Earning money on the Internet and through the Internet has become extremely popular for the past decade. Interestingly enough, the methods and ways for earning money are not limited to bringing your business to the digital sphere, creating a website, conducting online consulting processes, etc. Instead, those methods extend to researching the marketplace accordingly and playing games derived from the demand in the market as a result of which some serious income is earned.
Domain flipping is one of the “games that is played” amongst website designers. It has become one of the most profitable money-making options recently. To talk to you with exact numbers, the Insurance.com domain was sold for $35.6 million.
You may now be more curious to read the rest of this article. Let’s go ahead!
What is domain flipping?
Domain flipping is the process of buying a domain at a very cheap price and, afterward, selling it at a higher price. This might not seem as profitable as it is in reality, however, the experience shows that it is possible to earn some serious amounts of money through domain flipping and even turn it into a regular job or business.
How to do domain flipping?
Understanding the concept of domain flipping does not require much thinking, nonetheless, conducting the process does. There is a sequence of steps you should be undertaking to complete the process of domain flipping, and some of these steps might be quite time-consuming and challenging.
Step 1: Searching for a domain name
The first step to begin your domain flipping process involves the research you need to conduct. During your research, you will be looking for the most appropriate domain name to buy. When choosing the domains, there are several factors you should focus on.
- The domain name should be easy to remember. You want to buy a domain name that will attract your potential buyers. Names that are difficult to recall are not that desirable for website owners, since they want their visitors to effortlessly remember their website address.
- Should be SEO-friendly. Most website creators, who are just launching their website and do not have a well-known brand to get a domain name with that brand, prefer using domains that involve keywords. Domains with keywords are easy to be searched and found in the search engines by the visitors. Moreover, the keywords illustrate the mission of the website, which motivates the target audience to enter the website when found in the search engine results.
- The domain name should be short. This point is the logical continuation of the two points stated above. It is more likely for your visitors to remember your domain name if it is short and involves keywords related to a specific field.
Step 2: Register the domain name you have found and chosen
This is certainly one of the easiest steps of the entire domain flipping process. By registering the domain, you purchase it from the domain provider. If you are aiming to use the domain for flipping, you may register it for a relatively shorter time, since you are going to sell it, and you do not want to pay extra money for owning it for a longer time.
Step 3: Find a buyer for your domain
This is the phase in which all your research is going to be paid off. At the same time, this is the toughest phase of the entire process. Even though there might appear buyers who would find you on their own, it is in your benefit to promote your domain to find potential buyers.
This can be done in different ways.
- Create a landing page. Landing pages are what website designers are consistently dealing with. Therefore, creating a landing page for your domain might become the thread through which your potential buyers will connect with you.
- Make your WHOIS information public. Although making your personal data public might be insecure from various perspectives, in the process of domain flipping it may create a chance for people to get to know about your domain through WHOIS lookup.
- Connect to relevant pages and individuals on social media. Even though social media may not appear to be particularly efficient when selling a domain, you may still be able to find pages or individuals who are interested in purchasing different domains for different companies. This can become your chance to reach out to them and offer them your domain.
Step 4: Sell your domain
After you have found a buyer for your domain, you can proceed with the selling process. It is pretty straightforward, too. Just like registering your domain, you will be giving the ownership of your domain name to your buyer. The particular option of doing so depends on you and the buyer.
Domain flipping can turn out to be enormously profitable if you manage the process appropriately. If you are new to the business, do not be afraid of investing some money into purchasing more than one (not 100 of course) domain name at once. If you use your opportunities wisely, owning several domains will increase your chances of making a profit.
Spend a good time on your research! Remember that this is going to build the entire process. Appreciate the value of your domain before declaring it for sale in the marketplace. Besides all of the tips above, pay attention to the timing when you are selling your domain. For instance, if you have some huge Football event coming up very soon, it might be the most suitable moment to put your footballfans.com domain on sale.
In a nutshell, you are the one leading your domain flipping journey. Use your time, money, and domains generously, yet wisely, and your effort will be paid off!