The right domain name for your new business is a vital asset and often has a huge impact on the growth and success of your brand.
Once you’ve come up with a short, easy-to-recognize, and remember name with the important .com ending, you must act quickly to secure the purchase of that domain name.
Determine the Value of the Domain Name
Just as location is important in the real estate industry, your domain name can place your new business where visitors will find it or tuck your business into an obscure corner.
It is worth your time and financial investment to hire an expert to run a domain name appraisal, so you have accurate information about what the name is worth before heading into negotiations.
Recognizing a high-value domain can be complicated. Before you invest funds in a name, make sure that any pre-owned domain names are valuable now and will continue to be valuable in the future:
- How often has the domain been bought and sold?
- How well does the domain name hold up in search engine optimization?
- Are there any remaining backlinks that are still active?
- Was the site well-maintained?
- Is the domain name too similar to established brands?
It’s a good idea to have a few similar alternatives in mind; the name you’ve chosen may not be available. After working with an appraiser, collaborating with your marketing team, and fully researching your chosen domain, it’s time to begin the negotiation process.
Identify and Verify Ownership
A WHOIS search is one of the best ways to figure out the ownership of a domain name. Any registered domain belongs to someone, and that registration is public information.
You can access the name of the domain owner through WHOIS, a public database that also shares information such as why the domain is available and how the domain can be used.
Read also: How to Choose a Blog Name That You Won’t Regret
Decide Whether to Hire a Professional
Sometimes, domain owners are in the business of buying and selling names with the sole focus of making a profit. At other times, owners have an emotional attachment and may be reluctant to give up the name.
As you approach purchase negotiation, consider the benefits of working with a domain name professional:
- Expert understanding of fair market values
- Familiarity with current market conditions
- Recognition of good transaction values
- Experience working with domain name owners
- Resources for identifying rightful domain owners
In addition to these benefits, an experienced professional from one of the best domain broker service providers can help you navigate your own concerns, excitement, and emotions through the rest of the process.
There are several factors that may complicate the purchase:
- Questions relating to ownership of the name
- The involvement of a partner or board of directors
- A complex network of related email addresses
- An extended wait until the end of the fiscal year
If you make a mistake when dealing with these potential frustrations, you may not have the chance to try a second time for ownership of the domain name you really want.
Negotiate With the Owner of the Domain Name
It is understandably easy to get emotionally caught up in the purchase of a domain name. However, you must approach your investment with your emotions in check.
This means understanding the value of your domain name, establishing a top purchase limit, and a point at which you will walk away from the purchase. You need to clearly outline your terms while remaining flexible. Finally, prepare to be patient as negotiations and deliberations take place.
The more you know about creating, valuing, and purchasing domain names, the better chance you have of successfully obtaining the right domain for your brand. Many business owners have found that working closely with experienced professionals makes this process smoother and improves the chances of success.