A modern business idea which has gained more and more popularity in recent years since it has become a possibility is domain flipping.
This can be an incredibly profitable business, and some people get incredibly lucky and make impressive money if they know what they are doing.
Domain flipping can become a source of passive income which can start to substitute for a full time job if you get lucky enough.
Because of this we're sure that you are interested in how to get into domain flipping and what you need to do to get some good money from doing this.
You have heard of certain domains selling for thousands and hundreds of thousands, and with this being a source of passive income, it is a desirable goal. And the best thing is that you do not even need a big investment to get started.
So, if you want to start making money by flipping domains, but you have absolutely no idea where to start, then keep reading to get all the information you need on how to get started!
If you have not heard of this business practice before, domain flipping is when you will buy a domain name, usually for a small cost, or occasionally free, and then you can sell it on for a higher cost to make profit.
Of course after this you can choose to reinvest this profit or simply pocket it. The more money you have to put into domain flipping, the more money you are likely to get out, so keep this in mind.
Of course this also increases the risk, but more on this later.
So, now you know exactly what domain flipping is, how do you get started in doing this yourself and making money.
How You Can Start Domain Flipping
The first thing you need to do when it comes to domain flipping is to find a good domain to work with. There are plenty of different services which will do this, but you will need to know where to find them.
We will go over some of the best options available!
Firstly, Spamzilla is a great tool to use when it comes to domain flipping.
This service uses domain databases which display the backlink data which means you can get some domains which have an impressive SEO value which will make them a profitable concept.
You could also use Domain Hunter Gatherer which is a tool which you use on desktop, you can use it to real-time search for expired domains, and it will allow you to analyze the domain's quality easily.
Other than these two services you could also try domain catching which is a little more effort, however.
This is when you find domains when they expire, this can be difficult, and you will need to spend a lot of time waiting to try this, and you will often be racing against other people.
To make this easier you can use services like Dropcatch, Nidoma, or Pool.com to help you automatically get domains when they expire.
Once you have found a domain you will want to evaluate and research it as much as possible.
I'm sure you can tell already, but not all domains are made equal, and when you are investing in a domain you are investing in the name, and from that moment you are either going to make a loss or a profit.
When you are researching your domain you will want to ensure that you are not going to end up buying a domain which is unwanted for a reason, or one which is being sold for a price which is too expensive.
Some domains may also have a bad history with Google which is practically a death sentence, and some domains could even be blacklisted.
If you get a domain like this you are practically guaranteed to lose money, so working out if this is the case is very important.
If you know the value of your domain before you buy it, you will know what you are getting into and will be much more successful because of this.
You will want to put a good amount of effort into working out the value of your domain. You will want to pay attention to TLDs as these are much easier to invest in, as well as domains which are much easier to brand too.
Furthermore, you will want to ensure that your domain is search friendly and has a good backlink profile too.
If your domain has all of these qualities, it will be a lot easier for you to work with, but if it does not, you will be struggling.
Register The Name Of The Domain
Once you have found a domain you are happy with and you are sure that it is valuable enough to work with, all you will have to do is buy it and then register it. This will be simple with some services whereas with others it can take a lot more effort.
You will need to have the registrar so you can have the domain transferred to you properly. Make sure yours is reliable so you can trust it to be easy to work with.
After you have secured your domain, you will want to start looking for a good buyer who you can work with to sell the domain to.
You will want to find a buyer who you are sure will want it and knows the value of the domain. There are plenty of different ways to try this.
Firstly, you could attempt the buy and hold method, this is where you will hold onto the domain after you have bought it, and then you will patiently wait for the value of the domain to increase and slowly attract buyers.
This of course is a slower method, but you can get some great rewards. All you will need is a landing page for the domain where you can advertise that it is for sale, this should also display why the page is valuable too.
A more proactive method is to list the domain on an auction site, with one of the most popular options for this being GoDaddy, however there are other choices available as well.
These auctions can be as long or short as you want, and they are a good way to build up interest. If you start the auction at a lower amount then you can grab attention and get a good payoff.
You will likely have to relist the domain a few times if you want it to sell at your desired reserve.
If you are willing to put in a little more effort you can also set up your own marketplace you can get some great results, and you will likely make more money without having to pay to auction on another marketplace.
To do this and be successful, you will have to build up a portfolio of more established domains.
Hopefully this article has given you a good insight into how to start domain flipping. There are plenty of options, but this makes it a good approachable option to try to make some passive income.
Connect with Aspiring Entrepreneurs: