Not all domain names are created equal.
That's the first thing you have to get your head around. Just because a new domain name can be registered for a few pounds doesn't mean that you will be able to buy any domain name for a few pounds.
Just like plots of land waiting to be developed, every domain name has characteristics that makes it more or less valuable than other domain names.
Imagine for a moment that you want to start a bricks and mortar casino. A plot is available on The Strip in Las Vegas, but the seller wants a huge sum of money for it. For a fraction of the price of the plot on The Strip, you could buy a plot of land in the middle of the Mojave Desert and build your casino there.
You don't need a degree from Oxford to figure out why these two plots of land will fetch vastly different sums of money.
Buying on The Strip doesn't guarantee success, but if your product or service offering is what the market wants, your chances are good. Very good. Equally, setting up shop in the desert doesn't guarantee failure, but you're going to have to work much harder to make it a success.
Although not a perfect analogy, domain names are a lot like undeveloped plots of land and you'll pay a lot more for one on the proverbial Strip than in the desert, and a lot more for one on the proverbial Oxford Street, London, than Oxford Road, Anytown.
If you are looking to buy a domain name for a startup or an established enterprise, remember 80% plus of UK internet users say they prefer UK domain names when buying goods and services online. Your primary focus should therefore be in buying a .co.uk domain name for a UK business.
So here's the Brandwise rough and ready guide to how far that budget might stretch in securing the best UK domain name for your business on the domain name aftermarket.
One word .co.uk domain name
£3,000 - £300,000+Example: Casino.co.uk
Prices for one word domain names vary depending on a number of factors - length, memorability, number of syllables, ease of spelling (radio test), popularity of word, potential commercial uses, etc., See our list of top UK domain sales for this and previous years for a yardstick. There are also one word domain names with little or no commercial value that would not sell for a tenth of the above price guide.
One word geo .co.uk domain name
£300 - £300,000+Example: London.co.uk
Prices for one word place domain names (village, town, city, county, country, etc.,) vary depending on a number of factors including location, population, whether or not it's a tourist destination, potential commercial uses, etc.
Two word .co.uk domain name
£300 - £10,000+Example: LondonCasino.co.uk
Again, prices for two word domain names vary depending on a number of factors - length, memorability, number of syllables, ease of spelling (radio test), popularity of word, potential commercial uses, etc. Sometimes a second qualifying word can add real value to a domain name.
Three letter acronym .co.uk domain name
£300 - £10,000+Example: LCX.co.uk
Prices vary depending on popularity of letters and the order they appear in.
Three or more word .co.uk domain name
£10 - £3,000+Example: LondonCasinoGuide.co.uk
You may find that a three or more word domain name is available to register for a few pounds.
Invented one word .co.uk domain name
£10 - £3,000+Example: Cashino.co.uk
You may find that your made up word is available to register for a few pounds, but creating a brand around such a name doesn't come cheap - and you may struggle to pass the "radio test" with a word nobody knows how to spell.
Using the above as a guide, factor in the value you believe a particular domain name will bring to your startup and business and take it from there. This is where your own insider knowledge of your business and market come into play. It could be that, nice though it would be to own it, the numbers don't add up. Equally, you could be about to buy a domain name that will pay for itself many times over.
Need help or advice from someone who has been buying, selling and developing domain names for 20 years? We're only an email away!
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