As a web publisher and entrepreneur, I am faced with more possibilities of regretting something due to the nature of the business. This is most likely true with any self-employed person as such people’s decisions directly affect their work, compared to an employee, whose regrets are usually mistakes but not missed opportunities.
When I was thinking of my own past regrets 10-minutes ago while I was making the outline of this post, I surprised myself in that I discovered I have few regrets. In fact, I could only come up with three:
In the fall of 2005 I purchased DomainForums.com for $10,000 USD. I knew and understood that I was purchasing mainly just the domain, but the site also came with a small vBulletin community, custom skin, and a domain-management script made freely available to the public.
I bought the site because I knew the domain was valuable. Domain forums such as DNForum.com and NamePros.com are extremely popular and gross a lot of income simply because they provide an area for users to list, and thus buy and sell domains. I knew that DomainForums.com, while only a small forum, had such enormous potential due to it’s domian name.
Several months later I sold DomainForums.com for $14,500. Why? For a car. Yes, for a car. And not a BMW or anything, but a 2004 Toyota Corolla. I live in a medium-sized city (by Canadian standards), and so while we have “decent” public transportation, it is not the same as a large city. I had wanted a car again, and I didn’t want to keep paying interest on a car loan, so I sold the site to help pay it all off.
I helped justify the selling of the site by telling myself that it was an easy $4,000 profit (I had spent around $500 on promoting the site), and it is a fair justification. Thus, this regret is not a major one. However, I believe it was still a small mistake. I should have been a bit more patient, and used public transportation for a little while longer until I could afford the car; after all, I work from home.
What rubs salt in the wound is that the site is now a PR7 (It was a PR6 when I owned it I believe)! I don’t have to tell you how valuable a PR7 domain is. It is also #1 on Google for “Domain Forums”. What’s even worse is that the owner hasn’t done a single thing to the site, so the value and potential of the site has been wasted.
I tried to buy the site back recently, but the owner turned out to be a complete jackass, and there is no hope of me getting the site back.
To be continued tomorrow with two more “regrets”…