If you’re trying to take your offline business online, start up a new side hustle, or start a brand new business, getting a domain name is your first step. Selecting a good domain is extremely important. You’re going to use this domain for a long time and it will become an extension of your brand. Business owners should look at a domain as a long-term investment, not just another necessary purchase to get your business off the ground. At the same time, money can be tight at the start of a new venture. Getting a domain name for your business doesn’t have to be expensive, even when the domain name you want is already registered by someone else. Listed below are some simple ways you can get the perfect domain for a price that actually fits within your budget!
Negotiating For A Good Domain
Most good domains in the .COM extension are already registered, which means you might need to buy the domain from the current owner. Most “aftermarket” domains sell for under $5,000 USD, but even this can seem like a lot for a small entrepreneur. Regardless of the price, there are some strategies you can use to bridge the gap between buyer and seller, making it possible for you to afford the domain.
Lease Instead Of Buy – Many businesses lease equipment to help keep their costs down. Believe it or not, the same can be done with domain names. Instead of paying thousands of dollars upfront, you can make smaller monthly payments. If your business grows substantially, you can buy the domain outright. If it fails, you didn’t lose as much on the domain as you would have otherwise. This reduces your risk while also securing the domain you really want.
Offer Equity – New businesses are usually light on cash but high on hope. If a domain seller likes your business idea, they might be willing to trade their domain name for some equity in your business. They will share in the upside if your business is successful. A combination of cash and equity can help seal the deal, as well. Uber bought the Uber.com domain name with equity. When it went public, that equity would have been worth $532 million!
Barter Services – If you have a unique skill or product, try trading it for the domain or to close the gap. Perhaps the domain seller wants $2,500 and you only have $1,500 to spend. Can you offer your services, such as logo design or copywriting, to the seller in return for a reduced price?
Find Another Domain
Sometimes it’s impossible to buy the domain you really want. The owner doesn’t want to sell or you’re too far off on price to make the deal work. When that happens, it’s time to go back to the drawing board. You can use tools like domain spinners or recommendations from registrars to find domain combinations you haven’t already thought of. Otherwise, if you can’t find what you’re looking for in the .COM extension then you could take a look at alternative domain extensions. It’s true that non-COM domains aren’t as familiar to most consumers. But getting a next-to-perfect domain for your venture and starting to build your online business is better than struggling to find the right domain and never getting your business off the ground!