These days, everyone seems to be looking for a reliable way to supplement their income and the internet offers quite a few promising options for those with an entrepreneurial spirit. Flipping domains is definitely one of these and it’s not hard to see why.
Domain flipping allows a skilled web professional to put their knowledge to good use doing something fun, productive, and potentially lucrative. Best of all, they’re able to explore their options in this regard while holding onto their existing day jobs or career positions, making it a relatively risk free option. Any necessary work on the domains in question can easily be tackled on the weekends or here and there when the flipper has some free time.
But is flipping domains really the easy money it’s cracked up to be? What’s really involved and is it a good fit for you? Let’s take a look at the answers to these questions and more.
Domain Flipping Is Not a Get Rich Quick Scheme
For too many people interested in flipping domains think of it as a way to get rich quick. However, they quickly find out that this is far from the case when they see how much work is actually involved. It’s an entire process that needs to be handled properly from beginning to end.
It’s also work that requires skill, experience, and persistence. Successful domain flippers aren’t just knowledgeable when it comes to what makes a good website. They’re also diligent researchers, able salespeople, and good negotiators to boot.
Searching and Buying
The first order of business when it comes to domain flipping is actually identifying and obtaining domain names that will be good candidates for rehabilitation. However, since we’re living in a day and age when the internet is a huge part of how everyone does business, getting your hands on a good domain is no longer as simple as choosing an ISP and buying the ones you want. You need to get creative.
Successful domain flippers keep a close eye on listings of expired domains and take advantage of golden opportunities to score great finds for great prices. They also aren’t afraid to approach the owners of existing domains and make them offers they can’t refuse. They understand not only how to appraise the given value of a domain name in the first place, but how to go through the proper channels to make it theirs.
Rehabilitating a Website
Once the domain you’ve got your sites on is yours, it’s now time to go through the entire process of increasing the value of what you’ve purchased – just as you would do if you were flipping a house. That process could mean different things for different websites.
Some sites will be relatively valuable as is and require little additional work. However, many domains will need a full revamp. This may mean commissioning the creation of new graphics or a brand new, more efficient web layout. It will almost certainly mean the creation or addition of new, valuable content that is in adherence with all of the latest search engine standards. It might mean creating (or cleaning up) a backlink catalog as well.
Reselling the Domain
Once the domain is in tip-top condition again (or possibly for the very first time), the domain flipper needs to know how to resell it for a good return on his investment. He knows who his target market is and he understands where to advertise what he’s selling. As touched on above, he also knows how to negotiate for the best possible price he can get in exchange for the domain and all of the hard work he’s done on it.
All that said, domain flipping is definitely not easy, get-rich-quick work. However, it can definitely be good work, not to mention rewarding work. Many people find it fun, interesting, and creative as well. Some become good enough at it that they’re able to turn it into a full-time way to make a very good living. When you run an online business with a low overhead, the sky really is the limit and domain flipping definitely fits the bill. Do you have what it takes to make the most of this potentially lucrative opportunity?