Why I’m Not £11,250 Richer This Week, But Am Still Happy
Some fantastic news this week for domain catcher, Lee Owen. On Wednesday he registered the domain name kitchenappliances.co.uk after the previous registrant failed to renew it and it was released by Nominet. Two days later and he has sold it for £9,500. Not a bad return on a £5 investment and the stuff of domain catchers’ dreams.
Like all domain catchers, I trawl through lists of names every day, looking for ones that are worth registering either for my own use or to sell on. To be honest though, it has become a bit of a chore of late and I’ve taken to breezing through the lists rather than studying them in any detail. Maybe it’s down to the fact that I’ve more names now than I sometimes know what to do with. Anyway, when I checked my lists on Tuesday night looking for names, I completely missed kitchenappliances.co.uk. Didn’t even spot it. Had I done so I probably would have attempted to catch it for no better reason than I was actually after no other names whatsoever on Wednesday.
Lee still might have beaten me to it, but if he hadn’t it might have been me celebrating this evening and not Lee (and I can guarantee Lee will be out celebrating tonight!). Such is life and I’ve learnt to look at those names a little more closely, but to be honest I’m really pleased for Lee and don’t begrudge him a penny of that £9,500. Bastard.
I also had an enquiry regarding the domain name fancydressclothes.co.uk this week. I had no immediate plans for the name and it was just sitting there gathering dust, so I quickly worked out what I thought it was worth and got back to the potential buyer with a price of £1,750. The potential buyer replied saying that he thought the asking price was steep, adding that he had bought other domains for £300 and would offer me £500.
I actually turn down offers for domain names every week. I never sell a name for less than I think it’s worth to me, but am also always willing to look at an offer to see if there is room for negotiation. But when I looked again at fancydressclothes.co.uk, I realised that rather than being steep, £1,750 was cheap. I could make far more from the domain over five years by developing it – and then sell it for even more money.
So I thanked the potential buyer for his offer, but told him what I’ve just told you and that I’d decided to develop it instead. He immediately came back with an offer of my original asking price, but by then it was too late. It’s been added to my long list of sites to be developed and should be up to speed in time for Halloween and then the festive season. I designed the logo this afternoon and have just banged up the home page. Watch this space as they say.
So what with not seeing kitchenappliances.co.uk on that list of dropping names and also deciding to go into the fancy dress business, I don’t have £11,250 that I might have done had things panned out differently. So I’ve set myself the challenge of earning more from fancydressclothes.co.uk over the next five years than I “left” on the table this week. That’s what being an entrepreneur is all about.
Anyone what to buy a Little Britain Andy costume?
