Updated: March 4, 2024
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Congratulations on purchasing your domain name. It is the beginning of great things. The reason we wrote this was so that we could detail the next possible steps. We highlight the strategic moves that can save time and make money in order to capitalize on the possible opportunities. Keep in mind there isn’t one answer on what to do next.
Create a website
The whole point of domain names is to have them point to websites. In fact, there are those who would argue that you can start with a website before buying a name. Creating a website is a simple process. You have many options and it depends on what works best for you.
One option to consider is the website builder websites. Website builders help you create your website. They use no code; simply point and click or drag and drop. They are simple to learn and execute. We created a website using the GoDaddy website builder and we had it running within two days. It was our first time using the website builder. The worst case scenario is you can have a website in a week. GoDaddy isn’t the only company offering website builders. It depends on your use case. We found it to be quite useful for ecommerce. We wrote our review on it where we shared our experiences.
Another way of obtaining a website is to hire developers to create a website for you. This is a more hands-on approach. It is most advisable when the website you want to create is not mainstream. It works best if you haven’t found a template that would meet your use case. Paying developers to create your website has its pros and cons. The main con is the cost which is significantly higher than that of website builders.
Connect a website
The first section assumes you don’t have a website. It could be that you have a website and now you own a domain name. The next step is to link your domain name and a website. It is a process that you can accomplish by yourself.
Get a professional email
According to Hubspot, there are over 4 billion daily email users. You will likely join these numbers when doing business. Having an email based on your domain name inspires trust, for example user@thetalkingowl.com. You become eligible for domain specific emails once you own a domain name. This is important if you acquired your domain name for business purposes. Your users know how and where to reach out to you.
Get your social media handles
You will definitely get around to having your business or yourself on social media at some point. Now that you have a domain name, it is time to do it. Create social media handles that match your domain name.
Should someone have taken the handle you want, you can reach out to the current owner. There are owners who are not using the handle and may be willing to release the handle for a fee. Similar to what happens with domain names.
You can add a small word at the beginning or at the end of the handles if you are unable to get the originals.
Try matching your social media handles across the platforms. Even better if your handles match your domain name. They are easier for your users to remember and find you across different platforms. It also protects you or your business from impersonation.
Hold the domain name
Have you heard the one about the tortoise and the hare? It takes more than haste to win. Being deliberate in a business counts towards its survival. There is no pressure to do anything until you are certain about it. You can take some time to think about the best use of the domain name.
Do not worry about its expiry since you have a minimum of one year as the owner. Even if the year ends and you have not done anything with the domain name, you still get the first right of refusal. That means that the domain name registrar cannot sell the domain until you fail to renew. You can keep the domain name until you decide on how to best use it. Don’t forget to renew your ownership otherwise you lose it.
Put the domain name up for resale
No, I don’t mean immediately you buy it, if you are not in need of it but you already purchased it.
Domain names can go for a higher price than what they were bought for. These are the ones that are catchy and memorable or they have significance to other companies and their brands.
Putting up a domain name for resale could result in you making thousands of dollars in profit. There is no marketing involved on your part. What you do is first confirm if the domain name registrar you bought it from can resell it for you. List your domain for resale on the platform if they allow resells.
You can also check out other platforms such as Flippa.com that help you resell your domain name. Confirm the terms of resale including how much commission you pay them should a sale go through.
Check if you can register a trademark
First, you need to confirm if you are infringing on a trademark. The right time to do this is before you register the domain name. You are in the clear if no one has registered a trademark similar to your domain name. Please note that registering a domain name does not give you trademark rights. The government may ask you to surrender the domain name if someone else has it registered as a trademark. Check this out for more if you are in the US.
You may decide that you would like to protect the domain name by applying for a trademark. Domain names and business names are not automatically eligible for trademarks. It needs to be evident that the name shows goods and services as from a particular source. You need to be in business to register the name as a trademark. Use the services of a USPTO attorney for legal advice on how to go about registering your name as a trademark.
Over and out
Buying a domain name is always exciting. The excitement never ends even after buying ten. There is that feeling about it being a small step towards something big. No one can see the future but it is the hope that keeps us going. Now that you have the domain name and multiple options, keep going.
