Over the past month, we’ve taken an in-depth look at domain trading, also known as domaining. There’s one last topic to discuss: how to protect your domaining business. The domaining experts at Protrada offer several tips for guarding your investments.
Protect Your Domains from Theft. Domains are a big business, which means that theft is a big business, too.
One of the most common ways that domains are stolen is when a thief hacks into your email account and transfers your domains to a new registrar in their name. This scenario is almost impossible to reverse. Most victims discover that trying to recover a stolen domain is too expensive to be worthwhile.
You can protect yourself from this type of theft by using a secured e-mail account. Don’t use a free service like Gmail or Yahoo! Instead, set up an email account with one of your registered domains. Choose a difficult password, and also be sure to lock the domains after purchase so that they can’t be transferred to a new registrar without your permission.
Protect Yourself from Bad Sales. Some thieves take a sneakier approach to stealing domain names. They purchase the domain legitimately from you and then charge back the credit card, keeping both your money and your domain. You’ll lose considerable amounts of time and money while trying to prove that you own the domain.
You can protect yourself from this type of theft by using an escrow service or working only with members of auction, backorder or listing services that have plenty of positive feedback.
Avoid Buying Stolen Domains. If you buy a stolen domain – even inadvertently – it will be a problem. The legitimate owner will want the domain back – and will not be willing to pay for it. Before purchasing domains, check the domain theft database at www.DomainTheft.org to ensure that the domain you’re considering buying isn’t listed.
Create a Domain Estate Plan. Your domains are valuable assets. You can protect them by creating a legal document that spells out who will receive ownership of the assets upon your death. Get an estate planner’s help for this process.
Systematize Your Business. Once you find a model that works for you, create systems and processes for everything you do. As your business grows, this will help you delegate the many tasks you perform to other members of your team.
Documenting your systems and processes also will provide a valuable roadmap to your heirs. They’ll receive a turnkey business, and you’ll ensure that they won’t lose the value of your investments simply because they don’t know how to make them prosper.
Domaining is a proven business model, but it takes time and effort to make it work. Don’t let your hard work get wiped out by theft or poor planning. Use these strategies to protect your investment … and share any other ideas you have below. ~ Alex
Source: Domaining 101, a free e-book from Protrada. Download your copy here.
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