Your guide to a successful online business!

We’ve not run with a story for a while of somebody nearly losing their business by failing to re-new their domain name, so we thought this story last week from the other side of the world was worth repeating.

Last week was sold at auction for an Australian domain name record of Aus$125,000, a fantastic windfall for the domain name owner who sold, but a sickener for the person who used to own it. That’s because it appears the former owner appears to have let renewal lapse on the domain, leaving it available to the open market and a new owner. Indeed according to this report it appears the former owner wasn’t even aware he no longer owned it, let alone the fact that he had just seen a potential fortune slip from his grasp.

The moral, make sure your domain names are set to auto-renew and make sure suitable payment methods are also registered on your account. With 123-reg you can register several different payment methods as well as use auto-renewal to make sure you won’t miss a vital renewal. Even if you don’t intend to use the domain immediately, it is well worth renewing a domain. If you felt it had a value when you registered it, the chances are others will feel the same now and in the future and with the supply of snappy, easy to read domain names ever limited, that domain may one day form  your pension. In relation to the domain name, even the domain name speculators and experts on web forum only thought that domain would sell for $10,000, so the final price of $125,000 shows just how value of a domain can reach far above expectations.

Do you auto-renew domains? Have you ever let a domain expire and later regretted it?

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