard but based on the volume of requests I have been getting for that I am working on a few solutions. This was a key topic of conversation I had with my domain industry colleagues at the TRAFFIC conference in Vegas earlier this month. Between us I believe we've come up with some good ideas.

I will say that the first week after leaving Tucows was surreal. After five and a half years of intense focus on the business unit I ran – the longest consecutive period I have ever worked anywhere – it took some time adjusting to not having all that activity and a team around me. On the other hand I love the fact I can really focus on a few key things now instead of juggling hundreds.

Another surprising thing, to me at least, is that I'm not stressed. I am by nature a bit of a worrywart yet I've been generally calm and collected this whole time period. Everything seems to be falling into place nicely and I'm leaving room for new opportunities to present themselves, and they have.  I think there's a lesson here about trusting your gut.

I've really been enjoying the projects I've been working on. So far most of the work has been helping startups and entrepreneurs acquire their dream domain name, although I've also been doing some consulting around the secondary market and domain sales. It's very tangible, meaningful work and I'm relishing every second of it. I am blessed to have a great bunch of clients.

The startup community has really embraced my service offering and I'm having a ball attending various startup events and networking with these passionate entrepreneurs and the VCs that are funding them. Luckily for me Toronto, where I am based, is going through another startup boom. I find the energy and unpretentiousness of this crowd really invigorating.

So, in a nutshell, everything's going well and I have no regrets. I do miss my Tucows posse but we are staying in touch and I stopped by the old office last week to say hi.

Speaking of staying in touch, I quietly launched an email newsletter a month ago. If you'd like to receive the occasional update from me, you can subscribe to my email newsletter here.

Onwards and upwards!

Want to buy a domain name from someone? Here's what not to say!

If you are attempting to purchase a domain name from someone, you need to start the conversation off on the right footing. Here are some things you should avoid saying (or writing) if you wish to avoid annoying the domain owner and killing your chances of a deal before you even start:

"I noticed you are not using the domain..."
Actually, you have no idea if and how they are using the domain name. Even if there is no Website associated with the domain the owner could still be using the domain for email or as a FTP server. Never assume they aren't using the domain otherwise you risk pissing them off right from the get go.

"You only paid $10 for the domain..."
Unless you are a domain name forensic detective (yes, folks with these skills exist) you have no idea how much they paid for the domain name. You should certainly not assume they hand registered the domain. They might have paid hundreds, thousands, even tens of thousands for the domain. And even if they did only pay $10 for the domain you don't know what sort of historical investment they might have made related to the domain. For example, maybe they once spent $50,000 building a Website on that domain, or they've spent money defending the name from frivolous legal threats. Who knows? You certainly don't. So don't guess.

"I doubt anyone else would want to buy this domain..."
It's a big world out there and you'd be amazed at how many people get the same idea for something and want the exact same domain name. Unless you are the owner of the domain name you have no reliable way of knowing if you are the first or the fiftieth person to inquire about the domain. Assume you are not the first and you'll come across as more respectful.

"Please call me to discuss..."
Just because you want to discuss the domain name and your interest in buying it over the phone doesn't mean the owner has the time or inclination to. Some domain owners get hundreds of inquiries a day. Some of them have full time jobs and a family. Some simply don't want to be playing telephone tag or wasting their time talking to strangers who might not understand the value of a good domain name. I'm sure you're the exception but they don't know that.

"I got the domain name appraised by (Some Company) and they said it's worth $X..."
There's nothing stopping you from getting a domain appraisal for your own personal reference and amusement just don't expect it to have any sway over the current domain owner. Most domain owners don't give a rats ass what a third party company thinks their domain name is worth, usually because those appraisals don't take into account all the hidden factors (some of which I have referenced above). The only true value of a domain name is what both the buyer and the seller agree to let the domain name change hands for. So think twice about using that appraisal as leverage. More than likely it will backfire on you.

These are just a few of the things I recommend you avoid if you wish to convince someone to sell their domain name to you. This is also one of the many reasons you might want to leave the negotiation up to a professional domain name buyer broker such as myself or one of my industry colleagues.

My New Domain Name Consulting Firm, Name Ninja, Launches Today

I'm excited to announce that today I unveiled Name Ninja, my "lethal" new domain name consulting firm. This is the first domain name venture I have launched since leaving my dream job at Tucows last month.

I'm the firm's President & Lead Ninja, and our tagline is "lethal domain name consulting."

Name Ninja is a boutique domain name consulting firm that helps companies acquire, manage, protect, and profit from their domain names.

Name Ninja offers a suite of domain name consulting services to three types of clients: startups, entrepreneurs and marketers; individual and corporate domain name owners; and new gTLD registries and operators. Based in Toronto but serving clients around the world, the firm will focus on domain name acquisition (buyer broker), domain name rescue, domain name protection, corporate domain name strategy, and domain name portfolio management. Name Ninja will also assist new gTLD registries and operators with distribution, marketing, and secondary market services.

With the massive expansion of the Internet namespace due to the upcoming rollout of hundreds of new generic Top-Level Domains (gTLDs), the global demand for expert domain name advice and strategy is going to explode. Name Ninja intends to help meet that demand.

I'm looking forward to collaborating with my global network of domain industry colleagues and partners to service the domain name needs of Name Ninja’s clients. I hope to see many of you at next week’s T.R.A.F.F.I.C. domain name conference in Las Vegas.

For more information about Name Ninja, head on over to nameninja.com.

I'd like to thank everyone that has helped make today's launch a reality, especially my amazing and supportive wife, my business advisors and mentors, my close friends, and my creative collaborators (Renald and Andrew).

Get lethal. Go Ninja.

How to Deal with "Alex" the Domain Sales Spammer

Even if you only own one domain name, chances are you've received (or will eventually receive) an email from "Alex" offering you the chance to buy a domain name that's similar to yours. Here's an example of what these email messages look like:

Advance Domain Availability Notification:

You may be interested in alexthescammer.com, which will be available by auction soon.  You are receiving this message, since you have a similar domain name

To confirm interest in owning this domain, fill out the simple form here: alexthescammer.com

Sincerely,Alexander
3107 W. Colorado Ave., #292
Colorado Springs, CO 80904

If you do not want more of these business solicitation messages, please click the link above and follow instructions at the bottom of the page

So what's going on here? And how should you handle this?

First off, there's no "Alex". He's actually one of several computer programs that is spamming the owners of domain names. The program compares domain names that have expired with the public Whois  database of active domain names, then sends an automatically generated sales pitch to the listed owner of the similar domain name. Very clever but illegal all the same. For instance, if you own megamuffin.com and megamuffins.com (the plural version) expires you might end up receiving a message from "Alex" claiming to represent the owner of the domain and asking you to buy it.

If you take the bait and engage with "Alex" you might end up getting the domain name but chances are you'll end up paying hundreds of dollars for it when, in fact, it's yours for the taking for way less. How much less? In most cases the domain can be scooped up for $20-70.

You see, "Alex" doesn't own or represent the domain name. The spammers behind this type of operation are taking advantage of people's lack of knowledge of the domain name life cycle. In most cases, the domain name being offered to you can be picked up in an expired domain name auction, scooped up by a dropcatching service, or re-registered if it fully expires. All of these options are available to you, directly, and you don't need to go through "Alex" or pay his 500% or higher markup.

If you get an email from "Alex" and don't want the domain being offered, simply delete the message (but mark it as spam if you can).

If you are interested in the domain name, do not reply to "Alex" or click on any of the links in his email. If you do the spammers will know they have an interested patsy and you might end up competing with them for the domain.

Instead, make note of the domain name you want to go after. Then do a Whois lookup on the domain. I recommend DomainTools.com for this. Check to see who the "registrar" of the domain is. If it's Go Daddy or Wild West Domains then the domain will likely end up for auction on the Go Daddy Auction. If it is any other registrar, such as Enom, Network Solutions, or Tucows, then the domain will likely end up at NameJet or SnapNames, two major expired domain name auction platforms.

Head on over to the appropriate auction venue, search for the domain, and see if it listed for auction yet. Check once a week if it is not since most expired domain names are listed for auction starting 25 days after expiry.

Once the domain is listed for auction you can bid on it and it will be awarded to the highest bidder. If you've ever used eBay to bid on an auction item then you will be familiar with the process. Best to wait until the last few minutes of the auction before bidding. No need to reveal your hand prematurely. Auctions typically end between 1 and 4 PM EST.

If you are the only bidder, you'll likely get the domain for $20-70. Pricing varies by auction house. Enjoy the sweet taste of victory and revel in the knowledge that you have beaten "Alex" and his spamming overlords at their game.

If any of this is too complicated or time consuming for you and you'd rather hire an expert to take care of it for you, then drop me a line. I do this kind of work for clients all the time.

Pricing Guidelines for Startup Domain Names

When it comes time to choosing a name and matching domain name for your startup or new product, the following domain pricing guidelines I have developed based on the class of the name will help you stay within budget, whatever that budget might be. I believe that if you have a pricing framework in mind early on in the name development process it will save you time and headaches (and money) later on.

One-word .com Domain Names: If you're hoping to call your new venture "Robot" or "Pink" or "Banana" then the most ideal domain name is going to be the matching .com. If you are not able to acquire the matching .com domain, and choose an alternative domain name, you will eventually come to regret that decision and it will be costly or impossible to correct your mistake. The two big challenges you will face here are availability and price. These are the most valuable and sought after domain names, so the matching .com domain may not be available at any price (current owner has no interest in selling) and if it is available it will not be cheap. Expect to invest $50,000 to $150,000 to acquire a one-word .com domain, and that number could be way higher (10 times higher) if it is a common business word. Set aside a budget of $100,000 and be open to new names and new naming directions if you can't get the one-word .com domain name you desire.

Two-word .com Domain Names: If you want to go with a name that combines two English language words in a creative fashion -- such as "Pink Robot" or "Robot Banana" -- then you will open yourself up to a much larger inventory choice and the price will be way lower. This is especially true if you are willing to consider all names that feature a specific word, e.g., any name that starts with "pink" or ends with "robot." Chances are you should be able to acquire a two-word .com domain name that fits your brand strategy for less than $5,000. When I have helped clients with this, I've sometimes been able to find them their domain for the cost of registration. Regardless, compared to one-word .com domain names, two-word .com domain names are way more affordable. Set aside aside a budget of up to $10,000 for this class of name as long as the two words are not a common business phrase: FixCars.com is going to cost you way more than FixBanana.com.

Whimsical / Invented .com Domain Names: These are completely made-up names that you will never find in a dictionary, names like "Pinkero" and "Botopia." These are a great class of names in general because they are easier to trademark and easier to get ranked higher in search engines. From a domain name perspective, many times you will be able to acquire these for the cost of registration, however there's a lot of great whimsical inventory available in the market for under $5,000. Set aside a budget of up to $10,000 for this class of name.

Web 2.0 .com Domain Names: By "Web 2.0" I mean taking an English word and dropping a vowel or two from it. So, for example, instead of calling your startup "Banana" you want to use "Bnana" instead. This can seem appealing, at first, because chances are you can pick up the matching .com domain name for registration fee, however you will eventually come to regret your naming decision. Sooner or later you will realize that you are losing traffic, customers, and emails to the folks that own the correctly-spelled version of your name, and by then it may be too late or too costly to undo your mistake. I encourage my clients, and anyone else, to avoid Web 2.0 names like the plague.

Please keep in mind that these pricing guidelines are approximated. Every domain name is unique and pricing on some domain names can be all over the map. But, in general, these pricing guidelines will apply to most domain names in their class, and an experienced domain name buyer broker will be able to get you the best possible selection and price.

My Cannes Moment: Why I’m Leaving My Dream Job at Tucows

It’s official. Next Friday, April 26, is my last day at Tucows.

That’s the what, and it’s pretty straightforward. Perhaps you already knew.

The why? Well, that is more complicated. It relates to something I experienced over two decades ago…

The year is 1989, and I'm a twenty-something film school graduate working in the independent film scene in Toronto. I'm privileged to be working as the Production Coordinator on up-and-coming director Atom Egoyan’s first 35mm feature film, Speaking Parts. As the project nears completion, we receive some fantastic news: Atom’s film has been invited to have its world premiere at the prestigious Cannes Film Festival.

 

 

This is a huge deal if you are a filmmaker since the “Festival de Cannes” is the most important film festival and film launching pad in the world. To have your film invited to Cannes means the film and its cast and crew will literally be on the world stage.

My colleagues invite me to tag along with them to the festival, and I give the idea some serious consideration. After all, how often does one get such an opportunity? But because I'm unsure of whether it will lead to work for me, and because I am nervous about spending money on a flight and hotel without having a guaranteed outcome, I decide to turn down the invitation.

I have regretted that decision ever since.

Although I'm not one of those people that live in the past, I sometimes remind myself of my Cannes decision. Rather than beat myself up about it, I use it constructively to remind me that when life presents unique opportunities to you, once-in-a-lifetime opportunities, you should recognize and seize those opportunities even if there is some risk or uncertainty.

I have told my nieces and nephews my Cannes story because I want them to understand that life is short and you should try to recognize those magical opportunities and “go for it” while you still can.

Twenty-four years later, I'm working as Vice President of the Tucows Domain Portfolio and loving every minute of it. It's my dream job: I’m at an innovative company doing cool new things, business is great, and I'm working with some of the brightest and nicest people I have ever known.

But there are some big changes coming to the Internet.

Starting this fall, the first of hundreds of new gTLDs (new domain extensions beyond .com like .web, .shop, and .film) will become available. This is the single largest expansion of the domain name space in the history of the Internet. Because of this, hundreds of millions of dollars are being poured into the domain name industry and new domain companies and opportunities are emerging every day. Over the next five years you are going to be hearing a lot more about domain names, especially when the marketing blitz for these new gTLDs begins. (Here’s a tip for my friends in marketing: start brushing up on your domain name knowledge right away, a lot of these new gTLD companies are going to need your help!)

On top of this is the reality that over the next decade hundreds of millions of people from Africa and Asia will be going online for the very first time. The global online population is set to explode, and along with it the need for domain names – and expertise about domain names.

I’ve had a ball working at Tucows the last five-and-a-half years, and I'm enormously grateful to the company (especially Ken Schafer, Elliot Noss, and my amazing Canadian and US teams) for giving me the opportunity. I’ve never worked at any place this long, and if I could clone myself I’d stick around Tucows forever. It’s that great a place.

But as I look at the changes coming to the domain name space, an area I have been oddly obsessed with since registering my first domain name in 1994, I realize the time has come for me to perform another “career reboot”.

Over the last few years I've discovered that what I really love doing, more than anything else, is helping people and companies with their domain name challenges. More specifically, I love domain name consulting, especially working with startups, entrepreneurs, and marketers to find and buy their ideal domain name. So, after much reflection and soul-searching, I’ve decided to leave Tucows to do domain consulting and domain buyer broker work full-time under my own new brand.

Yup, I’m going to be launching a boutique domain name consulting firm later this quarter.

At this point in my life and career, this change feels like the right thing to do, even if it is scary at times and even if there are no guarantees of success. This is my dream, and I'm going to pursue it wherever it takes me.

Unlike my Cannes decision, I don't want to regret not having given this opportunity a shot. I don't want to be sitting somewhere in a few years, all bitter and resentful because I didn’t at least try to make my domain name dream a reality.

Let the adventure begin…

 

P.S. Stay tuned for future announcements and details about my new domain consulting firm, including its name. Until then, you can phone me at 416-203-7033, connect with me on LinkedIn, or follow me on Twitter. And if you’re planning to attend the T.R.A.F.F.I.C. conference in Las Vegas in late May, let me know. It would be great to connect in person.

The Symmetry of the Force: The Personal Story Behind the Donation of DarthVader.com to Lucasfilm

Today’s a special day for me because it represents an important aspect of my life coming full circle.

In May of 1977, as a young boy, I went to the local cinema and saw a film that changed my life.

That film was Star Wars.

Star Wars changed my life because it was the first film that got me really hooked on the behind-the-scenes art and science of filmmaking. I was captivated by the sights and sounds of this unique story, and I wanted to understand how George Lucas and his team of talented craftspeople brought his vision to the silver screen. I sought out and read everything I could on the subject. I became so fascinated by filmmaking, in fact, that after graduating from high school I enrolled in a four-year filmmaking degree program at university. I subsequently spent the first ten years of my professional life working in the film and television industry.

But along came “interactive multimedia” and I got hooked on the “new media” of interactive Laserdiscs, CD-ROMs, Bulletin Board Systems, and a new-fangled thing known as the Internet.

Fast forward to 2012, and it’s been two decades that I’ve been working in the interactive and online space, with a major emphasis the last five years on domain names.

A few months ago I was browsing a list of expired domain names from the Tucows domain name expiry stream when one name leaped out at me:

    darthvader.com

At first I thought it must be a typo or something. Surely, I thought, there’s no way the valuable domain name DarthVader.com could have expired? But, sure enough, upon further investigation, I was able to confirm that the owner of this domain name had indeed abandoned it. So, in my role as the Vice President of the Tucows Domain Portfolio, I let the domain go through the standard expiration period. Then I renewed it and held it for the entire redemption period, giving the former owner every chance to renew and reinstate the domain name.

When it became obvious that the former owner had officially abandoned the domain name, I reached out to the interactive media folks at Lucasfilm and offered to donate the DarthVader.com domain name to them. You can read the rest of the story in the official (albeit slightly wacky) Tucows press release about the donation of DarthVader.com to Lucasfilm.

For me, this is not only a fantastic “good news” story, since a charitable effort that is near and dear to my heart will now get some much needed support, but this also represents perfect symmetry for me. After 35 years, I was able to finally connect my current passion for domain names with my age-old passion for filmmaking and the one film that got me hooked in the first place.

Thank you to George Lucas for creating Star Wars, and thank you to Tucows for agreeing to this donation.

May the force be with you.

12 Ways to Protect Your Valuable Domain Names

Sadly, not a month goes by where I am not contacted by a friend or colleague who is in a panic because they've "lost" their important domain name. Losing access to your domain name (and associated Website and email) can, of course, have catastrophic results, but this doesn't have to happen to you. Most of the time my friends or colleagues are convinced that nefarious third parties (e.g., their domain registrar, "domain hijackers", etc.) are responsible for this unfortunate situation, however in almost every case the responsibility rests with them. In my humble opinion, 99.9% of the "lost" domain scenarios could have been prevented had the owner of the domain followed some or all of the following advice:

1. Ensure the email address associated with the WHOIS record is correct.
   I'd say this is the number one reason people "lose" their domain names. They register a domain name using an email address that they subsequently abandon. The registrar sends renewal notices to that defunct email address, and since the owner never receives those notices, the domain expires. It is your responsibility to make sure this email address is current and functioning. Do a WHOIS lookup at SmartWHOIS and check to see what email address is associated with your domain. If it is not correct, contact your domain registrar (also listed in the WHOIS) to update your information.
2. Never use an email address that is tied to the domain name in question.
   This is a classic mistake. Do not use an email address that matches the domain name, e.g., if your domain name is fluffy.com, do not use an email address like [email protected] for the domain registration because if that domain name expires you won't have access to that email address to manage the renewal of the domain name.
3. Make sure you are listed as the legal owner of the domain name.
   Are you sure you are the legal owner of the domain name? Many people are surprised to discover that the actual owner ("Registrant") is not them but a third party, such as a friend, family member, employee, Web designer, or Web hosting company that may have registered the domain name on your behalf. That can lead to some major problems, especially if you and the third party have a falling out. Since renewal notices and other important communication about the domain name are sent to the Registrant, it is important that you and your contact information is listed there. To check who is listed as the legal owner of your domain name, do a WHOIS lookup. If your information is not listed there, contact your domain registrar (also listed in the WHOIS) to arrange for an update.
4. Figure out when your domain is set to expire.
   Once again, using the WHOIS record, check to see what "Renewal" date is listed. This is your domain's expiry date and you must renew your domain name before then. In fact, it is advisable that you renew your domain name at least a month prior to the expiry date just to allow ample time for any hiccups that might occur along the way.
5. Configure an automatic reminder to renew your domain name.
   Using your electronic calendar, day planner, or PDA, setup an alert to remind you to renew your domain name well in advance of the expiry date. Do not rely on your domain registrar to do this for you; at the end of the day, this is your responsibility.
6. Set the domain name to auto-renew.
   Most domain registrars allow you to configure the domain to automatically renew, as long as you enable this with them and provide the registrar with some form of payment method, such as your credit card or PayPal account. Then, usually a few weeks before expiry, the domain is automatically renewed.
7. If you use auto-renew, make sure the payment method on file is valid.
   A couple of weeks ago I was contacted by a friend who lost their domain name because they had set their domain up for auto-renew but had not kept the credit card information with their registrar up-to-date. When the registrar tried to auto-renew the domain, the transaction failed because their credit card had expired. So make sure that whatever payment method you have on file with your registrar is current and functional.
8. Renew the domain name for more than one year.
   Although domain names have to be renewed at least once a year, most domain registrars allow you to make multi-year renewals. If the domain in question is one that you have built a business on, or expect to use and/or keep for many years, you might as well renew the domain now for up to 10 years. This is a small investment to make for overall peace of mind.
9. Get to know your domain name registrar.
   Your domain name is registered with a registrar, and they are the folks to turn to for help configuring or renewing your domain name. If you are not sure who your registrar is, do a WHOIS search to determine the name of your registrar and get their contact info. Their email, phone, and Website will likely be listed under "Technical Contact". A common mistake that people make is confusing their domain registrar with their Web hosting company. They are not always the same company, and it is important to know the difference.
10. Confirm that your domain registrar will send you several expiration notices via email.
    Although it is mandated by ICANN, there may be some domain registrars who do not do a very good job of notifying their customers that their domain name has expired. Contact your registrar to find out when and how they will notify you of your domain's expiration. While you are speaking to them, ask them to let you know what email address they will be sending these notifications from so that you can "whitelist" that address in your spam filter. You want to make sure that these important renewal notifications do not get filtered into your spam folder by mistake.
11. Renew your domain name before it expires.
    Admittedly this may seem rather obvious, but when you get the reminder message - you know, the one you configured yourself - to renew your domain name, take action right away. Call your registrar or visit their Website to renew your domain name. In most instances, it only takes a few minutes to renew your domain name using a credit card, and the cost is usually only in the $15-20 range.
12. Verify that your renewal has been completed.
    Wait 24 hours after renewing, then check the WHOIS record again to make sure your domain name's expiry date has been updated to reflect your recent renewal. Even if your registrar sends you an email or receipt confirming that the renewal was completed, make sure you check the WHOIS record yourself just to make sure. If I sound paranoid, it is because I have seen renewals fail for various reasons, so it always pays to double-check.

By following the advice above, you will vastly increase the odds of never losing one of your valuable domain names. As I noted at the beginning, most of the domains that are lost are due to negligence or human error on the part of the former owner, not the diabolical work of hackers or domain hijackers.

Finally, if you do end up in the situation where one of your domain names has expired by mistake or something fishy appears to be going on, act quickly because time is of the essence. Contact your domain registrar right away because sometimes a difference of a few hours can make all the difference when it comes to rescuing a domain name. In most cases, with expired domains, you will have about 30 days to rescue the domain name (and sometime even longer), but don't take that for granted. Act fast the moment you think you have lost the domain name, and start by contacting your domain registrar.

Expert Tips for Finding a Domain Name for Your Startup

One of my favourite things to do is help entrepreneurs find the perfect domain name for their new business startup. Over the last 15 years, I've had the privilege of helping hundreds of companies with this, and I take a certain amount of pride in knowing that I helped play a role - no matter how small - in giving birth to a new business or product.

If you're planning to launch a new business or product, or are in the early stages of a startup, here are five expert tips to help you find the perfect domain name.

1. Give yourself ample time to hunt for a domain name.
The more time you have, the more options you will have, and this will also mean you probably won't have to spend as much. I usually recommend that you allocate at least four weeks to do a thorough search of what domains are available, to gather the prices of domains, and to complete the negotiation, purchase, and transfer of ownership of your chosen domain. In a perfect world, give yourself several months because this will give you the greatest amount of choice and puts you in the best negotiating position.

2. Set a realistic budget.
I hate to be the one to burst your bubble, but you are not going to be able to buy a fantastic, one-word .com domain like pizza.com for only $500. (It sold for $2.6 million.) The likelihood of you getting a quality .com domain name - one that is suitable to build a new business or product around - for less than $500 is pretty slim, especially if you are in a hurry. If you are willing to spend $500-$1,000, there's a lot of pretty good inventory available for immediate purchase. Move into the $1,000-$10,000 range - which is a modest sum when amortized over the life a business - and you should be able to find some very good inventory. And if you can justify spending $10,000 or more, you will open yourself up to a world of fantastic inventory. Sure, you can spend five figures or more (sometimes much more) on a killer, one-word .com domain, but there is a plethora of good quality inventory out there in all price ranges if you know where to look. Speaking of which...

3. Look for "buy it now" inventory in the leading domain name marketplaces.
If you have given yourself a decent amount of time for your hunt (see point #1) and have a realistic budget (point #2), you will be pleasantly surprised by the quality and quantity of domain names that are available for immediate purchase in the more popular domain name marketplaces. Most of these marketplaces will allow you to do very specific advanced searches of their inventory, e.g., .com domains that are 10 characters or less and begin with the word "scuba". The domains that you find in these marketplaces can typically be purchased right then and there for the listed price using your credit card. This removes the vagueness of the domain's availability for sale and its purchase price. Here are the domain name marketplaces I recommend you check first when looking to obtain a premium domain name:

• BuyDomains.com - millions of domain names starting at $100, with lots of fantastic inventory in the $1,000-$5,000 range
• Sedo - millions of domain names starting at $10
• Go Daddy Auctions - hundreds of thousands of domains starting as low as $5 (plus registration fee); a great source of bargain domain names if you are patient

Some other marketplaces you could also look at, if you wanted to be really thorough, are:

• Aftermarket.com
• BrandBucket
• Fabulous.com
• NameJet
• SnapNames
• YummyNames

There are lots of other smaller marketplaces where premium domains are listed for sale - heck, you can even buy domain names on eBay - however a search on BuyDomains.com, Sedo and Go Daddy Auctions will probably capture 80% of the inventory that is available for immediate purchase at a fixed price.

4. Use a domain name broker.
If you want to pursue a domain name that is not listed for sale in one of the marketplaces but is owned by someone else, get help from a domain professional. A good domain name buyer broker will typically have better success in tracking down the owner of a domain name, can usually get you a better deal than you could get on your own, and should offer you valuable advice along the way. BuyDomains, Sedo, and - of course - Name Ninja (the business I run) all offer domain brokerage services.

5. Protect yourself and the transaction through an escrow service.
When it comes time to purchase the domain name, use a domain escrow service (or reputable marketplace or broker) to safeguard the transaction. Chances are you will be buying the domain name from an individual or company in another city or even country that you've never even met. When you are spending thousands of dollars to obtain a domain name, you want to make sure that you don't get ripped off. I recommend using Escrow.com to facilitate the transaction. Reputable domain name escrow services can also be obtained from Agreed.com, BuyDomains.com, and Sedo.

In summary, if you give yourself a decent amount of time, set a realistic budget, and know where to look, you should be able to find a great domain name for your startup, new product, or marketing campaign.

Good luck, and happy hunting!

Weasels.com - A Typical Premium Domain Name Inquiry

Hello again.

I recently saw a funny little video created using Xtranormal, and I was quite intrigued by the video creation platform. Since I learn best by doing, I decided to play around with the platform and see what sort of video I could make.

Not surprisingly I found myself doing a short video about domain names. The result of my first stab at this is below. You can also link directly to the video here.

When you own a large portfolio of premium domain names for sale, like we do at YummyNames, you get a lot of purchase inquiries. This is a typical one. While it is not based on an actual inquiry (tempting though that may have been), this video captures the spirit of many of the inquiries we get from people who are shocked we won't sell a premium domain name to them for $50.

Thankfully, we also get lots of inquiries from people who do appreciate the value of premium domain names, and we sell hundreds of thousands of dollars of domains to people like that every month.

And yes, YummyNames does own weasels.com.

Enjoy!