How to Buy the Domain Name of Your Dreams: An Entrepreneur's Approach

Would you pay six figures for a domain name?How would you make it happen if you could afford it?

Here’s the approach used by a startup to acquire a parked domain name.

Using a generic Yahoo email account, it approached the domain owner about a deal.

Although the startup really wanted the domain, it didn't want to appear overly keen. It was a game of cat-and-mouse. If it pushed too hard, the price would jump. If its bid was too low, the domain owner had no motivation to sell.

Eventually, the two sides reached a six-figure deal.When the startup pursued the Instagram handle, the digital "real estate" hunt became more interesting.Unlike the domain world, there isn’t a standard buy-and-sell process.In this case, the IG username was owned by individual.

The startup made a modest offer, only to discover that the username was suddenly no longer available.For whatever reason, the IG handle owner deleted or deactivated their account, and the username was quickly scooped by someone who scrapes IG handles.

Then, the startup had to use the same Yahoo approach to secure the username. After some back-and-forth, it bought the username for $200.

The lesson: If you're a startup, grab everything right away: domain names (.com, .co, .ca), and TikTok, LinkedIn, Instagram, YouTube, and Facebook usernames.

Note: An entrepreneur shared his story with me at Elevate Canada's CIX Summit last week.