(Ping! Zine Web Tech Magazine) – If you are a new business, or your business is just starting out with establishing its web presence, you may have noticed how difficult it can be to find a good domain name that matches your company’s name or products. As more and more websites are being created every day, and more and more domains are registered, the name you want is increasingly likely to be unavailable. In fact, many new start-ups now factor in domain name availability when determining the name for their company, instead of struggling to find a relevant domain name later. However, there is an alternate solution that many small and medium business owners do not consider: Purchasing an existing domain name.
By purchasing an existing domain name, I don’t mean the cost you pay to register a name with your hosting provider, but rather an additional cost to a person who owns the name that you want. There are online marketplaces that specialize in the resale of domain names, such as http://sedo.com. The domains sold in these marketplaces are often purchased by people for the sole purpose of reselling them for a profit.
The price for a ‘pre-owned’ domain name depends on the seller and the demand for that name, and can range from very low to very high. For example, pizza.com sold for $2.6 million in 2008. Small business owners are often hesitant to give money to someone else just for the rights to a domain name. However, it is important to consider the purchase of the name as another element to your marketing spending. In that regard, the cost of something as important as your domain name could end up costing less than a single print advertisement. It’s a small investment to make up front, and it is better for your business in the long run.
When weighing the costs of purchasing a name from someone, consider how much business you would lose if you have a different name. If you have to settle for a domain that is not as intuitive or matched as well with your brand, you could end up missing out on visitors to your website, which means you are missing out on business.
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