Making Money Online In Jamaica
This article will focus on one particular discipline of how to make money online in Jamaica. This aspect of internet entrepreneurship, based on my research, is NOT widely known in Jamaica.
The reason for me sharing this information is to empower those of the Jamaican population who have a great interest in being an internet entrepreneur but have a lesser interest in starting a youtube channel, selling products/services on social media, and/or blogging. If you intend to generate an additional stream of income from purely working online then keep reading.
You will find that it is pretty interesting how an income can be made on the internet in this millennial age.This may be able to supplement your current earnings or even may be done full time if you get really good at it. What I speak of is domain name investing; the buying and selling of domain names for profit. Take a look at a recent personal success story I shared on how I sold a domain I had purchased for $7.49 for $799 within 32 days.
What Are Domain Names?
A domain (or “domain name”) is the alphanumeric (including dashes) combination that identifies a group of webpages on the internet. It is linked to the IP address of your website via the Domain Name System (DNS). These domains always have an extension like .com, .org, .net, or others more modern ones like .app, .mobi, .co, .cc & .co.uk.
This short video below also gives a breakdown of what domain names are and what they are used for and indicates how valuable they are:
Now that you have understood what a domain name is, the next obvious question becomes who is a domain name investor?
Who is a Domain Name Investor?
A domain investor, popularly known as domainer, is one who creates/buys domain names and registers them as a means of investment.
The domain investor may buy expired domains, trending domains or they may just make them up. The domain investor may hold the domain for many years with the hope that the value will increase over time, much like a real estate investor would do. After some time, the domainer will sell the domain and hopefully reap profits.
This type of investment was made popular by Frank Schilling and/or Rick Schwartz. These investors accumulated many top level domain names and the actively sell them to various start-ups and other agencies that yearn an internet presence.
A domainer may also be regarded as a speculative investor as they try to predict which domains will become popular in the future and invest accordingly.
The video below gives a short history of many popular domains that were sold for a lot of money (The Infographics Show):
How Can I Do This From Jamaica?
It’s important to note that none of this is guaranteed to anybody. A single dime in return on investment is not guaranteed in selling domain names. It requires great skill and patience in purchasing the right domain names that can be flipped for a profit.
In my personal experience I have come to sell quite a number of domains and continuing to do so actively. This has come after painstakingly learning the nuances of the domain name space and purchasing domain names wisely. A few of my domain name sales can be seen here. At the writing of this post, I currently own over 100 domain names and have them listed within various marketplaces across the internet.
Before telling you how, I suggest reading the following resources when you have the time:
- The Domain Game by David Kesmodal
- Get Started Selling Your Domain Names
- How To Get Started In Domain Names – Darryl Lopes
So, as a Jamaican myself, I have found that the best & shortest route to success in domaining is to start by taking the next few hours to understand the process of domaining by reading DomainGraduate.com first (This e-book is free). After reading this book, sales started to happen for me as I changed my strategy altogether. Almost a year had passed before I made my first sale after I had started investing in domain names. After reading Domain Graduate things started picking up.
From there, you create an Epik.com account here. Epik.com is a domain name registrar and host which I have found to have the easiest user interface and tools to manage domain names. The registration, renewal and transfer prices for the domainer pricing tier are also competitive to Namecheap, Godaddy, Dynadot and all of the other domain name registrars. Epik.com also won registrar of the year 2020 as seen here. So I highly recommend them. I speak of them so highly because that’s where I do my personal domain investing. This is also where I work to help persons from the Caribbean nations manage their domain names.
After creating an account, it’s time to go to work to either find the first name to register or buy your first domain name in the aftermarket. The aftermarket just refers to domains already being sold at wholesale price by other domain name investors. Buying at wholesale price allows you to get a fairly valuable name and you are able to possibly flip it in a shorter time, relative to a newly registered domain, for a profit. The video below summarises the entire process of buying a domain name for flipping:
How Do I Receive My Payment After A Sale
After selling a domain name via Epik.com, You receive a payment directly to your MasterBucks.com, which is a single sign on account linked your Epik account. From there you are able to withdraw via Paypal, Wire Transfer, ACH and even cryptocurrency. This method provides multiple ways to receive funds digitally.
There you have it, you just learned how to make money online in Jamaica by buying and selling domain names. If there is anything else that you would like to know, please feel free to comment below where I reply in a short time or contact me directly at firstname.lastname@example.org.