Everything To Know About Domain Budgeting for Joomla Websites
When creating a Joomla website, having a strong domain is key. However, thousands of websites start each year, and each one vies for a strong, memorable domain. As more websites pop up, the availability of strong domains dwindles. This increases the value of good domains, creating two different kind of domains, non-premium and premium. Based on your website needs, your domain budget will require either of these domain types.
Oftentimes, you want a strong domain to help drive traffic to your site. Your domain should also be easy to use and remember, as this is how people will find your business online. Domains that fit this criteria, however, can cost you.
But what exactly does this mean? Will you have to shell out large amounts of money just to have a good domain? Well, that depends.
Domains help set a solid foundation for your brand, so it is important to understand how they work as well as how much you are willing to invest in your domain. Let’s dive into the two subsets of domains: non-premium and premium.
Non-premium domains have not been claimed by businesses or resellers. At registrars like GoDaddy, BlueHost, and Namecheap, you can register domains that have not been claimed, making them non-premium because you are the first to claim them. Registering a new domain directly through a registrar usually costs between $6-15, with an upfront investment and a yearly renewal fee.
But what if the name you want has been registered, but it isn’t in use? This is where we can begin to discuss premium domains.
Premium domains for sale are domains that have already been registered at a registrar by someone, a domainer or domain investor, who wants to resell the URL for a profit.
This is similar to the way retailers purchase good from manufacturers and suppliers to sell in their stores to make a profit. The person re-selling the domain purchased it with the knowledge (or hope) that the domain they claimed has value to someone–maybe even you–in the world. They are betting that whoever wants it will be willing to pay top dollar to own it.
For example, the domain RedDoe.com was reserved and then put on a domain marketplace for $1,399. It is a premium domain because it is short, it is made up of real words, and it is easy to remember and spell. The domain investor who thought of it first reserved it because they saw the value in it before the person who may have wanted to use it for a business did.
But how much should I spend on a domain? What will my budget get me?
Short domain with standard words will likely require a domain budget for a premium domain. Short English words have been bought up by people who anticipated the value of such domains and are reselling them. If you know your business requires a robust domain like this, you should calculate how much you are willing and able to put out for a premium domain.
Here are some guidelines:
Highly coveted domains have the highest price tags. If you are looking to get a single English word such as Sliding.com, then you may be looking at costs of $60,000-$100,000 or more. This is because short, real words, like Galore.com, are easily brandable and memorable. Take workplace communication tool, Slack. They snagged the easily memorable domain Slack.com, which makes their name memorable and easy to search.
Very short domains and domains using powerful words are often priced from $3,000-$30,000. Names like Naturalness are short, memorable, and catchy, but original and offbeat enough that they are not registered in the same tier as single real words. A name like Ogwy.com is another good option. As an abstract name, it is versatile and memorable. This budget rank offers a wide variety of name styles and options.
$1000 – $3,000
A wide selection of premium domains fit into this price tier, and a domain budget of $2,000 will give you plenty of options to consider. It will allow you to purchase a unique premium domain that is strong and memorable, but may include various types such as intentional misspellings, add-ons, transmutations, or made up words. Enlee.com and BoldRealm.com are examples of solid names within this price point.
If none of this is feasible for your website, there are a few ways to get around premium domain budget costs.
Try looking at unique, longer domains like Mechanical Turk. This way, you can register your domain on your own, avoiding premium domain fees.
Additionally, if you are open to non .com endings such as .co, .io, .ly, or .me, you can avoid premium domains.
Another way to avoid premium domains beyond your budget is to put in add-ons such as YourNameGroup.com or industry specific add-ons like YourNameMotors.com (Tesla used TeslaMotors.com for years), YourNameFinance.com, YourNameTechnology.com, and so on. The industry specification will likely mean the domain has not been reserved.
When choosing a name for your website or Joomla site, you should consider how much you are willing to spend on your domain. How you make that decision is up to you, but you should consider your needs at the present and in the future. Budget accordingly. Your domain budget may control what domains you have access to. Still, be as forward-thinking as you are throughout your naming process, and the right domain will come along.