This transcript was generated from the episode audio and may contain minor errors.
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Domain names should cost around $10, at least if they don't already belong to someone. But what if you have your eye on the dot com that's just perfect for you and it's currently for sale? Someone else got to it first, but you really want it. How much is too much to pay? Well, today's listener has found such a domain.
She is in love, or at least she really wants it, but it costs a lot more than $10. So what should she do and how should she make the decision? In case you should find yourself in this situation as well. I will also let you know the most that I have ever paid for a domain name. That's what we'll talk about in this episode.
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Hi Chris, this is Lorette from Houston, Texas. I've been listening to the show and I'm finally ready to take action. This is going to be a year of experimentation for me. My first side hustle idea involves creating a YouTube channel and a website centered around a topic that I'm very passionate about. Starting out, I'm going to offer a course and I will also include affiliate links on my website.
Here's my dilemma. The .com domain that I want is available, but it's $2,000. Do you suggest paying that much for a domain name or should I opt for the .net or .org extension instead? I've read the .com extensions rank higher in Google, but is it really that important? Can't wait to hear from you and thanks.
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Lorette, thanks for reaching out. Thanks for listening in Houston. I'm so glad this is going to be your year of taking action. So many people are going through so many changes and I'm always happy to hear about positive transitions, getting going on a project, et cetera. Okay, so let's talk about this.
Great question. Ultimately, the answer is going to come down to kind of how much expendable income you have and how much you want this thing. Are you willing to let $2,000 go for that ideal domain? For a lot of people, that would be a major expense, but if it's just something that you really, really want and you would always regret not getting it, then maybe it's worth it to you. My overall sense is that it's not worth $2,000 and Lorette hasn't said what the domain name is, so it's hard to comment specifically, but my sense is that it's not worth $2,000 unless it is the most amazing domain name ever, in which case it would probably cost a lot more than $2,000.
So in my own experience, I was trying to think back, I haven't actually bought a lot of domains on the secondary market. I have probably registered, I have no idea, more than a hundred domain names in my 20 years of doing stuff online, but I think I have only purchased domain names on the secondary market maybe twice, and one of them actually was for side hustle school. I found somebody who had that domain and wasn't using it, and I believe I paid $700, and that was the most I ever spent. Definitely thought a lot about it before I did it, but the only other domain that was close wasn't as good. And I was like, "You know what?
I want to invest in this project. For me, it is worth $700." But again, this is like one time. I think the other time was about $300 to $400. So most of the time for me, if the domain I want is taken, I look for an alternative. And I don't know that the best alternative, by the way, is the .net or the .org, it could just be a different .com.
Like you might still use whatever that name is as your business name, but just focus on finding a different website. My last tip is if you really do want it, try offering less than the stated amount. Most domain brokers have a way for you to make an offer directly to the seller. And that way, if you simply have to have it, if you are going to regret it for the rest of your life, if you don't get it, you might at least be able to get it for less. And generally speaking, if I wanted to do that, I would offer 50% of the sales price.
Most likely the seller would counter offer. We would end up meeting between $1,500 and $1,800, which would save you at least a couple of hundred dollars. But of course, if you can find another name, then you'll save a lot more than that. All right, good luck. Let us know what happens.
And listeners, if you have a question, come to sidehustleschool.com/questions. We are featuring them throughout the year, along with updates from other listeners as they launch their projects. Thanks so much. I hope you're doing well wherever you are in the world. My name is Chris Guillebeau.
This is "Side Hustle School." [Music]
from the Onward Project.
