Domain flipping business (Where you buy and sell domains for profit) is a great way to make money. It’s just like flipping houses. You buy cheap and sell it for a profit.
Now, sometimes you may have to fix the house before you can sell it, sometimes you can make a profit with just repainting the whole house, and in some cases you can sell it right away and make a profit.
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Unlike flipping houses, flipping domain names for profit doesn’t require a lot of capital. In fact, you can get started with just a few bucks. Domains can be bought as low as $5, and sometimes even cheaper.
And just like a house flipper needs a little knowledge and understanding of the market and how it works, you need to know a thing or two before you can get into the business of buying and selling domain names for profit.
If you are new to this process and are planning to give domain flipping a shot, here is a simple step by step plan that will help you make money buying and selling domain names:
1. Get to know the market
First you need to study the market to find out how it works. Use related online forums such as DomainState & Namepros to find out how the pros do it. Familiarize yourself with the market, the language, the DOs and DON’Ts of buying and selling domain names.
2. Pick a niche
This is one of the most important parts of your domain flipping business. In order to make money buying and selling domain names, you have to narrow it down to niches that are hot and popular.
When I say “niche” here, I mean the name of the domain and what it relates to. For example; insurance is a niche that is always hot and on demand, so domains that have the word “Insurance” will always have buyers willing to pay top dollars for them.
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Of course, most good domains like Insurance, InsuranceOnline, BestInsurance, etc are more than likely taken already. But there are still plenty of good domains out there waiting to be registered.
You can use online forums and other resources to find out what niches are hot. Domain names related to such niche are more likely to be the real money makers for you. You will have a better chance of selling them for a higher price and fast.
3. Pick a domain name
The best thing you can do to ensure you choose a good domain name is to use your main keywords in your domain name, while keeping it short and easily memorable.
Of course, you want to keep in mind the popularity of such keywords and the number of times people use those terms to search for the related subject.
Also, before you put too much time and effort into it, use domain research tools to find out if a specific domain name is available or already taken. You don’t want to spend hours on researching a domain name that isn’t even available anymore.
4. Register your new domain
This is fairly easy and quick. There are hundreds of domain registrars on the Internet. Do some research and find the ones that offer more value for less money. Some of the most well-known domain registrars include GoDaddy and NameCheap.
Many of these domain registrars often run special discounts and coupons. Make sure to take advantage of them by doing a simple search online for “domain registration discounts”.
5. Sell your domains for a profit
Now it’s time to find potential buyers to sell your domains to. Depending on each specific domain, you could either start looking for buyers right away, or it might be wise to leave your domain to age a little and sell it then, as domain age is one of the things search engines look into when giving a site its search engine ranking, so most people like aged domain names since it gives them a better shot at ranking higher for their targeted keywords.
There are many places where you can sell your domains online, such as domain action sites and related forums. But, I think the best places to sell domains are sites like Sedo and Flippa.
6. Rinse and repeat
Simply repeat this process to make it an ongoing money making business. Learn from your mistakes and scale up your success.
As you go along with the process of buying and selling domains and as you do this over over and over again, you will learn the ropes of the domain flipping business.
And just like a seasoned house flipper, you will know how to spot highly profitable domains between hundreds and thousands of other domains. And you will learn how to make serious money buying and selling domain names.