Just like in the offline world, online, creativity for doing all kinds of businesses seems unlimited. Domain flipping is an example. It has been really profitable for some, let’s check what it is about exactly.
What is domain flipping?
Domain flipping is a business about buying domains at the lowest possible price to resell them later, ideally getting a high profit. Good deals are possible only by buying domains with the potential to be interesting for specific clients that can make an attractive offer.
Since there are new domain extensions regularly, there is an availability of a vast amount of domains. And this has boosted domain flipping. Many people are already involved in the business model to get extra money, a side job, or even a main source of income. Basically, you could buy domain names, then wait for the clients, and money to come to you without doing anything with the domain.
How can I flip domains?
The process seems simple, but there should be a strategy behind getting really profitable domain names. To purchase them will cost you, and you want that to be a profitable investment, not just a waste of money and time. Let’s go step by step.
1. Define your business’ strategy
How exactly would you want to be involved? Are you planning this as a side or main job? What is the budget you are willing to invest in? You need to define a strategy. It’s possible to purchase many cheap domains to earn small profits or buy a few, with higher potential, more expensive.
2. Search for attractive domains to buy
Catchy phrases, popular keywords, etc. To create a domain name or to pick valuable ones requires thinking, at least basic SEO’s knowledge to identify desirable names for specific clients (topics, services, products, professions, companies, etc.). There are tools to find such domains. Domain auctions also exist. Ways to purchase domains are many. What is important is to pick the right ones.
Once you found a domain, check its cost to know if it can be the deal you expect. Memorability, brand-ability, length, searchability, and previous costs determine how big or small profit you are to get.
3. Register as soon as possible
If, after the previous considerations, you have one or more choices that look totally lucrative, buy them through a registrar. Remember, more people are in the business, so don’t waste time for others to purchase and register them first than you.
If the desired domain is available online, you can directly register it. If it’s already taken, you can still buy it from the current owner by making an offer, or you can wait until the current ownership expires to get it.
4. Make your domains public
Let the world know about your domains’ existence. Look for clients by advertising it on the site (ad your contact info), offering it directly to potential clients, putting it on auction sites, forums, social networks, etc., for a good bidder to make you an offer.
5. Be patient
Domain flipping is not a business for someone desperate. A lucky shot buying a domain and reselling it for thousands or millions in a short time can occur. But objectively, that doesn’t happen daily. Patience is totally required for getting good deals. If you want faster profits, auction’s sites can help.
6. Resell the domains
Once there is a buyer which money offer makes you comfortable, look for a registrar to transfer the ownership of the domain, and that’s it.
Conclusion
Domain flipping can be an exciting and profitable business. You have to train yourself to recognize domains with real chances of being lucrative deals. If you have the time and patience, it totally can be a good source of money for you.