Seriously folks, don’t do it. I get asked by people all the time if
I want to fund a business “idea”? of theirs. It usually turns out that
they have a good domain so they’ve developed a business plan to work
with that domain. They never wanted to be in that business of course,
and they have no particular love for the industry. Yet, they feel
obligated to enter the market because of their name.In 1998 I purchased Spanish.com for 5000 dollars. On or around the
year 2000 I decided I would develop it and attack the language learning
market. After spending about 100,000 dollars on trying; I finally
realized that all the traffic wanted to do was cheat on their Spanish
homework. In 2004 I sold it to Kevin Ham for an undisclosed amount and
never looked back. I won’t make that mistake again.As I said in my blog entry before this one, you don’t actually NEED
a great domain to succeed. Don’t fool yourself into thinking it is a
necessity. A good name helps but only helps. And it only helps if you
have a strong desire to be in that business and do everything else
right to succeed in that market.This isn’t to say that buying a name can’t inspire you and give you an idea. Heck that happens to me too.
Just don’t get into a business you don’t care about simply because you have the name.
Source: Rick Latona’s Blog
Well said Rick.
Sahar
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