How to Make More Money Doing Nothing. Why Patience is the Key

Morning Folks!!

Morgan Linton did an interesting article yesterday on developing. He looks at domains the way I do and many others. As Real Estate because of all the parallels. Like I have always said, for everything in the virtual world, there is an EXACT real world parallel that holds many of the answers. For domains it is Real Estate but there are many others as well. Once you make the connection and study things you will find answers. If you don't have the time or pateince than you will work in the blind.

Let’s say you own a nice parcel of land outside of town. But right now that parcel, that property is surrounded by nothing. Just more land and a few farms and such. But then you get information that in 5 years they are building a huge mall directly across the street from where you have your parcel of land. Do you:

1. Sell it to the first guy that will double your money?

2. Build a competing Mall?

3. Open up a sporting goods store right now even tho it may be 5-10 years before that mall is fully done?

4. Do nothing?

5. Charge the workers to park their cars there.Sell them Hot dogs at Lunch?

6. Listen to offers of interested parties. Maybe even wait and do nothing until the mall is all built and you can see if there are any voids you can fill to find your own niche?

In Domaining, most folks do #1. That’s what domain flippers are doing when they let a great domain slip thru their hands. The first 3 answers are the wrong ones from my vantage point.

Developing for the sake of developing because of peer pressure is folly. I have done enough of it. Lost enough time and lost enough money. Have little to show for it.

First of all to really develop let’s start at the end of the story. A SALE IS MADE. Nobody is making anything until a sale happens. So you need a cash register for the money. No register, than you did not develop. You made a better parked page, but until the cash register comes, The “D” word is not apropos.

Have a GREAT Day!

Rick Schwartz